VA TECH WABAG Share price

Our Company was incorporated as Balcke Durr Cooling Towers Limited on February 17 1995 and was awarded the certificate of commencement of business on March 8 1995. It was involved in the business of design and construction of cooling towers and was a subsidiary of Balcke-Durr Aktiengesellschaft a German company which was held by Deutsche Babcock. In 1996 Balcke Durr Cooling Towers Limited started a water treatment division and pursuant to this it changed its name to Balcke Durr and Wabag Technologies Limited by a special resolution passed on July 29 1996 and was issued a fresh certificate of incorporation on September 12 1996. In April 1999 the Austrian group VA Tech acquired the water business of Deutsche Babcock operating under the Wabag brand name. In India the water and non-water divisions of Balcke Durr and Wabag Technologies Limited were demerged. The scheme of demerger was approved by the High Court of Madras pursuant to its order dated March 3 2000 and the non-water division of Balcke Durr and Wabag Technologies Limited was transferred to BDT Limited. For further details please see the section titled "History and Certain Corporate Matters" Key Agreements/ Schemes of Arrangement - Scheme of Demerger of water and non-water division of our Company (the "Demerger Scheme")- on page 172. Consequently the name of Balcke Durr and Wabag Technologies Limited was changed to VA Tech Wabag Limited pursuant to a special resolution dated March 10 2000. A fresh certificate of incorporation consequent upon the name change was granted to our Company on April 4 2000. Pursuant to the demerger and change of name our Company was primarily involved in the design supply construction and erection of water wastewater treatment plants and operation and maintenance of the same. On August 25 2006 the majority shareholding of our Company was acquired by Western India Trustee and Executor Company Limited in its capacity as trustee of India Advantage Funds - I and represented by the investment manager ICICI Venture Funds Management Company Limited along with our Promoters Rajiv Mittal Amit Sengupta Shiv Narayan Saraf and S. Varadarajan. The aforementioned acquisition was undertaken through the acquisition of the shareholding of our Company from Wabag Austria through I-Ven Water Technologies Limited in September 2005 and subsequent merger of I-Ven Water Technologies Limited with our Company. For further details please see the section titled "History and Certain Corporate Matters - Key Agreements/ Schemes of Arrangement - Scheme of Amalgamation of I-Ven Water Treatment Technologies Limited ("IVTL") with our Company (the "Scheme of Merger")" on page 172. On December 6 2007 our Company incorporated a joint venture company now called VA Tech Wabag (Gulf) Contracting LLC with Badriya Hassan Makki in which our Company holds a 49% shareholding. In terms of a shareholders? agreement dated September 11 2007 our Company has 100% beneficial interest in the aforementioned joint venture company.Major Events of our Company Date Event April 1997 First EPC order intake of our Company from Reliance Petroleum March 2000 Entry into municipal segment by our Company: Receipt of first municipal order from Chennai Metropolitan Water Supply and Sewerage Board September 2000 Receipt of ISO 9001:2000 certification from Lloyd?s Register Quality Assurance July 2002 Starting of O&M activity and receipt of first O&M order by our Company from Chennai Metropolitan Water Supply and Sewerage Board (Redhills plant) September 2002 Receipt of an order worth approximately Rs. 7000 lakhs from Bangalore Water Supply and Sewerage Board March 2003 Crossing of Rs. 10000 lakhs turnover by our Company September 2004 Receipt of best construction award from Indian Concrete Institute - Karnataka for construction of sewage treatment plant at Mailasandra for Bangalore Water Supply and Sewerage Board September 2005 I-Ven Water Treatment Technologies Limited acquired a majority stake in our Company April 2006 Scheme of Merger of I-Ven Water Treatment Technologies Limited with our Company August 2006 Adoption of the ESOP Scheme 2006 by our Company August 2006 Acquisition of majority shareholding in our Company by Rajiv Mittal Amit Sengupta Shiv Narayan Saraf and S. Varadarajan together with ICICI Venture Funds Management Company Limited September 2006 Receipt of an order worth approximately Rs. 18638 lakhs from Kerala Water Authority March 2007 Crossing of Rs. 20000 lakhs turnover by our Company March 2007 Allotment of 397078 equity shares of Rs. 10 each to GLG Emerging Markets Fund Cayman Islands April 2007 Creation of four SBUs - municipal industrial international and operations business group July 2007 Company?s Order Book crosses Rs. 50000 lakhs August 2007 Incorporation of Wabag Singapore September 2007 Receipt of first overseas O&M order by our Company from Qatar November 2007 Acquisition of Wabag Austria and subsidiaries by our Company December 2007 Incorporation of VA Tech Wabag (Gulf) General Trading LLC Dubai January 2008 Allotment of 48198 Equity Shares of Rs. 10 each to Government of Singapore Investment Corporation Pte Ltd Singapore 72296 Equity Shares of Rs. 10 each to Passport India Investments (Mauritius ) Ltd. Mauritius and 24099 Equity Shares of Rs. 10 each to Sattva India Opportunities Company Ltd. Mauritius February 2008 Incorporation of Wabag Water Services s.r.l Romania March 2008 Crossing of Rs. 30000 lakhs turnover by our Company March 2008 Company?s Order Book crosses 100000 lakhs March 2008 Receipt of first overseas EPC order by our Company from Oman May 2008 Starting of International Engineering Centre in Pune May 2008 Opening of a branch office in Oman June 2008 Receipt of approximately Rs. 19071 lakhs order from Delhi Jal Board December 2008 Amendment of Memorandum of Association of VA Tech (Gulf) General Trading LLC and change of name to VA Tech Wabag (Gulf) Contracting LLC Dubai March 2009 Crossing of Rs. 50000 lakhs turnover by our Company March 2009 Go Live of ERP by our Company May 2009 Receipt of ISO-9001:2008 certification from Bureau Veritas May 2009 Incorporation of VA Tech Wabag (Hong Kong) Limited December 2009 Receipt of Rs. 103368 lakhs order for sea water desalination plant from Chennai Metropolitan Water Supply and Sewerage Board December 2009 Incorporation of Beijing VA Tech Wabag Water Treatment Technology Co. Ltd. March 2010 Crossing of Rs. 70000 lakhs turnover by our Company