ANZ Executive Retires Months After Tasked to Revamp Bank Culture
Evans, who was appointed in April to a new role as head of its non-financial risk program delivery reporting directly to the Chief Executive Officer, has left ANZ after 16 years, a spokesperson for the Melbourne-based lender said in response to queries from Bloomberg. ANZ is in the process of recruiting for the role, and Louise Higgins will be the acting head in the interim, according to the spokesperson.
The departure comes as McKinsey & Co. conducts a wide-ranging review after ANZ was slapped with an additional A$250 million ($163 million) capital requirement by the banking regulator in April. An earlier examination by consultant Oliver Wyman and the Australian Prudential Regulation Authority's long-standing concerns led ANZ to appoint a number of executives to boost its risk culture.
'Improving the bank's non-financial risk management practices is a key priority for ANZ,' the spokesperson said.
Evans, a former ANZ chief compliance officer, recently relocated to Sydney from Singapore. He spent three years there as the city-state's country head as well as head of Southeast Asia, India and Middle East.
New CEO Nuno Matos has said risk management is among his top priorities. His predecessor Shayne Elliott was plagued over the last two years by scandals, including an ongoing investigation by the securities regulator into the firm's role in government bond sales.
Since Matos started his job in May, there have been a flurry of management changes. Recent key departures include Maile Carnegie, the bank's Australian retail head, who retired on July 1, and technology chief Gerard Florian, who retired this week.
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Mint
19 minutes ago
- Mint
IPO gold rush or bubble? India's co-working firms test the public markets
Bengaluru: During a board meeting of IndiQube Spaces Ltd mid last year, WestBridge Capital, a long-time investor, asked Meghna Agarwal and Rishi Das why they weren't considering an initial public offering (IPO). The wife-husband duo co-founded the Bengaluru-based flexible workspace provider in 2015. A month later, they took the IPO proposal to the board. Two factors were at play. First, venture capital and private equity investment had slowed over the past few years, leading to new-age companies turning to the public markets for funding. In 2024, 13 startups, including Swiggy, Ola Electric, FirstCry and Blackbuck, went public. Second, Awfis Space Solutions Ltd became the first flexible workspace company to get listed in May 2024. So, a decade after it was founded, IndiQube went public, becoming the third such firm in the sector, after Awfis and Smartworks Coworking Spaces Ltd. Its ₹700-crore IPO was subscribed 13 times. Shares of Indiqube listed on 30 July this year at ₹216 on the Bombay Stock Exchange (BSE), marginally down from the issue price. Meanwhile, rival Smartworks, also founded in 2015, raised ₹582.6 crore. Its shares, when listed, traded slightly above the issue price on the BSE. As the commercial office market in India turned around after the pandemic, it saw strong demand pushing adoption for flex workspaces. These offices are shared and companies can rent for varying duration. In India, flexible workspaces come in two forms—co-working, where multiple companies can share the office premises, and managed offices, where space is customized for individual companies. A cross-section of companies across sectors, including global capability centres (GCCs), have driven up leasing, and expansion. Flex leasing jumped from 7.9 million sq. ft in 2022 to 15.8 million sq. ft in 2024, as per property advisory CBRE India. The share of flex space leasing in overall office leasing grew from 14% to 20% during this period. Avendus Capital, an investment bank, forecast that the sector will grow to address a $9 billion market by 2028. With the three IPOs, and two more on the horizon—The Executive Centre India and WeWork India – India's fairly young flex workspace industry has demonstrated what globally no other country has yet. Multiple flex office sector IPOs from a single country is rare. First-mover advantage The IPO journey of India's flex workspace operators started a year back, with the public listing of Awfis. In many ways, it set the tone for the industry. Amit Ramani, founder of Awfis, faced one persevering question from investors: If global companies had failed, how would you do it? That seemed a valid question. There was no precedent in India. The most celebrated name in the sector, globally, is WeWork Inc. Its planned IPO, at a $47 billion valuation in 2019, was a disaster—the company shelved it after questions were raised on governance and profitability. However, in October 2021, the company made its public market debut, through a special purpose acquisition company deal. But Ramani proved his critics wrong. Awfis' shares are up 50% since the time it listed in May 2024. The BSE SmallCap index, in contrast, rose only 10% in the same period. Analysts then said that the overwhelmingly positive response to the IPO issue (subscribed 108 times) was due to its first mover advantage—first-of-its kind entry into the listing space. 