VA Tech Wabag bags order worth $165 million in Russia

VA Tech Wabag said that it has Secured an engineering and procurement order worth $165 million (about Rs 1,230 crore) from Amur Gas Chemical Complex LLC., in Russia.

AGCC is a joint venture of SIBUR Holding Russia and China Petroleum & Chemical Corporation (Sinopec), China. AGCC is set to become one of the world's largest basic polymer production facilities.

With this order the company has further consolidated its market position in the Oil & Gas sector.

Wabag will be the technology and system integrator for the integrated treatment facilities (wastewater treatment unit). The facility will be designed to recycle & re-use the waste water released from the petrochemical unit, substituting about 25% of the raw water intake requirement.

Wabag shall perform the scope of design, engineering, procurement, supply and supervision of the facilities during erection and commissioning including process & technology equipment, piping system, electrical, instrumentation / control systems and building & architectural materials.

This technology dominant breakthrough order in the Commonwealth of Independent States (CIS) region, especially in the Russian Federation also marks WABAG's largest order in the Oil & Gas sector.

Pankaj Sachdeva, CEO India Cluster, said, "This order from a marquee customer in the Oil & Gas sector, re-affirms our technological superiority and execution excellence, built over the years. We are proud to have secured this contract amidst stiff international competition and we are confident that this project will be another landmark reference for Wabag."

VA Tech Wabag designs and builds water and sewage treatment plants.

The company reported a 52.7% increase in consolidated net profit to Rs 46.53 crore on 27.3% jump in net sales to Rs 999.25 crore in Q4 FY21 over Q4 FY20.

The scrip rose 0.52% to currently trade at Rs 395.50 on the BSE.

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