Wabag joins Al Jomaih Energy as an EPC partner for PPP projects in West Asia

Al Jomaih Energy and Water (AEW), a leading developer of energy and water projects in West Asia, Wabag, a Chennai-based public-listed pure-play water technology company, has signed a memorandum of understanding (MoU). As part of this agreement, Wabag and AEW will collaborate on various aspects, including engineering, procurement, and construction (EPC), project development, and feasibility studies for potential water projects.

The MoU, which aimed to investigate cooperative prospects in the development of water project opportunities throughout Saudi Arabia and the larger West Asian region, was signed during the India-Saudi Investment Forum on September 10 and 11, which was hosted in conjunction with the G20 Summit. In order to address the urgent water concerns in the area, the collaboration will make use of the combined experience of both groups. With regard to regional market information, company development, and interaction with potential clients, off-takers, regulators, ministries, lenders, and suppliers, AEW will offer crucial help. Wabag will give the technical and business know-how necessary for project development and feasibility analysis.

The MoU will assist both organisations in examining the viability of development and investment opportunities in water projects in the Kingdom of Saudi Arabia and other regions in West Asia, according to Pankaj Malhan, deputy MD and group CEO of Wabag. We believe that by aligning ourselves with the KSA Vision 2030 approach, we can assist the nation in achieving its sustainable objectives.

In Chennai, where the company is investing Rs 4,400 crore, Wabag laid the cornerstone for the largest water desalination plant in South East Asia last month.A joint venture led by Wabag with Metito Overseas Ltd (Metito), the Japan International Cooperation Agency (JICA), and the Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB) collaborated on the project.

The agreement to design, build, and operate (DBO) a 400 million litres per day (MLD) seawater reverse osmosis (SWRO) desalination facility was signed by Wabag in March of this year. The project, which is supported by the JICA, would increase Chennai's water security by supplying a consistent source of drinking water through desalination. In comparison to the equivalent quarter of the previous fiscal, Wabag recorded a consolidated profit after tax (PAT) of Rs 50 crore for the first quarter of FY24, an increase of 66.6%. Operating revenue as a whole dropped from Rs 631 crore to Rs 552 crore, a 12.5% decrease.