Quess Corp has signed the settlement cum share purchase agreement with Trimax Smart Infraprojects (TSIPL) and Trimax IT Infrastructure and Services (Trimax IT). The agreement is for acquisition of 49% stake in TSIPL for a consideration of Rs 13 crore. TSIPL becoming 100% owner of rights to the escrow account, thereby securing the entire receivables from Smart City Ahmedabad Development (SCADL). Transfer of Smart City projects contract from Trimax IT in favour of TSIPL subject to approval from SCADL. Relinquishment of rights in escrow by Trimax IT.
Consequently, TSIPL has become a wholly owned subsidiary of Quess. The company now has complete ownership of the amounts flowing into the escrow account.
Quess Corp is one of India’s leading integrated business services providers focused on emerging as the preferred partner for handling end-to-end business functions of its clients.