'I think the IPO changed the narrative in the industry on how people look at co-working," Ramani, also the chairman and managing director of Awfis, said. Like IndiQube, even Awfis had private equity investors such as ChrysCapital and Peak XV Partners (formerly Sequoia Capital India & SEA), who eventually needed an exit route. The company had a substantial offer for sale component during its IPO, which meant its early investors got a partial exit. In comparison, in IndiQube and Smartworks' IPOs, a larger amount of the proceeds went towards capital expenditure on fit-outs and new centres, and paring high-cost debt. While most of its peers do straight leases from landlords, Awfis follows a managed aggregation model. It partners with the landlords, and they bear the fit-out costs. Awfis operates the centres and they split the revenue or profit. 'While there were initial concerns around the co-working model and its global growth narrative, the Indian market dynamics are different. The flex model in India, which is a mix of co-working and managed offices, with a lot of emphasis on enterprise and GCC clients, is clearly demonstrating growth potential," said Prateek Jhawar, managing director and head, infrastructure & real assets investment banking, Avendus Capital. 'We have seen how Awfis has performed in the public market and how it has rewarded its investors. With the first successful IPO followed by the recent ones, flex is now seen as a separate asset class," he added. The next two But does the Indian market have an appetite for more flex IPOs? 'It's a new-age industry, with a lot of new players, with different models. So, investors are looking at them differently and that becomes a rerating exercise," Neetish Sarda, managing director of Smartworks, said during a pre-IPO interview with Mint. 'The flex space industry is growing and there is substantial depth in the Indian market," he added. On the heels of IndiQube's IPO opening in July, The Executive Centre India, part of Hong Kong-headquartered TEC Group, filed draft papers to raise ₹2,600 crore. The funds will be mainly used for international expansion and acquisitions. The Executive Centre was among the earliest international brands that opened in India—in 2008—at a time when flex working wasn't really in fashion. Today, it offers premium solutions. The bigger IPO, however, could be that of WeWork India Management Ltd, one of the largest operators in the country and the Indian affiliate of WeWork Inc—the latter holds 22.28% stake in WeWork India. The company received market regular Sebi's approval in July. The IPO will comprise the sale of as many as 43.75 million shares, though the company hasn't stated the amount it aims to raise. 'WeWork India is expected to launch the IPO early September. It may raise around ₹3,500 crore," said a person who didn't wish to be named. A WeWork India spokesperson didn't respond to queries. The company has an operational portfolio of 7.8 million sq. ft, across 68 centres in eight cities. Small to big The buzz that the three flex IPOs generated among investors needs to be looked at from a broader industry perspective. What started as a co-working business to address the needs of startups, small companies, and even individuals, has undergone remodelling. There is rising demand for flex workspaces among larger enterprises. Subsequently, leading flex operators have leased office space from top developers, in premium business parks. For instance, a cross-section of companies including MG Motor India, Quest Global, Narayana Health, SecurityHQ, Allegis Group, and Siemens among others have leased space in properties managed by IndiQube. The company also counts NoBroker, Myntra and Zerodha among its big clients. Over 85% of IndiQube's portfolio is occupied by clients who have taken over 100 seats. Around 44% of the area is occupied by GCCs. For Smartworks, nearly 60% of its revenue is generated from companies that have taken up over 300 seats each. Till three years ago, Awfis was primarily a co-working company catering to the requirements of small enterprises to a great extent. Then, it added managed offices for enterprises. 