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Mint
28-05-2025
- Business
- Mint
Renewable tariff rise likely as insurance premium climbs after border conflict
New Delhi: Upcoming solar and wind energy projects along the border with Pakistan may demand more for their power as they pay higher insurance premiums to protect against risks from war, three industry executives said. This follows the recent military conflict between India and Pakistan where areas along the border suffered aerial attacks. Some of India's largest solar and wind power projects are located in Gujarat's Kutch district and Rajasthan's Bikaner, Barmer and Jaisalmer districts. Rajasthan and Gujarat receive the highest solar radiation in India, ideal for solar projects. The two states have a combined solar and wind capacity of about 43 GW, with more in the pipeline. The war component in insurance premium has jumped as much as threefold since the conflict, said Narayan Kumar, CEO of Kshema Power & Infrastructure Co. Pvt. Ltd, a green EPC (engineering, procurement, and construction) services provider. This, he said, will add 10-12% to the insurance cost. 'Apart from the concerns of damage, there may be instances of blackouts and power grid shutdown in times of conflict, which would impact the operations. So, insurance companies are now also looking at coming up with business interruption coverage, which would add to the insurance cost. Further, the possibility of enhanced security apparatus at the generation locations and other associated infrastructure would also come with an added cost." Developers taking up projects along these areas may see an increase of 3-5 paise in the tariffs, he added. Also read | International Solar Alliance to collaborate with Mauritius on solar power roadmap, regulatory frameworks Queries emailed to the Union ministry of new and renewable energy remained unanswered till press time. Rajasthan and Gujarat have large land parcels along the western border that contribute more than 35%, or 39 GW, of India's installed solar capacity of 105.65 GW. The region has several solar parks, including the Khavda RE Park in Gujarat's Kutch district, which is expected to be the largest renewable energy park in the world with a cumulative capacity of 50 GW. It is just a kilometre away from the Pakistan border, and therefore vulnerable to attacks during a military conflagration. Neerav Nanavaty, chief executive officer (CEO) of Gurugram-based renewable power platform BluPine Energy, said that India should consider setting up more renewable capacity in other regions of the country, and diversify the regional concentration of projects to lower geopolitical risks. "To ensure long-term resilience, India must diversify renewable capacity across other high-potential regions like central India, the northeast, and hilly states—despite higher costs and logistical hurdles. Western India has long been the engine of India's solar growth, blessed with high irradiation levels and progressive governance. But this concentration, while efficient, also creates a risk for our national energy security. A geographically balanced renewable network will help mitigate both geopolitical and climate risks," Nanavaty said. With an installed renewable energy capacity of 231.81 GW, India is a hot destination for investments in sustainability and new energy space. India is projected to require investments of around $200 billion to establish renewable projects by 2030, according to Nomura, as it eyes to achieve a cumulative non-fossil capacity of 500 GW by then. Read this | Solar energy investments in developing countries down 20%, says ISA However, Narayan Kumar of Kshema Power & Infrastructure said that tighter security measures to protect these assets in the border areas would be key to sustaining investor interest, which would in turn raise the cost of operations and maintenance. A second industry executive said on the condition of anonymity that although insurance cost does not constitute a major part of the expenditure of a power developer, in case premiums surge then the per unit generation cost may go up by about 3 paise per unit, which may reflect in the tariffs. Currently, solar power tariffs average around ₹2.6, and the lowest tariff so far for solar is ₹2.15 per unit, discovered in December 2024. For wind power projects, tariffs average around ₹3 per unit and in the case of round-the-clock (RTC) and firm and dispatchable renewable energy (FDRE) projects, which include storage capacity, tariffs are in a range of ₹3-4 per unit. Vikram V, vice-president & co-group head - corporate ratings, Icra Ltd, said: "In case of an additional insurance coverage requirement like war, the insurance premium for solar projects is likely to go up. Given that the prevailing annual insurance cost for a 100 MW solar project is less than ₹1 crore, it is unlikely to have a significant impact on the operating costs for the developers. Hence, the consequent impact on bid tariffs for solar power projects is expected to be limited." Also read | Maharashtra's new power tariff proposal gives jitters to solar companies On 9 May, Mint reported that insurance premiums for renewable energy are likely to increase amid escalating tensions between India and Pakistan, raising the overall cost of these projects. Several renewable energy companies do not have a war coverage in their insurance policies, and are now looking for an added coverage in view of the current scenario, and that comes at a higher cost. Dnyanraj Desai, partner, Shardul Amarchand Mangaldas & Co, said: "These are high-value projects and the premiums are already going up for the projects near the border. It may lead to a 1-2% increase in the overall project cost. Lenders may also seek coverage of such eventualities in the insurance policies for renewable projects in the borders states and such covenants would be included in the agreements. The projects in these regions for which power purchase agreements are yet to be signed and tenders are to be floated, tariffs would factor in the higher cost." Azeem Kanjiani, member, executive board, reinsurance, Prudent Insurance Brokers, had earlier told Mint that projects typically have an annual policy in place for riots, strikes and malicious damage, and that there is a separate policy to cover terrorism and sabotage. 'Hence, the current projects are largely indifferent. Having said that, war cover is sought by most projects, and infrastructure risks will attract significant premium, if war cover is indeed available. Projects up to 200 km from the border would be uninsurable for war. Other projects might get war cover depending on occupancy and exposure. Some insured (projects) have availed war cover and they perhaps would be the ones at peace. Having said so, the war portion can be cancelled with notice of three to seven days," Kanjiani added. And read | Sunny side down: The many gaps in India's solar story
New Indian Express
26-05-2025
- New Indian Express
Cybercrime police arrest four in online job scam that duped woman of over Rs 8.75 lakh
HYDERABAD: Cybercrime Police arrested four individuals for orchestrating a fraudulent online job scheme that defrauded a local woman of over `8.75 lakh. The accused lured the victim through a fake work-from-home offer, posing as representatives of a reputed company. The accused were identified as Manoj Diwakar, Nagiri Vijay, Sanapathi Kishore Babu, and Thirunagari Santosh Kumar. According to police, the victim lodged a complaint on January 15, stating that she was approached on January 2 via Telegram by someone claiming to be an HR executive from 'Accor Advantage Plus Marketing (India) Pvt. Ltd.' The woman was asked to complete trial tasks involving hotel bookings and was promised high commissions. Initially, she received small returns after investing Rs 10,000, which helped gain her trust. Encouraged by the early returns of Rs 1,000, Rs 17,800, and Rs 45,300, she was gradually drawn into investing large sums. The scammers then introduced high-value tasks such as 'GOLD SUIT BOOKINGS' and 'Anniversary Special Offers,' creating fictitious 'minus balances' in her account. Ultimately, the victim was persuaded to deposit `7.91 lakh as a security amount to release a promised earning of `15.82 lakh, which never materialised. A case has been registered under Sections 66C and 66D of the IT Act and various sections of the Bharatiya Nyaya Sanhita, 2023. A probe is underway.
