New India Assurance To Invest ₹100 Cr In Amaravati

VIJAYAWADA: In a major boost to the development of Amaravati as the State Capital, The New India Assurance Co. Ltd., the country’s largest general insurance company, has proposed to establish its regional office in the capital city, signalling growing corporate confidence in the region.

Officials of the Andhra Pradesh Capital Region Development Authority (APCRDA) said on Wednesday that the company plans to invest around Rs 100 crore in the project. The proposed regional office is expected to generate 200 to 225 jobs across technical, finance, marketing and administrative domains. The facility will also house AI specialist officers to develop innovative insurance products in line with emerging market needs.

The regional office will provide comprehensive general insurance services covering rural, social, urban, corporate and mass non-life insurance segments. Officials said the initiative would improve insurance penetration among farmers, self-help groups, small businesses and the general public, thereby strengthening financial inclusion in the State.

In this connection, a sale agreement between APCRDA and The New India Assurance Co. Ltd. was formally registered on Wednesday. The agreement was executed between V. David Raju, Joint Director (Estates), APCRDA, and V. Raja, Chief Regional Manager of the company, and registered by Sub-Registrar Ch. Rambabu. The registration was witnessed by G. Appala Raju, Azeez Shaik and V. Basivi Reddy on behalf of the insurance company.

APCRDA officials said the development highlights the growing importance of the Amaravati FinTech Zone and its potential to emerge as a major institutional and economic hub of the state capital.