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NDTV
9 minutes ago
- NDTV
'Leaf From PM's Playbook': Andhra Pradesh's Nara Lokesh On 99p Land For IT Majors
Hyderabad: Andhra Pradesh IT Minister Nara Lokesh told NDTV he was 'inspired' by Prime Minister Narendra Modi when he got software giants Cognizant and Tata Consultancy Service to invest in the state, by offering to lease land at Re 1 and 99 paise, respectively. The reference to the PM was a throwback to when he, as Chief Minister of Gujarat, brought Tata Motors to the state by offering land at Re 1. Nara Lokesh also declared his 99p offer open to other big IT giants, the top 100 in the world, in fact, and called it a signal of the state's intent to become a leading destination for technological advancement. Andhra Pradesh has already allocated 21.31 acres to Cognizant for an IT campus at on land leased at Re 1. Cognizant is expected to invest Rs 1,582.98 crore and create 8,000 jobs in Visakhapatnam. This follows allocation to TCS in April - 21.16 acres were provided at 99pm and TCS committed to an investment of Rs 1,370 crore, as wel as the creation of 12,000 jobs. On 3-Capital Plan Meanwhile, on the contentious three-capita plan for Telangana and Andhra Pradesh, Lokesh pointed to the overwhelming mandate for Andhra's ruling Telugu Desam Party after last year's Assembly election. In that election, he said, Visakhapatnam had given a clear directive to the TDP against the three-capital plan proposed by former Chief Minister Jagan Mohan Reddy and his YSR Congress Party. He pointed out the YSRCP had failed to win even a single seat in the region, indicating the public's desire for economic development, which his government is now delivering. "Andhra Pradesh has been a little late on IT. So we are leveraging what we see as our strategic advantage that we can offer," he explained, adding he envisions Visakhapatnam as a significant IT hub and a global chemical manufacturing centre, with plans for a new airport and India's largest steel plant. On Water Dispute Addressing the ongoing water dispute with Telangana, Nara Lokesh lamented the waste of water, and stressed the importance of building projects to conserve and utilise every drop. He said Andhra Pradesh had no objection to the Kaleshwaram irrigation project and reiterated Chief Minister Chandrababu Naidu's stance that both Telugu states must prosper together. He said his government is "not here to steal anything from Telangana". On his 'redbook', which reportedly contains records of alleged wrongduring by the YSRCP when it was in power, he said officers who violated the law had been suspended and those who broke it will "face the music". He cited instances of land-grabbing and the unlawful takeover of assets like Kakinada Port. On the subject of sharp political exchanges in Andhra, Lokesh said the TDP had never sought to defame individuals or families. He highlighted action was taken against a TDP worker who 'crossed the line', while alleging Jagan Reddy never took action when his mother was attacked and his wife insulted. Lokesh then accused Jagan Reddy of supporting violence, contrasting it with his party's disciplined approach and focus on people's issues, a philosophy, he said, was responsible for its victory in 2024; the party secured 94 per cent of the seats and even denied Jagan Reddy Leader of Opposition status.
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Business Standard
9 minutes ago
- Business Standard
As debate over obligatory cession rages, GIC Re could hold the solution
The ongoing debate over whether obligatory cession should be abolished entirely — as many players in the non-life insurance industry have demanded — or retained in some form, could potentially be resolved by allowing state-owned GIC Re to set commissions for insurance companies independently, instead of the insurance regulator mandating a fixed rate. In this arrangement, the Insurance Regulatory and Development Authority of India's (Irdai's) role would be limited to determining the percentage of obligatory cession, industry experts suggested. Obligatory cession refers to the portion of business that Indian general insurance companies must mandatorily cede to GIC Re, the national reinsurer. Ceding refers to the part of the risk that a primary insurer passes on to another insurer. Irdai has retained the obligatory cession to be placed with GIC Re at 4 per cent for FY26 — the third consecutive financial year at that level. Irdai has also specified that the commission on obligatory cession will be a minimum of 5 per cent for motor third-party and oil & energy insurance, 10 per cent for group health insurance, 7.5 per cent for crop insurance, and a minimum of 15 per cent for all other classes of insurance. Additionally, commission above the specified thresholds may be mutually agreed between the Indian reinsurer and the ceding insurer. The obligatory cession was reduced from 5 per cent to 4 per cent in FY23. Irdai has gradually lowered it over the years — from 20 per cent to 15 per cent, then to 5 per cent, and subsequently to 4 per cent. Meanwhile, there has been a long-standing demand from non-life insurers to bring down obligatory cession to zero, as the commission paid by the reinsurer does not reflect the industry's cost structure, industry players said. According to Ramaswamy Narayanan, chairman and managing director of GIC Re, the demand to reduce obligatory cession to zero comes from specific quarters, while other players are comfortable with the current structure. The difference of opinion, he said, lies in how commissions are disbursed. Private insurers that are profitable often feel they are subsidising others, particularly unprofitable state-owned insurers. 'Today, in obligatory, Irdai decides what is the minimum commission to be paid and it varies. We have suggested to Irdai that we understand how to price a contract, how to provide commissions. So if you only say what is the obligatory, we will handle the rest. On a company basis, depending on their performance, we know how to fix the commissions. Irdai has even allowed that, but I think it has been pending at the DFS level. Once that is given, I think everybody will be on board,' Narayanan said. According to him, if the obligatory cession is brought down to zero, it could lead to a cash flow problem. Industry players noted that standalone health insurers are particularly unhappy with the current arrangement with GIC Re, citing low commissions received. 'Removing obligatory cessions will be beneficial for insurers who don't have a high claims ratio. Whereas, having obligatory cession supports insurers who have a very high claims ratio,' said a private sector insurance executive, on condition of anonymity. 'Obligatory cession is an important risk mitigation strategy that should continue to exist for general insurance companies. With composite licences in play, it might be useful for Irdai to revisit the same, given the diversification benefits that the revised product portfolio structure under a composite licence will offer. In case it is being brought down, it should be done in a staggered manner after a careful understanding of how each organisation is managing their business and portfolio risk,' said Vivek Iyer, partner and financial services risk leader at Grant Thornton Bharat.
Business Standard
9 minutes ago
- Business Standard
ArisUnitern RE Solutions secures a development management project in Bangalore
Arisinfra Solutions, through its subsidiary, ArisUnitern RE Solutions (AUPL), a leading provider of integrated construction materials and services, has secured a marquee Development Management project in Bangalore's rapidly developing Nandi Hills region. This strategic win is projected to add approximately Rs. 100 crore to Arisinfra's combined materials and services order book, with high margins reinforcing the company's asset-light, high-margin business model. The residential project, commissioned by Village Wave Pvt. Ltd., spans approximately 21.93 acres and has a Gross Development Value (GDV) of approximately Rs. 288 crore. Under the agreement, AUPL will hold exclusive rights to supply all construction materials and provide end-to-end development management services including project monitoring, sales and collections.
