Rekha Jhunjhunwala-Backed Multibagger Water Stock Signs Mega Kuwait Desalination Contract; FII & DII Stakes Rise

On Tuesday, Indian equity benchmark indices traded lower, with the benchmark Nifty 50 index falling 98.45 points (0.41 per cent) to 24,120.60. Amid the market movement, VA Tech WABAG share price fell 0.33 per cent to Rs 1,994.50 after the company announced that it had signed the contract for its Mega Doha SWRO Desalination Plant with Recarbonation System – Stage II in Kuwait.

WABAG Signs Mega Kuwait Desalination Contract

VA Tech WABAG has formally signed the contract for the Doha SWRO Desalination Plant with Recarbonation System – Stage II in Kuwait. The project was awarded to the company in June 2026 by the Ministry of Electricity, Water & Renewable Energy, Kuwait, and the execution of the contract now paves the way for commencement of the project.

The company has classified the project as a Mega Project, and it marks WABAG's first project in Kuwait, further strengthening its presence across the Gulf Cooperation Council (GCC) region.

60 MIGD Desalination Plant to be Developed

The project will be undertaken on a Design, Build, Operate (DBO) basis and will be delivered by a WABAG-led unincorporated joint venture with Heavy Engineering Industries & Shipbuilding Company K.S.C. (HEISCO).

The plant will have a capacity of 60 MIGD, equivalent to approximately 272 MLD, and will combine Sea Water Reverse Osmosis (SWRO) technology with a Recarbonation System. Construction is scheduled to be completed over 36 months, followed by a five-year Operation & Maintenance period.

The project will also feature on-site Solar Photovoltaic (PV) systems, which will meet part of the plant's energy requirements. According to the company, this will support Kuwait's clean-energy objectives while helping reduce the facility's carbon footprint.
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Management Commentary

Mr. Rohan Mittal, Head – Strategy and Business Growth – GCC, said: “The signing of this contract marks an important step towards commencement of our first project in Kuwait, a market of strategic importance to WABAG. We are privileged to work alongside a visionary client, the Ministry of Electricity, Water & Renewable Energy, on a project that will contribute to strengthening Kuwait's long-term water security. It reflects the Company's continued focus on delivering technologically advanced and sustainable desalination solutions across the region.”

Rekha Jhunjhunwala Holds 8.02 Per Cent Stake

According to the shareholding data provided, Jhunjhunwala held an 8.02 per cent stake in VA Tech WABAG as of June 2026. Her holding remained unchanged at 8.02 per cent compared with March 2026, when she also held 8.02 per cent.

The promoter holding stood at 19.08 per cent in June 2026, marginally lower than 19.09 per cent in March 2026.

FII and DII Stake Increase

Foreign Institutional Investors (FIIs) increased their holding in VA Tech WABAG to 18.25 per cent in June 2026, compared with 16.60 per cent in March 2026. This represents an increase of 1.65 percentage points quarter-on-quarter.

Domestic Institutional Investors (DIIs) also raised their stake to 6.33 per cent in June 2026, from 5.77 per cent in March 2026, marking an increase of 0.56 percentage points quarter-on-quarter.

The combined increase in FII and DII holdings came alongside Rekha Jhunjhunwala maintaining her 8.02 per cent stake during the quarter.

About VA Tech WABAG

VA Tech WABAG is a pure-play multinational water technology company with more than a century of expertise in the water sector. The company provides end-to-end water and wastewater solutions for municipal and industrial customers, covering design, engineering, supply, construction, installation, commissioning and long-term operational management.

WABAG has around 2,000 water professionals operating across more than 25 countries and has designed and built more than 1,500 municipal and industrial water and wastewater treatment plants worldwide over the past three decades. The company also operates R&D centres in Europe and India and holds more than 125 intellectual property rights.

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Disclaimer: The article is for informational purposes only and not investment advice.