New Delhi, March 21 -- Shares of Va Tech Wabag, a leading pure-play water technology Indian multinational group, rose sharply in Friday's trading session, March 21, gaining 9% to reach a 4-week high of Rs.1,499 per share. The surge followed the company's collaboration with Norfund and two other international investors to establish a Municipal Platform for sustainable water infrastructure projects.

In an exchange filing today, the company announced that it has signed a non-binding term sheet for a dedicated Municipal Platform, focusing on the development of capital projects for the municipal sector.

"The Municipal Platform will commit an equity investment of up to $100 million in capital projects over a 3 to 5-year period," the company s...