'I think our diversity of locations and client network worked well for us. The cost of supply has to be the lowest and the return on capital has to be high to succeed," Ramani said. Growth narrative Flex operators, meanwhile, have big growth ambitions. Awfis plans to add 40,000 seats in 2025-26; Smartworks has 11.92 million sq. ft in its portfolio as on 30 June, of which 8.3 million sq. ft is operational. It plans to scale up further. 'The growth will be more democratic from here on, and one has to go to tier II markets. We have been growing at 30-35% every year, and that will continue," IndiQube's Rishi Das said. As per property advisory JLL India, India has seen remarkable growth of operational flexible space stock, which has now reached a substantial 79.1 million sq. ft across the top seven cities—Bengaluru, Chennai, Delhi-National Capital Region, Hyderabad, Kolkata, Mumbai and Pune. The operational flex stock is expected to nearly double over the next four to five years, and reach 135 million sq. ft by 2028, reshaping the country's evolving office landscape. '2025 has started strongly for flex operators. In the last one year, operators have acquired space in many Grade A (the most premium quality in real estate) buildings to strengthen supply. The IPO route will help these companies access capital and grow faster," said Karan Singh Sodi, a senior managing director at JLL India. Meanwhile, Awfis wants to build ancillary businesses, going forward, moving from just being a flex player to becoming a 'commercial solutions platform". This could mean building food and beverage, or transport and mobility solutions for other companies. 'We will continue to lead the value bandwagon, even when we offer premium products like 'Elite' or 'Awfis Gold'. It's very difficult to deliver value; it's a bit easier to spend more money in terms of services, design, and price the product more," said Sumit Lakhani, chief executive officer (CEO) of Awfis. A regular seat at the company costs ₹8,000 a month. Gold is priced at ₹10,000 per seat while Elite is even pricer— ₹12,000 a seat. Elephant in the room In July, IT bellwether Tata Consultancy Services said that it is laying off 12,000 employees, and while the cause was attributed to a skill mismatch among other things, industry observers signalled artificial intelligence (AI) to be a possible reason behind the sacking. Tech companies are moving towards leaner, AI-savvy teams. This is also ominous news for real estate, and by extension, flex workspace providers. IT services companies, even a few years ago, hired truckloads of freshers from engineering colleges across the country and they all needed seats in fancy Grade A buildings. If AI impacts IT jobs in a big way, going ahead, the fallout on the commercial office sector would be inevitable. IndiQube's Das said one has to wait and see how the scenario plays out. 'It's like the elephant in the room. However, amid the uncertainty, if large companies decide to outsource office space instead of owning expensive real estate, flex workspaces would be their first port of call," he hoped. Analysts have also raised another concern—profitability. With the commercial office market at an all-time high, and flex operators scaling up, acquisition costs, which includes the cost of leasing and fit outs among other expenses—have also risen. Besides, there is increasing competition as companies compete to swoop up good quality real estate and tenants. 'While there is competition, growth isn't a challenge. Overspending on fixtures (fit outs) by the operators could be a concern," Avendus Capital's Jhawar said. In 2024-25, only Awfis was profitable for the full year. WeWork India is yet to file full year financials but in the first half of the year, it reported a net profit of ₹175 crore. Smartworks and IndiQube continue to make losses. The reported losses are primarily due to non-cash accounting adjustments under Ind AS 116, an accounting method, which front-loads expenses through depreciation and finance costs, spokespersons of Smartworks and IndiQube stated. All the top operators, however, are generating strong cash flows at an operational level, and have raised institutional money before their IPOs, which drove expansion. 'This is not a typical cash burn model. However, while the mature centres turn profitable at the operational level, the newer centres will take time to break even," an analyst at a Mumbai brokerage, who did not want to be identified, said. 'As more centres mature, profitability, at least for the top, credible players should not be a concern," the analyst added. For investors, those are encouraging words.