The Hindu
17-05-2025
- Health
- The Hindu
Bengaluru start-up develops ‘Papchup', a papaya ketchup
Tomato has always been synonymous with ketchup, but a Bengaluru-based agri-biotech start-up has come up with a novel papaya-based ketchup, as an alternative. Thomas Biotech & Cytobacts Centre for Biosciences (OPC) Pvt. Ltd, which extensively worked with papaya farmers over the years, developed 'Papchup' to help papaya farmers get better prices for their crop, for which manufacturing and storage facilities are limited. 'Currently, papaya-based processed products are rare in the market, and it is mostly consumed as cut fruit. The papaya ketchup, besides providing a new option to the consumers, would help the farming community significantly. While papaya is a highly perishable fruit, the storage and marketing options are limited, which causes distress among papaya farmers and sellers. They also face other losses due to disease and limiting factors in the field and during marketing,' says Pious Thomas, CEO and director of Thomas Biotech, who was also a principal scientist at the Indian Institute of Horticultural Research (IIHR). He adds, 'Papaya has many health benefits as it is a rich source of protective elements including the anti-oxidants lycopene, carotenoids, flavonoids, vitamin A and C, and the minerals potassium and magnesium. It contains the enzyme papain, which helps in digestion and the mitigation of issues like constipation and bloating. Yet, it does not get the kind of recognition that exotic fruits like avocado and dragon fruit do. This is one of the reasons why we wanted to come up with a papaya-based product which will be available year-round and appeal to consumers.' Unlike many available tomato ketchups in the markets, which have around 12 – 18% tomato paste, Papchup has 50% papaya pulp. While overripe papayas are usually not preferred for consumption, they are a good pick for ketchup due to their soft texture. Papchup also has other natural ingredients like onion, ginger, garlic, green and red chillies, guar powder and spice mix. 'Relatively low in calories and added sugars, and rich in the antioxidant Vitamin C and the carotenoid pigments, it forms a healthier option over tomato ketchup. Papaya colour is complemented with beetroot, giving it an attractive red-maroon colour. With no artificial colours or flavouring agents, Papchup is a nutrient-packed product for all age groups and families,' Mr. Thomas said. The ketchup can be a complementary dish to bread, French fries, sandwiches, burgers, pizza, rolls, noodles, chapati and a variety of fried snacks, according to the developers. It is priced at ₹150 for a 200-gram bottle and is available for sale across India on the e-commerce platform Amazon. The start-up also has developed several other papaya-based products like the 'Papaya Honey Jam' and 'Papaya Lemony Delight' fruit concentrate, which are currently marketed under the brand Pap'Z. The Papchup is also of the same brand.
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Business Standard
21-04-2025
- Business
- Business Standard
Mirae Asset launches $200M global investment fund targeting AI & semicon
Mirae Asset has launched a new fund, Mirae Asset Global Allocation Fund IFSC, to help Indian investors gain exposure to international markets and high-growth sectors like artificial intelligence (AI) and semiconductors. The fund, launched through the company's IFSC branch at GIFT City, aims to provide long-term capital appreciation by investing in a portfolio of global equity exchange traded funds (ETFs). These ETFs will be based on broad market indices and high-growth sectors such as artificial intelligence (AI) and semiconductors. The fund will allocate 90–100 per cent of its net asset value (NAV) to global ETFs across developed markets like the US and China. The new fund is positioned as an outbound scheme under the International Financial Services Centres Authority (IFSCA) regulations and is available only to accredited investors or those investing more than $151,000. Key highlights of the fund - Global diversification: It aims to reduce single-country risk by spreading investments across developed and emerging economies. - High-growth themes: It bets on innovative sectors like AI, semiconductors etc which may drive future growth. - Currency advantage: Potential benefits from the historical INR depreciation against USD, which could enhance returns for USD-denominated assets. Fund details - Fund type: Category III AIF (close-ended, non- retail) - Target corpus: $200 million, with an additional green shoe option of $200 million - Investment allocation: 90–100 per cent in global ETFs across jurisdictions - Fund manager: Mirae Asset Investment Managers (India) Pvt. Ltd. – IFSC Branch - Subscription opens: April 21 - Minimum application: $151,000 (or equivalent) - Open to accredited investors only - Maximum cap of 1,000 investors as per IFSCA regulations Resident individuals can invest through the Liberalised Remittance Scheme (LRS) up to $250,000 per financial year. Family offices and institutions can invest through the Overseas Portfolio Investment (OPI) route, up to 50 per cent of their net worth. 'Our latest offering is designed to provide investors, predominantly resident investors, an avenue to take exposure in global markets and promising themes (AI, semiconductor) through the GIFT City investing route,' said Vaibhav Shah, head of Products, Business Strategy & International Business, Mirae Asset Investment Managers (India) Pvt. Ltd. 'Investors can invest in these funds within the LRS limits of $250,000 per person per financial year. We have seen that by spreading investments across global markets and themes, investors are able to generate better risk-adjusted returns and diversify their investments beyond the home country. We would like to leverage our expertise and global presence to create a curated bucket of global ETFs which can create long-term capital appreciation for investors,' he added.
