Quess Corp Ltd., a $2bn publicly listed business services company today signed an agreement with the East Bengal Club, a premier football club based in Kolkata, leading to the formation of a new entity named "Quess East Bengal FC Pvt. Ltd." (QEBFC).
The Bangalore headquartered services provider, one of India's largest private sector employers with more than 260,000 people on its rolls, announced its investment in QEBFC to strengthen its branding initiatives as it goes out to build multiple platforms in the services space. Sports cuts across geography, economic strata and creates a unified constituency that seeks better living, fitness and a passion for winning, all of which reflect the ethos of Quess. This investment in a 98-year-old iconic football club which is among the premium football clubs in India enables Quess to develop its brand and at the same time contribute to sports participation and the development of football in the country.
For EBFC, this development comes at the right time as it approaches a century of glorious existence and provides it with a partner to invest to become the premium footballing brand in the country. For the fans and members in the Club, this will develop a deeper engagement and a substantial association with the club's sporting activities and its winning ways.
Confirming the new partnership, proposed QEBFC Managing Director, Kalyan Majumdar, said, "We were contemplating options after our association with U8 Group came to an end last month and approached Quess with a partnership proposal. We are happy and excited with this partnership with the Quess brand and together we are hopeful of building India's best Football Club. The association with Quess is promising and brings a refreshing change for the club and its members and fans with many untapped possibilities. We believe our best is yet to come and we now aim to achieve new landmarks in the game of Football."
Commenting on the development, CMD of Quess, Mr. Ajit Isaac said, "As Quess develops from being a services provider to building multiple platforms with a large number of employees and customers, it is necessary that we invest in long-term branding initiatives that cut across multiple segments of the society. The partnership with EBFC provide exactly this and we are excited by the possibility of contributing to the development of world's no.1 sport - "Football" in India and at the sametime to be invested in one of the best sports properties. Sports and business both produce winners when the partnerships are right and the investments are prudent. The sporting activities of the club will gather pace now with efforts to join the ISL as well as to enhance the player base, training capacity and infrastructure required to achieve more sporting trophies".
Shares of Quess Corp Ltd was last trading in BSE at Rs.1114 as compared to the previous close of Rs. 1094.35. The total number of shares traded during the day was 2674 in over 313 trades.
The stock hit an intraday high of Rs. 1114 and intraday low of 1089.5. The net turnover during the day was Rs. 2940926.