Zaggle Prepaid Ocean Services Limited has officially executed an agreement with Blue Star Limited, securing a significant contract for providing its Zaggle Save solution. This multi-year domestic agreement involves supplying Employee Expense Management & Benefits services. The contract has a defined tenure of 3 years and is classified as a standard business agreement, reflecting a routine operational transaction between the two major Indian entities.
New Service Agreement Executed
Zaggle Prepaid Ocean Services Limited has announced the successful execution of a material agreement with Blue Star Limited. This formal announcement confirms the commencement of a strategic partnership under the terms established in the formal agreement.
Key Contract Details
The contract centers on Zaggle providing its flagship service, Zaggle Save (Employee Expense Management & Benefits), to Blue Star Limited. Key parameters outlined in the disclosure include:
- Awarding Entity: Blue Star Limited
- Nature of Contract: Agreement for services (Domestic)
- Contract Duration: The agreement is set to be executed over a period of 3 years.
- Consideration: The broad consideration involves the provision of the Zaggle Save services to Blue Star Limited.
Compliance and Transaction Status
The transaction is identified as being awarded by a Domestic Entity. Furthermore, Zaggle confirmed that neither the promoter group nor any group companies hold any interest in Blue Star Limited. This arrangement is also confirmed not to fall under related party transactions, ensuring the execution adheres strictly to “arms length” principles, minimizing potential conflicts of interest.
Source: BSE
