The Essar Group announced the successful completion of majority acquisition stake in AGC Networks (earlier known as Avaya GLobalConnect Ltd.)  The deal is valued at $61.4 million.

Essar’s stake in AGC now stands at 79.13%.

In the new set-up, S K Jha will take over as MD while Anil Nair will serve as Jt.MD.

“We warmly welcome AGC Networks employees into the Essar family. AGC perfectly complements Essar’s young and fast growing solutions integration arm and we have definitive plans to take this business global. AGC Networks is an important block in our overall ‘customer experience’ portfolio. We look forward to a long and fruitful relationship with AGC’s existing partners, customers and vendors who can look forward to benefiting from Essar’s global scale, depth, and spread,” Aparup Sengupta, Managing Director and Global CEO of Essar’s IT and BPO vertical.

S K Jha, President, Essar’s IT vertical said, “AGC Networks, with its cutting edge solutions and roster of marquee clients, provides a great synergy with our systems integration business. Customers will now have an extended portfolio of services, that include unified communication, networking, information security, and applications, to chose from.”