VA Tech Wabag up 3% after winning order worth ₹1,000 crore from Indosol Solar

The company reported that it received the order from Indosol for its solar photovoltaic (PV) manufacturing facility. The project includes the engineering and procurement (EP) scope of design. Additionally, the company will undertake the engineering, supply, installation, testing, and commissioning of the 100 MLD desalination plant.

The project is expected to be executed over 38 months and it will be followed by a 15-year operation and maintenance (O&M) contract. Wabag stated that the desalination plant will make use of modern technologies to increase energy efficiency and water production. The project will help meet the requirements of the 10 gigawatts (GW) integrated Solar PV manufacturing units in Andhra Pradesh.

Saravanan Krishnan, Head of desalination of the India Cluster at Wabag, said, the order has allowed the company to step into the solar PV sector which is an important growth avenue for the company. The company has leveraged its expertise to offer value to Indosol Solar.

“This mega order marks Wabag’s entry into the Solar PV sector which is a key segment for the future. WABAG’s technological expertise, proven track record, and competitive pricing enabled us to offer the lowest life-cycle cost of water for Indosol Solar,” he said.

Last week, VA Tech Wabag announced that it had secured repeat orders from Reliance Industries for the water treatment system for the Dahej and Nagothane facilities. The company classified the order as a large order which puts it in the range of ₹300-500 crore.

Shares of the company have risen by nearly 169% since the beginning of the year. The stock has gained over 286% in the past year.