VA Tech Wabag says Saudi project worth about Rs 2,400 crore is cancelled
In short
VA Tech Wabag said its about Rs 2,400 crore Yanbu desalination project in Saudi Arabia was cancelled by the Saudi Water Authority.
The news matters because the project was large and could affect investor sentiment around the company, which is held in Rekha Jhunjhunwala's portfolio.
What the reporting says
VA Tech Wabag said the Saudi Water Authority cancelled its roughly Rs 2,400 crore Yanbu desalination project for internal reasons, according to the Mint summary. The announcement affects a project tied to the water treatment company and is likely to draw investor attention because the stock is part of Rekha Jhunjhunwala's portfolio. No further financial impact was given in the brief.
Why it matters
VA Tech Wabag said the Saudi Water Authority cancelled its approximately Rs 2,400 crore Yanbu desalination project for internal reasons, according to the published summary. The cancellation removes a large overseas project from the company’s pipeline and may matter to investors following the stock, including those watching Rekha Jhunjhunwala’s portfolio.