Wabag Switzerland was incorporated on 9 December 2004, it is held by VA Tech Wabag GmbH, Austria (Wabag Austria), step down subsidiary of VA Tech Wabag. It had reported a turnover of Rs 134.45 crore and networth of Rs 18.79 crore as on 31 March 2022. The step down subsidiary contributed 4.51% and 1.23% of turnover and net worth respectively, to the listed entity during the last financial year.

As part of the business strategy to optimize the Group's structure and in line with the firm's strategic focus to reduce its exposure to European geographies, the company's board approved the stake sale 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 12 April 2023,” the company stated in the press release.

VA Tech Wabag received a consideration of 4.85 million CHF from the said stake sale in Wabag Switzerland.

VA Tech Wabag offers a range of technologies and services for total water solutions in both Municipal and Industrial sectors. The company is a complete life-cycle partner for building water and wastewater infrastructure covering design, engineering, supply, construction, installation, start up and long-term operational management across various business models.

The company's consolidated net profit rose 6.75% to Rs 47.14 crore despite a 12.60% fall in sales to Rs 651.56 crore in Q3 FY23 over Q3 FY22.

Shares of VA Tech Wabag rose 0.07% to close at Rs 354.20 on Thursday, 13 April 2023.

The domestic stock market is shut today, 14 April 2023, on account of Dr. Baba Saheb Ambedkar Jayanti.