Mauritius Financial News

IndusInd Bank has not sought any fresh capital from its promoters even though it suffered a huge loss in its net worth following an accounting discrepancy, IIHL chairman Ashok Hinduja said on Tuesday. IIHL, the investment arm of Hinduja Group, has recently got RBI's in-principle approval to raise its stake in IndusInd Bank from 16 per cent to 26 per cent. According to Hinduja, IndusInd International Holdings Ltd (IIHL) — the Mauritius-based promoters of the private sector lender — has committed to infuse capital into the bank in case there is a requirement. However, the bank has not sought any fresh infusion as the overall capital adequacy is at a comfortable level of over 15 per cent, he told reporters on the sideline of an event.

Subscribe to enjoy similar stories.TOMBEAU BAY, Mauritius—Over centuries, the people of the remote Chagos Archipelago have been battered by forces beyond their control. Slavery.

Subscribe to enjoy similar stories.Nasdaq-listed travel company MakeMyTrip is weighing the benefits of listing its Indian arm via Indian Depository Receipts (IDRs) rather than a traditional initial public offering (IPO), according to two people familiar with the matter.“An IDR structure is on the table, being viewed as a method to manage tax obligations that would be triggered by the Mauritius-based parent entity—MakeMyTrip Ltd—during a secondary sale of shares in a domestic IPO,” said one of the two persons on the condition of anonymity.The development follows the company's reaffirmation of its strategic priorities on 16 March, including plans for a potential listing of its India business after the consolidation of its brands, such as RedBus India, under MakeMyTrip (India) Pvt. Ltd.The company provides flight, hotel, and bus bookings through its platforms, including Goibibo and RedBus.Experts say the move may have been driven by the 15 January Supreme Court of India ruling in the Tiger Global-Flipkart tax case, which held that a Mauritius-based holding company participating in an offer for sale (OFS) in an Indian IPO would be liable to pay capital gains tax in the country on such transactions."In practical terms, this means that reliance on Mauritius purely as a tax-efficient holding jurisdiction is significantly weakened in the context of IPO exits," said Sonam Chandwani, managing partner, Mumbai-based law firm KS Legal & Associates.The IDR route allows a foreign-listed company to remain domiciled abroad while accessing local liquidity by issuing receipts to Indian investors that are backed by shares held by a custodian, avoiding tax liabilities.“There is renewed interest in the IDR route.

NEW DELHI: India is moving to position its QR (Quick Response) code-based payment system on the global stage. The Bureau of Indian Standards (BIS) has introduced fresh norms covering biometric authentication, QR code-based payments and digital currency security to reduce fraud risks and enhance interoperability according to two people aware of the development.The move is intended to strengthen safeguards in India’s rapidly expanding digital financial ecosystem and build confidence among developed economies, where QR code payments are still a novelty, the people said.The rapid expansion of digital payments, biometric-based authentication systems and QR code transactions in India has raised concerns over fraud, identity theft, data misuse and vulnerabilities in the digital payment infrastructure.

Exits from international subsidiaries and associate companies in Japan, Finland and Sri Lanka in the financial year 2026 have narrowed the list of loss-making foreign companies for Mahindra and Mahindra Ltd, which is resetting its international business to back profitable businesses.The exits from international subsidiaries and joint ventures in the three countries have helped Mahindra and Mahindra shed companies with total annual losses of about ₹313 crore or 2.2% of its consolidated profit of ₹14,073 crore as of 31 March 2025.With these exits, the major loss-making foreign subsidiaries of the Mumbai-based company have narrowed down to companies in the US, Turkey, Mauritius and Germany, which together posted losses of ₹670 crore, or 4.7% of the company’s consolidated profits for FY25.Mahindra’s strategy to curb losses in its international businesses has come into focus after its exit from its Japanese subsidiary, Mitsubishi Mahindra Agricultural Machinery, on Monday, which it said will help reduce losses from a business it acquired in 2015.“On completion of the liquidation procedure, the promoter group would not have to incur the annual loss as well as fund these losses,” the company said in an exchange filing on Monday.The company’s renewed focus on exiting loss-making international businesses to double down on its high-growth areas and markets comes at a time when group chief executive Anish Shah is set to complete five years at the helm next month.Since taking over in 2021, Mahindra under Shah has exited several key international loss-making businesses as it seeks to increase profitability.

Subscribe to enjoy similar stories. The GIFT City regulator has started asking inactive companies to voluntarily surrender their licences if they do not intend to start a business, according to three people in the know, as India seeks to ensure the international finance hub is not reduced to a paper address. “Entities that remain inactive have been asked about their plans and, where there is no clear intent to operate, they may be persuaded to voluntarily surrender the license," said an official, one of the three people quoted earlier, on the condition of anonymity.

Subscribe to enjoy similar stories. Insurers may not readily offer tax liability insurance for merger and acquisition (M&A) deals and will subject them to stricter scrutiny given the risks of retrospective taxes, consulting and law firms cautioned, days after the Supreme Court ruled that Tiger Global must pay capital gains tax on its Flipkart share sale years ago.

Subscribe to enjoy similar stories. The Supreme Court’s ruling in the Tiger Global-Flipkart stake-sale case has been framed as a blow against tax-treaty abuse. In reality, it does something far more consequential: it rewrites the operating assumptions under which foreign capital has been invested in India for decades.

