Wabag Wassertechnik AG, Switzerland (“Wabag Switzerland”) was incorporated on December 09, 2004 and is held by VA Tech Wabag GmbH, Austria (“Wabag Austria”), step down subsidiary of VA Tech Wabag Limited (“the Company”). Turnover of Wabag Switzerland as on March 31, 2022 was INR 13,445 Lakhs.
As part of the business strategy to optimize the Group’s structure and in line with strategic focus to reduce exposure to European Geographies, the Board of Directors of the Company on April 11, 2023 had granted approval for sale of 100% stake in Wabag Switzerland.
Pursuant to the approval of the Board of Directors, the said share transfer process for sale of shares and related formalities between VA Tech Wabag GmbH, Austria (“the Seller”) and HFS Aqua Holding AG, Switzerland (“the Buyer”) has been completed on April 12, 2023 at a sale consideration of CHF 4.85 Mn, which is approximately INR 45 crores.
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