Business services provider Quess Corp has signed a settlement-cum-share purchase agreement to acquire 49 per cent stake in Trimax Smart Infraprojects Pvt Ltd (TSIPL) for Rs 13 crore.
The development follows TSIPL becoming 100 per cent owner of rights to an escrow account, thereby securing entire receivables from Smart City Ahmedabad Development Ltd (SCADL). Trimax IT Infrastructure and Services Pvt Ltd (Trimax IT) will relinquish the rights in escrow, Quess Corp said in a statement.
The transfer of smart city projects contract from Trimax IT in favour of TSIPL is subject to approval from SCADL. "Consequently, TSIPL has become a wholly-owned subsidiary of Quess. Quess now has complete ownership of the amounts flowing into the escrow account," it said.
Quess Corp serves over 2,000 clients worldwide and has a market cap of Rs 10,909 crore. It is a step-down subsidiary of Fairfax Financial Holdings Group held through its Indian listed subsidiary Thomas Cook India Ltd.