Hindustan Times
19 minutes ago
- Hindustan Times
Mumbai leads in high loading factor: Homebuyers get less space but more amenities, here's what you should know
When purchasing an apartment, especially in the luxury and premium segments, homebuyers in Mumbai are now paying more for expanding amenities, even as the livable private space shrinks. The financial capital tops the list in terms of the share of common areas in high-rises. Real estate experts say developers are increasingly adding common amenities like gyms, pools, lounges, and enhanced fire-safety features to cater to rising buyer expectations. (Picture for representational purposes only) (Pixabay) The average loading factor for residential buildings delivered in 2025 is 43%. This means that for a home advertised as 1,000 sq ft, only 570 sq ft is the actual usable (carpet) area, while the remaining 430 sq ft is allocated to shared spaces, a report has said. According to the Anarock report, MMR continues to see the highest loading among the top 7 cities, with 43% in Q1 2025. The region has seen the average loading percentage grow steadily over the years, from 33% in 2019 to 39% in 2022 and 43% in Q1 2025. Most luxury and premium real estate projects often boast of expansive clubhouses with restaurants, lounges, reception areas, and other high-end amenities that enhance lifestyle appeal. However, these features also come with a hidden cost, a higher loading factor, which ultimately inflates the total price paid by homebuyers, say real estate experts. Real estate experts say developers are increasingly adding common amenities like gyms, pools, lounges, and enhanced fire-safety features to cater to rising buyer expectations. While these additions improve comfort and resale value, they also reduce the actual usable area within individual apartments. Also Read: Mumbai real estate trends: From ₹1 crore to ₹100 crore, Vastu homes curry favour with young homebuyers As a result, buyers are now paying substantially more for shared spaces in modern residential projects. While the focus on lifestyle upgrades is growing, experts stress the importance of transparent disclosures to ensure buyers clearly understand how much private living space they're actually getting. According to a Bloomberg report, in space-constrained cities like Mumbai, developers are increasingly designing projects with smaller individual units but larger shared spaces such as pools, lawns, and gyms. These communal amenities appeal to buyers and renters willing to pay a premium for comfort, especially in a city grappling with noise, pollution, traffic congestion, and crowded streets while still staying close to work or family. Also Read: Supreme Court order on green clearance paves way for 493 stalled real estate projects in Mumbai and Pune: CREDAI-MCHI While most developers now quote prices based on RERA-defined carpet area, brokers point out that the cost of expansive common amenities is often embedded into the per sq ft rate, effectively passing on the burden of loading to the buyer. A report by real estate consultancy ANAROCK highlights that the loading factor has been rising steadily across India's top cities, driven by growing demand for lifestyle-rich residential projects with modern, shared facilities. Also Read: Why more amenities may mean less space in your new home: What homebuyers should know about the loading factor What is the loading factor? The loading factor is the difference between the super-built-up area and the carpet area of the apartment. A report released by ANAROCK, a real estate consultancy firm in June 2025 had said that the loading factor is the highest in the Mumbai Metropolitan Region (MMR) followed by Bengaluru, and Delhi NCR. 'Q1 2025 data shows that homebuyers in the top seven cities now get only 60% of the total space they pay for an actual liveable area within their apartments. The remaining 40% comprises common areas such as elevators, lobbies, staircases, clubhouses, terraces, and other amenities. Back in 2019, the average loading was around 31%,' Prashant Thakur, Regional Director and Head, Research and Advisory, ANAROCK Group, had said in June 2025.
