Newsmakers: FM Arun Jaitley on infra woes, Cairn India net profit and more

Key business news events for the day

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India taking steps to address infrastructure woes: FM Arun JaitleyEmphasising that India is taking steps to address problems in the infrastructure sector, Finance Minister Arun Jaitley said on January 23, 2016 that multiple institutions are required to meet the funding requirements in this space. The finance minister also said the country has crossed that stage when change of government in power used to result in problems for an infrastructure project, adding that now the dispute resolution mechanism has been made very robust.

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Cairn India net profit falls 99% on low crude pricesCairn India reported a steep 99 per cent drop in its third quarter net profit as it suffered double blow of falling oil prices and high taxes. Consolidated net profit of Rs 8.69 crore, or Rs 0.05 per share, in October-December was 99.3 per cent lower than Rs 1.349/64 crore, or Rs 7.20 per share, in the same period a year ago, the company said in a statement.

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Hoping to complete Rs 7 lakh crore-worth roads by FY19: Union Transport Minister Nitin GadkariConfident about his ministry's initiatives to boost the road sector, Union Transport Minister Nitin Gadkari said he was hopeful of completing road projects worth Rs 7 lakh crore by fiscal 2019. "Initially, we had set ourselves a target of constructing Rs 5 lakh crore worth projects in five years. But considering the pace at which we are progressing, I am hopeful that we will be able to complete projects worth Rs 7 lakh crore," Union Transport Minister Nitin Gadkari said.

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Adani Power gets shareholders nod to convert debt into equityAdani Power has received shareholders' approval to convert debt or parts those of up to Rs 35,000 crore into fully paid up equity shares of the company. The proposed special resolution for converting debt of up to Rs 35,000 crore into fully paid up equity shares of the company was passed with over 96 per cent votes, Adani Power said in a BSE filing.

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China's richest man Wang Jianlin to invest $10 billion in HaryanaHaryana is expecting a spike in foreign investments from China after eight MoUs were signed with top companies to set up a $10 billion industrial park and smart cities in the state during Chief Minister Manohar Lal Khattar's trip to woo investors in Beijing. These MoUs were signed with top Chinese companies such as Wanda Group, China Land Development Company Private Limited, and ZTE Corporation.