Water technology firm Wabag said it is bullish on the Indian market with the government’s thrust on clean water and river rejuvenation projects, and also exploring Middle East and African markets to increase revenues. Chennai-based multinational firm which is associated with the Clean Ganga Mission has executed the first Sewage Treatment Plant (STP) under Namami Ganga in 2018.
Besides Namami Ganga, the government’s focus on Swachh Bharat Mission, Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Jal Jeevan Mission are the growth triggers for the company, Wabag global head business development Rajneesh Chopra said.
The government allocation to the Jal Shakti ministry increased by 25 per cent to Rs 86,189 crore in Budget 2022-23, which also indicates commitment towards this sector, he said. At the same time, he said, the company would see traction in its core strength of desalination and recycling and reuse as large manufacturing units on this to become Environmental, Social, and Governance (ESG) compliant.
“In terms of new geographies, we find that our maximum growth is going to come from the Middle East and Africa. It is business-as-usual in Europe as there are not too many new projects coming up,” he said.
However, upgradation of existing infrastructure and implementing new technologies are there in Europe, he said, adding, it helps Wabag to develop new technologies and become future-ready for the rest of the world.
As far as Africa is concerned, he said, the country recently bagged a big consortium contract in Senegal. Moreover, he said, Russia offers good business opportunities for the company as many competitors have stopped business in the country due to sanctions imposed by the US and Europe.
The company has secured an Engineering and Procurement (EP) order worth about 18 million Euros (nearly Rs 149 crore) from a Korean firm towards a water treatment package for the EuroChem Methanol Production facility in Kingisepp, Russia recently. Having an order book worth about Rs 10,500 crore, Chopra said, 50 per cent of the company’s revenue comes from the Indian market while the other half from the global market.
