Shares Va Tech Wabag continued to make gains for the third straight session as the company announced signing a memorandum of understanding (MoU) with Al Jomaih Energy and Water (AEW).
What Happened: Under this strategic partnership, both entities will cooperate on various aspects, including engineering, procurement, and construction (EPC), project development, and feasibility assessments for potential water projects.
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Al Jomaih Energy and Water is a leading developer of energy and water projects in the Middle East. The partnership aims to address the growing demand for sustainable water solutions in the Middle East.
This agreement was reached during the India-Saudi Investment Forum held on the 10th and 11th of September, on the occasion of the G20 Summit. The Rekha Jhunjhunwala-backed company informed the exchanges about the MoU earlier today.
Jhunjhunwala owns an 8.04% stake in the company which is worth around ₹235 crore.
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Price Action: Va Tech Wabag’s share price was up 1.85% to trade at ₹471.20 shortly after market open on Monday.
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