Subscribe to enjoy similar stories. Last week’s Supreme Court judgement holding Tiger Global liable for paying tax on capital gains made on its 2018 sale to Walmart of its stake in Flipkart held through entities in Mauritius might have opened a Pandora’s box. It denies Tiger Global exemption on shares acquired before a 2017 cut-off date under a double taxation avoidance treaty between Mauritius and India on the ground that the deal involved shell firms and the underlying value-generating assets were located in India.

Subscribe to enjoy similar stories. New Delhi: Armed with a favourable Supreme Court decision, India’s tax authority plans to proceed with caution while reopening assessment against Tiger Global Management LLC’s 2018 stake sale in Flipkart Pvt., respecting the company’s right to appeal, according to two officials familiar with the matter.

Subscribe to enjoy similar stories. The Supreme Court judgement in the case of Tiger Global’s tax liability has, contrary to expectations, gone against the assessee and in favour of India’s revenue authorities. The brief facts are as follows.

Subscribe to enjoy similar stories. India's market regulator has asked minerals-to-energy Vedanta conglomerate's latest market-bound firm for more details on ownership structure and how it ultimately benefits the group's billionaire founder Anil Agarwal, three people aware of the matter told Mint. On paper, Anil Agarwal has zero direct holdings in the Sterlite Electric Ltd, which last year filed its draft red herring prospectus (DRHP) for an initial public offer.

Subscribe to enjoy similar stories. New Delhi: As the India-Oman free trade agreement (FTA) is set to be signed on Thursday during Prime Minister Narendra Modi’s visit to Muscat, the deal is being positioned as a key pillar of India’s expanding economic and strategic engagement with the Gulf, even as its immediate trade upside remains measured by the size of Oman’s market. The Comprehensive Economic Partnership Agreement (CEPA) will be the final stop of the Prime Minister’s three-nation tour, which included Jordan and Ethiopia.

Subscribe to enjoy similar stories. New Delhi: Mining and metals conglomerate Vedanta Ltd, through its promoter entity Vedanta Holdings Mauritius II Ltd (VHML), has moved the Delhi high court challenging the income tax department's claim that the group gained undue tax advantage of about ₹1,308 crore through the misuse of the India–Mauritius tax treaty.

The rationale, as given by White House Press Secretary Karoline Leavitt, was that US sanctions already prohibit «meaningful trade» with these nations, so further tariffs were not needed, according to Axios. But although this argument may make sense, the US continues to trade more with Russia than with nations such as Mauritius or Brunei, which did find themselves on Trump's tariff list, reported Axios.

fog enveloped New Zealand’s Christchurch airport on Thursday (March 27) disrupting flight operations and throwing the travel plans of thousands of travellers out of gear. Airlines operating from Christchurch airport either cancelled or delayed their flights due to fog. According to a Christchurch Airport spokesperson, two flights were delayed at 8.40am on Thursday while by 10am the airport's website reported flights coming to Christchurch from Auckland and Nelson were cancelled. Among the affected airlines were Jetstar, which had to delay its flight from Auckland, and Air New Zealand. The latter had to cancel its flight to Invercargill due to fog and also divert some of them away from Christchurch. Just three weeks ago, Christchurch airport was rated as the best in a study of 3500 international travellers. New Zealand’s Queenstown Airport was in second position. Madeira Airport in Portugal ranked third with a score of 9.07. The study, involving 3500 international travellers, focused on airport experiences. Travelers rated airports based on factors like customer service and ease of navigation. Nineteen airports received sufficient reviews for inclusion in the rankings.

Sunteck Realty will likely be in focus on Thursday after the company informed exchanges about its decision to invest approximately $10-20 million in Sunteck Lifestyle International Private Limited (SLIPL) in the form of equity or preference shares or any other convertible securities in one or more tranches. SLIPL is a wholly owned subsidiary of the company.

debt markets last week to raise up to $1.25 billion between them through US dollar bonds as global investors seek exposure to India's growth. Renewable energy firm Greenko Energy Holdings raised around $1 billion from investors, while Muthoot Finance raised $250 million. Greenko's bond was priced at 7.25%, tighter than the initial 7.62% target. The bond, issued under a dual Reg S and Reg S 144A structure, is backed by Greenko Wind Projects (Mauritius) and drew over $3 billion in investor interest. However, the company opted to retain $1 billion, according to two sources.

Subscribe to enjoy similar stories. Foreign institutional investors (FIIs) have been shifting their focus from large-cap stocks to select smaller companies, reshaping investment patterns in the Indian market. In the December 2024 quarter, FIIs increased their stake in only nine Nifty 50 firms while trimming positions in the rest.

IndusInd Bank shares will be in focus on Wednesday after Ashok Hinduja, chairman of IndusInd International Holdings Ltd (IIHL), said that the bank has not sought fresh capital from its promoters, despite a hit to its net worth due to an accounting discrepancy. IIHL, the investment arm of the Hinduja Group, recently received the Reserve Bank of India's (RBI) in-principle approval to increase its stake in IndusInd Bank from 16% to 26%.

Raisina Dialogue on Monday, marking India's premier conference on geopolitics and geo-economics. The Raisina Dialogue is organized by the Observer Research Foundation (ORF) in collaboration with the Ministry of External Affairs (MEA). According to the MEA, the conference will host representatives from around 125 countries, encompassing foreign ministers, former heads of state, military leaders, industry executives, technology innovators, academics, journalists, and experts in strategic affairs. Notably, foreign ministers from 20 nations are confirmed to attend. The Ukrainian foreign minister's visit coincides with intensified US efforts to broker a temporary ceasefire between Ukraine and Russia amidst ongoing hostilities. Here's all you need to know