The company said it is fully prepared to take advantage of opportunities in these markets as it has technological expertise in the field.
Chennai-based pure water technology company VA Tech Wabag is betting big on desalination projects across the globe and sees growth potential in markets like India, North Africa and Asia Western Europe – particularly in Saudi Arabia and Egypt – over the next five years.
The company said it is fully prepared to take advantage of opportunities in these markets as it has technological expertise in the field. He also said the company is focused on increasing the share of international contracts in its backlog to 60% from 50% currently.
Speaking to some media during a virtual press briefing, Rajiv Mittal, MD and Group CEO, VA Tech Wabag, said there will be an inclination towards overseas projects in the near future. Currently, overseas contracts account for 50% of the backlog and it is expected to rise to 60%.
Wabag made inroads into two new geographies this fiscal year, securing a high-tech industrial order in Russia and a large-scale desalination project in the United Arab Emirates. The company is exploring market opportunities in Latin America. It has an order book of up to `10,000 crore-plus and it operates on an asset-light model where it links with multilateral funding agencies, for the financial close of projects.
On the overall business prospectus, he said, with the water sector in India getting an unprecedented allocation in the history of independent India, the water sector clearly emerges as a top priority in the country. A similar trend has been observed globally, which will help unlock huge potential in the global water market. “Wabag, with its technical expertise and execution excellence, is emerging as a preferred partner for governments, municipalities, ULBs and industries around the world,” he said.
Rajneesh Chopra, Global Head of Business Development at Wabag, said, “We believe that desalination, recycling and reuse are key growth drivers for water security globally, with estimated market potential. over $40 billion. With an extensive portfolio of technology solutions that includes more than 100 intellectual property rights and three R&D centers, Wabag is well positioned to capitalize on the next wave of growth in the water industry.
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