Newsmakers: PM Modi reviews infra projects, Essar Oil completes delisting and more

Key business news events for the day

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Essar Oil completes largest delisting in India's corporate historyEssar Oil on 30 December 2015 announced completion of the company's delisting from local stock exchanges after a payout of Rs 3,745 crore to shareholders, the largest in India's corporate history. Of the 14.25 crore shares held by public shareholders, the promoters have acquired 10.1 crore shares through an offer made to shareholders, as against the requirement of 9.26 crore shares for delisting.

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PM Modi wants to revamp Cabinet, but can't find the people After a drubbing in a state poll in November, Prime Minister Narendra Modi wants to overhaul his Cabinet to weed out underperformers and improve his government's image. Problem is, several sources said, he can't find the right replacements. "The challenge is to identify the right candidates who can deliver fast-paced reforms and policies in their work sphere," an aide of prime minister said.

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PM Modi reviews infra projects, wants early completion of Hyderabad Metro Prime Minister Narendra Modi has pushed for early completion of the Hyderabad Metro Rail Project as he reviewed the progress of vital infrastructure projects in road, railway, metro rail, power and food processing sectors spread over various states. The projects in the states like Delhi, Haryana, Uttar Pradesh, Bihar, Jharkhand, West Bengal, Odisha, Chhattisgarh, Maharashtra and Telangana were reviewed by Modi at the eighth meeting of PRAGATI (Pro-Active Governance And Timely Implementation), an IT-based platform of tele-conferencing with top officials of states.

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Govt to spend $753 million on rooftop solar power through 2021 The government has earmarked Rs 50 billion ($753 million) to pay for the installation of rooftop solar panels over the next five years that will generate up to 4,200 megawatts, it said. Prime Minister Narendra Modi's Cabinet increased the funding from an earlier Rs 6 billion to encourage households, government bodies, hospitals and educational institutions to install the rooftop solar panels.

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IPOs in 2016 look rosy on profit growth, reformsIndian IPOs are set to raise more than $5 billion in 2016, a six-year high, as corporate profit growth and a pickup in the economy drive investor demand for equities and lure firms such as Vodafone's local unit to list. India has been a bright spot in an otherwise dull Asian initial public offering (IPO) market in 2015, with companies in the country raising a combined $2.1 billion, a seven-fold jump over the previous year. In contrast, sums raised by bigger markets such as Hong Kong and Australia, have fallen.