Daily News Roundup - March 29 2012

RIL has reorganized its finance operations under two chief financial officers for the first time. V Srikanth, who joined as deputy CFO in August 2010, has been elevated as CFO, placing him on an equal footing with the incumbent Alok Agarwal. (ET) Kingfisher Airlines appointed Manmohan Singh Kapur, Lalit Bhasin and Shrikant Ruparel as independent directors to fill in the vacancies caused by high-profile exits that coincided with the fast unfolding financial crisis in the airline. (ET) Danish telecom operator TDC said it had entered a deal with TCS to replace CSC as its IT services provider. The contract will run for four years with a two-year extension option. (ET) Bajaj Electricals plans to restructure its business into two verticals consumer products and B2B and has elevated current executive director Anant Bajaj as its joint managing director to spearhead the new venture of focusing on high-margin products. (ET) TRF Ltd announced that it has acquired 49% stake in the Singapore based York Transport Equipment (Asia) Pte Ltd. (BL) GMR Infra's plans to have a power zone at its 11,000-acre Special Economic Zone in Andhra’s Kakinada have taken a back seat, due to drop in gas production at the Krishna-Godavari basin. (BS) In major restructuring that may play out shortly in India’s largest brewer, United Breweries Ltd, Amsterdam-based global beer major Heineken may raise its stake from the current 37.5%. (BS) The founder of infrastructure company IVRCL is rallying support from fellow businessmen in Andhra Pradesh to avert a takeover by the Essel Group of media baron Subhash Chandra. (ET) Technology firm iGATE Patni is looking at expanding into new verticals through its ‘outcome-based business model' to explore new areas of product engineering. (BL) NIIT Technologies has completed implementation of an automated Content Management and Delivery system at Singapore Parliament. The recording system enables the recording and archiving of Parliament proceedings. (BL) The income tax department has seized shares of Unitech group companies through which the realty firm holds stake in Uninor. (FE) Economy Snippets India and China have defiantly declared their intention to continue trading with Iran, rebuffing US attempts to force them and other countries to cut economic ties with Tehran over its nuclear programme. (ET) After imposing a 1% tax deduction at source on property transactions above a threshold, the government plans to make it mandatory for people to show proof of this tax payment to get their properties registered. (ET) Finance minister, in his reply to the debate on budget in the Rajya Sabha, reiterated his promise to reconsider his Budget proposal to tax unbranded jewellery, but remained firm on the import duty on gold. (ET) The government is considering changing the profit-sharing mechanism for oilfield contracts before launching the next round of bidding for oil and gas blocks in line with the national auditor’s view that the current system gives private operators no incentive to cut capital expenditure. (ET)