Mauritius Financial News

money laundering, corruption, fraud, asset recovery and the financing of illicit activities, the ED said Thursday. The collaboration between Enforcement Directorate (ED) and the Financial Crimes Commission (FCC) of Mauritius will «bolster» financial enforcement capabilities and will also contribute to broader economic and security cooperation between the two nations, the federal probe agency said in a statement. The Memorandum of Understanding (MoU) was exchanged in the presence of Modi and Prime Minister of Mauritius Navinchandra Ramgoolam. During the discussions leading to the MoU, the ED and the FCC explored the possibilities of «joint operations» to detect, investigate and prosecute cross-border money laundering offences, according to the ED. They also underlined the significance of exchange programmes, experience sharing, training and skill building of the officers of both the organisations, it said. «Discussions were held on how ED can assist FCC by providing technological assistance and sharing of their digital forensic tools and best practices, towards ensuring better data seizing and extraction, and more productive data analysis,» the statement said.

Narendra Modi on Wednesday announced an ambitious vision for the overall growth and development of the Global South. Modi said the "MAHASAGAR" or "Mutual and Holistic Advancement for Security and Growth Across Regions" will bring growth security.

Subscribe to enjoy similar stories. Chagos is one of the world’s longest-running unresolved issues of decolonization, whose return to Mauritius has been championed by India for decades. Prime Minister Narendra Modi’s visit to Mauritius this week can help see the campaign to its logical conclusion.

IndusInd Bank facing a steep decline, Ashok Hinduja, Chairman of IndusInd International Holdings, Mauritius, has assured that the bank «is in a very healthy position.» However, he raised concerns over the impact on the market cap. «My concern is how the market has taken so much so that over Rs 16,000 crores, over $2 billion just in two hours, it has impacted the market cap. The market situation has gone so bad,» he added. The promoter reaffirmed his commitment to supporting the bank, recalling past support during the Covid-19 crisis. Hinduja emphasised that the promoter group remains ready to inject capital, including through additional warrants, and is awaiting regulatory approval to increase its stake from 15% to 26%.

Indian Renewable Energy Development Agency (IREDA) shares will be in focus on Monday after the company announced that the Reserve Bank of India (RBI) has not approved its request for equity investment in the 900 MW Upper Karnali Hydro Electric Power Project in Nepal. IREDA stated that it plans to resubmit the proposal. The company had earlier received in-principle approval from its board on 16 July 2024 to invest up to 10% equity in GMR Upper Karnali Hydro Power Limited, Nepal, and Karnali Transmission Company Pvt. Ltd., Nepal, in partnership with SJVN. The total investment was estimated at around Rs 290 crore, subject to approvals from the Government of India and other regulatory authorities. Existing shareholders of GMR Upper Karnali Hydro Power Limited include GMR and the Nepal Electricity Authority.

Subscribe to enjoy similar stories. Ahead of the summer season, India's two leading airlines are ramping up their international presence. IndiGo, the market leader in the Indian international segment, has announced four new destinations—Mauritius, Langkawi, Penang and Medinah.

Subscribe to enjoy similar stories. In any word association test, ‘Diego’ would cue the name of football legend Maradona. But for elderly Indians, it recalls Diego Garcia, a geopolitical bugbear of the Cold War era, when India wanted the US to withdraw its forces from an air-base on a small island by that name in the Indian Ocean.

Yogi Adityanath on Monday dismissed reports of pollution at the Sangam during the Maha Kumbh, asserting that extensive water quality monitoring showed the river remained clean throughout the event. Speaking at a gathering of Indian Institute of Management officials and Indian Postal Service officers in Lucknow, Adityanath said, «Despite baseless claims, our state pollution control board and independent labs consistently found water quality at the Sangam to be within safe limits.» He pointed out that concerns about the environmental impact of the Maha Kumbh had been raised, including by UNESCO, given the massive scale of the event. «In 2013, when the Prime Minister of Mauritius visited, he refrained from taking a dip after seeing pollution in the Ganga. We ensured that such an incident did not happen this time,» Adityanath said.

Bharti Airtel will acquire up to an additional 5% in its Africa unit in one or multiple tranches in FY25 via all-cash deals, the nation’s second-largest telco said.

₹875.5 crore from anchor investors.The ₹3,027.26-crore Dr Agarwal IPO, with a price band of ₹382 to ₹402 per share, will conclude on January 31.Dr Agarwal Healthcare IPO consists of a new issue of up to ₹300 crore along with an Offer For Sale (OFS) of up to 6.78 crore equity shares valued at ₹2,727.26 crore if priced at the highest point of the price range. Shareholders participating in the OFS include Arvon Investments Pte Ltd, Claymore Investments (Mauritius) Pte Ltd, and Hyperion Investments Pte Ltd.

