September 19, 2023
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WABAG enters into strategic alliance with Al Jomaih Energy and Water
Va Tech WABAG Ltd (WABAG), a leading player in the water technology space, has entered into an agreement with Al Jomaih Energy and Water (AEW), a leading developer of energy and water projects in the Middle East, to address the growing demand for sustainable water solutions in the region.
The MoU was signed during the India-Saudi Investment Forum held on September 11 and 12, on the occasion of the G20 Summit, said a statement.
Under the partnership, both WABAG and AEW will cooperate on various aspects, including engineering, procurement, and construction (EPC), project development, and feasibility assessments for potential water projects. AEW will provide support, including related to local market intelligence, business development, and engagement with potential customers and regulators, among others in the region. WABAG will contribute the technical and commercial expertise required for feasibility assessment and project development.
“The MOU will help both the organisations in the development collaboration and exploring the feasibility of development and investment opportunities in water projects in the kingdom of Saudi Arabia and other geographies in the Middle East,” Pankaj Malhan, Deputy Managing Director & Group CEO of WABAG.
This collaboration will leverage the combined expertise of both organisations to tackle the pressing water challenges in the region.
After the announcement of the MOU, the scrip os Vatech Wabag ended at Rs. 473.75, up by Rs. 11.10 on Monday. The scrip is currently available at the PE multiple of 90+.
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