Wabag Wassertechnik AG, Switzerland was incorporated under the laws of Switzerland on December 09, 2004 having its registered office at Burglistrasse 31, 8400 Winterthur, Switzerland, and is held by VA Tech Wabag GmbH, Austria (“Wabag Austria”), step down subsidiary of VA Tech Wabag Limited (“the Company”).
As part of the business strategy to optimize the Group’s structure and in line with our strategic focus to reduce our 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.
The turnover and net worth of the subsidiary as on March 31, 2022. was Rs 134.45 Crores.
The step down subsidiary contributed 4.51% of the turnover of the listed entity during the last financial year. The step down subsidiary contributed 1.23% of the net worth of the listed entity during the last financial year.
The subsidiary was sold for a consideration of 4.85 Million CHF to HFS Aqua Holding AG, Switzerland.