Tovino Thomas and Trisha Krishnan's highly awaited Malayalam thriller Identity is all set to premiere on Zee5 on January 31, 2025. This gripping film, helmed by the talented duo Akhil Paul and Anas Khan, originally debuted in theaters on January 2, 2025. To appeal to a broader audience, Identity has been dubbed into Telugu, Tamil, and Kannada, ensuring accessibility in four languages on the streaming platform.

Supreme Court on Friday stayed a Delhi High Court order that exempted Mauritius-based private equity firm Tiger Global International III Holdings and its related entities from capital gains tax in the Flipkart stake sale to U.S. retailer Walmart in 2018.

Tata Play from Singapore's sovereign wealth fund Temasek Holdings. Currently, Tata Sons owns a 60 per cent stake in Tata Play. After the completion of the deal, Tata Sons will have a 70 per cent holding in the entertainment content distribution platform.

ASA International India Microfinance, a unit of London Stock Exchange-listed ASA International, has sought to surrender its microfinance licence due to its deteriorating financial health and inability to cope with the associated liquidity concerns.

CBDT), has clarified that past investments made under certain tax treaties with countries like Mauritius, Cyprus, and Singapore will not be affected by a new rule called the Principal Purpose Test (PPT).

shares to nearly 1.31 crore shares. The initial public offerings (IPO) will conclude on January 15, while bidding for anchor investors is to open for a day January 10, the company said in a statement.

Iranian President Masoud Pezeshkian extended condolences on the passing of former Prime Minister Dr Manmohan Singh, praising him as a great leader of India and a key supporter of the strong relations between India and Iran.

Vodafone Group has cleared dues of around Rs 11,650 crore or about 109 million pound that it raised against shares of Vodafone Idea, according to a regulatory filing. Vodafone Group had pledged almost the entire stake in VIL to raise the debt. The pledge was created in favour of HSBC Corporate Trustee Company (UK) for the debt raised by Mauritius and India-based entities of Vodafone Group.

Reliance Nippon Life Insurance, a subsidiary of debt-ridden Reliance Capital (RCAP), has initiated talks with IndusInd Bank for bancassurance partnership as the IIHL and RCAP deal has reached the final lap. Mauritius-based IndusInd International Holdings Ltd (IIHL), the parent entity of IndusInd Bank, won the bid to acquire RCAP and entities under it. «IIHL and Japan-based Nippon Life have struck a good understanding and they are absolutely clear about promoting the insurance business. This augurs very well for the business and policyholders as IIHL has a very strong capital base and a solid global aspiration in BFSI space,» Reliance Nippon Life Insurance CEO Ashish Vohra told PTI. Hinduja Group company IIHL is expecting to complete the acquisition of RCAP by next month nearly a year after the National Company Law Tribunal (NCLT) approved its rescue plan.

Aye Finance, a non-banking financial company, has filed draft papers with the markets regulator Sebi to raise Rs 1,450 crore through its Initial Public Offering (IPO). The Gurugram-based company's proposed IPO is a combination of a fresh issue of shares worth Rs 885 crore and an Offer for Sale (OFS) of Rs 565 crore by corporate and individual selling shareholders, according to the Draft Red Herring Prospectus (DRHP) filed on Monday. A91 Emerging Fund I LLP, Alpha Wave India I LP, CapitalG International LLC, CapitalG LP, LGT Capital Invest Mauritius PCC, MAJ Invest Financial Inclusion Fund, Harleen Kaur Jetley and Vikram Jetley are offloading shares in the OFS.

Hinduja Group company IIHL is expecting to complete the acquisition of debt-ridden Reliance Capital (RCAP) by next month and aims to ramp up banking, financial services, and insurance (BFSI) business more than three-fold to USD 50 billion in the next five years. «Most of the approvals and procedures related to the resolution process of Reliance Capital are complete. Couple of the procedures at the end of the administrator and CoC are to be completed. We hope that all these will be over in the next 4-6 weeks and RCAP should come into the fold of Hinduja Group by the end of January,» IIHL Chairman Ashok P Hinduja said. With the acquisition of RCAP, he said IndusInd International Holdings Ltd (IIHL) is targeting a valuation of USD 50 billion by 2030 as against the current valuation of USD 15 billion (as on September 30, 2024).