Zaggle Prepaid Ocean Services Limited (Zaggle) has officially executed a significant agreement with Fanuc India Private Limited. The contract is for the provision of Zaggle Save (Employee Expense Management & Benefits) services. This is classified as a Domestic Entity agreement, with a defined execution period of 5 Years. The transaction is confirmed to be an ‘arms length’ deal, ensuring standard commercial terms were applied, further strengthening Zaggle’s enterprise client base.
New Enterprise Service Agreement Finalized
Zaggle Prepaid Ocean Services Limited (Zaggle) has announced the execution of a new service agreement with an important industry player, Fanuc India Private Limited. This official announcement confirms the finalization of the contract following necessary corporate approvals.
Key Terms of the Contract
The particulars of the agreement are detailed, indicating that the core service provided by Zaggle will be Zaggle Save (Employee Expense Management & Benefits), which will be supplied to Fanuc India Private Limited.
- Awarding Entity: Fanuc India Private Limited
- Nature of Contract: Agreement
- Entity Classification: Domestic Entity
- Duration: The contract period is set for 5 Years.
Governance and Related Party Status
The disclosure confirms that the transaction was scrutinized regarding potential conflicts of interest. It was explicitly stated that the promoter group has no interest in the entity that awarded the contract. Furthermore, the agreement is confirmed not to fall within related party transactions, as the terms were established at “arms length”, ensuring fair commercial practices for both parties involved.
Source: BSE