Time of India
32 minutes ago
- Time of India
Solar rooftop capacity building and gender bias
Nearly 7.1 million solar photovoltaic jobs were created globally in 2023, up sharply from 4.9 million in 2022, registering record annual expansion of 74 per cent (IRENA, 2023). This was due to a drop in panel costs and supportive government policies around the world (Bloomberg, 2024). In India, many supportive schemes were launched such as Kusum for agriculture pumps, Surya Ghar for rooftops, vendor certification and enrolments and many other supportive policies to encourage installation and use of Solar energy together with encouraging policy measures, inclusive of low cost finance and skilling programmes. What is the gender participation rate in this growing renewable energy sector? Let us take the example of Surya Ghar scheme , that aims to provide solar rooftop installations in 10 million households by March 2027, with free electricity up to 300 units every month. It has been estimated that to meet this target, approximately 400,000 full time solar technicians would be required. To this end, the Ministry of New and Renewable Energy (MNRE) has been imparting the solar technical training for installation, operation, maintenance and repairs under the Suryamitra and various other skill development programs. MNRE has partnered with and accredited several training centres across India to carry out the skilling programs for rooftop solar installations across India. Separately, the Prime Minister has also said that in the skilling programmes, the share of women should be at least 20 per cent. The MNRE reported on social media that. as of June 2025, they have trained around 1.6 lakhs youth under various flagship skill development programmes. Of these, during the period 2015-2024, the MNRE set up 426 registered training centres across India and completed the training of 57,371 trainees for rooftop. However, Table 1 shows that more than 94 per cent trained Suryamitra technicians were men, and the majority came from Other Backward Classes. Only 5.8 per cent were women. Such underrepresentation of women is a significant issue as the renewables sector needs to be inclusive and equitable for its own growth. Women represent a huge untapped pool of potential technicians that is essential for the expanding solar industry. If there is one sector, where gender participation should begin, it is the Surya Ghar. Without gender awareness, capacity building and active participation, the scheme may not succeed to reach its target. The scheme needs to enlighten and engage women and children about solar energy. It should not be just about provision of energy. Table 1: Demographics of Suryamitra Trainees TOTALWomenMenTrained Personnel100%5.8%94.2%Scheduled Caste15.4%15.3%15.4%Scheduled Tribe5.7%5.4%5.7%Other Backward Classes45.8%36.2%46.4%General Category30.0%40.7%29.3%Others3.2%2.4%3.2%TOTAL100%100%100% Source: Calculations based on Suryamitra database In terms of jobs placements after completion of the workshop, the gender disparity is stark (Table 2). Out of the total Suryamitra technicians, 45.5 per cent of the males got placed in the solar sector, while the proportion of women getting placed was a mere 1.7 per cent. Few trainees started their own business or went for higher studies, but the numbers are insignificant. There was also a significant proportion whose placement data was not available. Table 2: Job Placements and Training for Suryamitra technicians (% out of total) TrainedTOTALWomenMenPlaced47.2%1.7%45.5%Started own business1.8%0%1.7%Pursued higher studies0.2%0%0.2%Not interested0.1%0%0.1%Not employed34.8%2.3%32.5%No data15.9%1.7%14.2% Source: Calculations based on Suryamitra database This gender gap in capacity building and employment in the solar sector highlights the policy gap that needs to be filled with understanding of the selection process, problems of women and solutions to invite and include them. The underrepresentation excludes women from the socio-economic benefits of the green transition across India, as the gender disparity in both training and employment persists, underscoring that regional reach does not guarantee gender inclusiveness. In turn, it will limit the transition to RE, where a large population is excluded from benefits, participation and rewards. The Surya Ghar scheme requires a gender-responsive structure along with all its components including Suryamitra scheme, where admission, design of the curriculum and other barriers need to be understood. Admission process needs a targeted outreach in schools, colleges, and communities to attract women candidates. Some quota or reservation of a minimum 20 per cente enrolment for women should be set for the MNRE-certified training batches of technicians, along with incentives like stipends, travel support and safety infrastructure. At the same time, the capacity building programs need to promote micro-entrepreneurship models for women in solar maintenance, sales, and community awareness roles, backed by seed capital and mentorship. Most importantly, the vendors in the solar engineering, procurement and construction companies need to be follow inclusive HR policies to hire certified women technicians. The transition to solar energy presents a unique opportunity to embed gender equity into India's green economy. A gender-just solar workforce is not only a moral imperative but a strategic necessity for meeting India's renewable energy ambitions. (The authors are Jyoti Parikh is Executive Director at IRADe and Sudipa Majumdar is Director at IRADe)
