iGate Patni bags $30 million IT deal from US firm

As per the deal, iGate will help Weyerhaeuser to manage its services and operations in order to reduce costs

IT firm iGate Patni today said it has bagged a contract worth $30 million (nearly Rs133 crore) from US-based Weyerhaeuser NR to provide and manage IT infrastructure service operations.

As per the deal, iGate will help Weyerhaeuser to manage its services and operations in order to reduce costs, the IT firm said in a filing to the Bombay Stock Exchange (BSE).

Weyerhaeuser NR has selected iGate Patni for two years in a row as its IT supplier, the filing added. The company provides a wide range of IT services to Weyerhaeuser NR, including infrastructure managed services, application development and support services.

Weyerhaeuser operates in 10 countries and employees 14,900 people, primarily in the US and Canada.

The iGate Patni stock closed at Rs341.20 on the BSE, up 0.90% from its previous close.

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Rolta India acquires public safety firm

This acquisition includes the full portfolio of ACLS software technology, including source code, design documentation, IPR rights, along with exclusive worldwide sales and marketing rights and the hiring of ACLS employees

IT software product manufacturer Rolta India today said it has acquired ACLS Systems, FZC, through a complete asset purchase.

This acquisition includes the full portfolio of ACLS software technology, including source code, design documentation, IPR rights and all other related materials, along with exclusive worldwide sales and marketing rights and the hiring of ACLS employees, Rolta India said in a filing to the Bombay Stock Exchange (BSE).

However, the company did not disclose the financial details of the acquisition.

ACLS Systems provide security software solutions for computers and mobile phones.

Shares of Rolta India closed at Rs125.20 on the BSE, down 1.42% from their previous close.

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Sushil Modi elected new chief of Empowered Committee on GST

Bihar deputy chief minister and finance minister Sushil Kumar Modi, who also handles the finance portfolio in the Bihar government, replaces Asim Dasgupta, who had served in the post for over a decade since the formation of the body

New Delhi: Bihar deputy chief minister and finance minister Sushil Kumar Modi was on Monday elected the new chairman of the Empowered Committee of State Finance Ministers, which is spearheading the implementation of Goods and Services Tax (GST), reports PTI.

Mr Modi, who also handles the finance portfolio in the Bihar government, replaces Asim Dasgupta, who had served in the post for over a decade since the formation of the body.

The committee had earlier overseen implementation of the Value Added Tax (VAT) system across the states.

"The substantive business of today's meeting was the election of the chairman. Sushil Modi, the deputy chief minister and finance minister of Bihar, has been elected unanimously as the chairman of the Empowered Committee of State Finance Ministers," Union finance minister Pranab Mukherjee told reporters here.

Mr Mukherjee had invited all state FMs to Delhi on Monday for the meeting of the Empowered Group after a gap of almost five months.

The post of the chairman of the group fell vacant after the defeat of Mr Dasgupta in the West Bengal Assembly polls in May. Mr Dasgupta, who was the West Bengal finance minister, had headed the committee since its formation in early 2000s.

One of the major tasks before Mr Modi, as the new chairman, would be to build a consensus on the proposed GST regime, which has been pending for years.

Mr Mukherjee, however, said that details of the agenda are still to be worked out.

"Now, they (state FMs) are having discussions. Some formalities will have to be worked out and after that, the committee will work out a detailed work programme," Mr Mukherjee said.

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