ADB, Wabag sign USD 25 mn debt facility for sanitation, water security in India
- The capital raised would be used for working capital requirements of the company .
WABAGhas developed three dedicated research and development centres in Austria, India, and Switzerland.
- This would be Asian Development Bank's first investment in a water sector company in the country.
Water treatment player
"..signed an agreement with Asian Development Bank towards raising Rs 200 crore through unlisted non-convertible debentures carrying a five year and three months tenure which will be subscribed by
The capital raised would be used for working capital requirements of the company and would be within the current borrowing limits thereby not increasing the debt-level of the company, it said.
"This is an important milestone for WABAG, as we add another feather to our cap with this strategic funding tie-up with ADB. ADB's decision to collaborate with WABAG, in their first private sector water investment in India, is a key validation of its leadership," said chief financial officer of the company
"This is, indeed, a great moment for us to be directly associated with ADB, showing ADB's confidence in WABAG's credibility and credentials in the water sector," he said.
WABAG has developed three dedicated research and development centres in Austria, India, and Switzerland.
ADB (private sector operations) director general
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