Avaya Global subsidiary to acquire assets of Sirius Converged Solutions Division

Avaya Global Connect Ltd has announced that the wholly-owned subsidiary of the Company in Australia viz. GlobalConnect Australia Pty Ltd (GCA) has executed a contract / agreement ("Asset Purchase Agreement") dated September 15, 2006 with Sirius Telecommunications Ltd, Australia to purchase / acquire the business contracts, assets and manpower of 'Sirius Converged Solutions Division' (SCS), a division of Sirius Telecommunications Ltd, at a consideration of A $ 12,00,000 plus GST (10%) (the total consideration to be paid in phases).

In view of the above, the Company would be making a further investment not exceeding Rs 7.50 crores by way of subscription to the share capital in the wholly-owned subsidiary of the Company in Australia viz. GlobalConnect Australia Pty Ltd (GCA).

Source : Equity Bulls

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