Mauritius Financial News

PM Modi on Wednesday invited BRICS nations to adopt India's Unified Payments Interface (UPI) in their markets and welcomed steps for financial integration in amongst the nations. Modi said that UAE had adapted the UPI payments system and Mauritius has also expressed an interest for the technology.

United Kingdom has agreed to sovereignty of Mauritius over the Chagos archipelago, which includes the largest US military base in the Indian Ocean at Diego Garcia and has remained a colonial legacy in the region. In a joint statement, the UK and Mauritius said that the 'historic political agreement' has been reached with the full support and assistance of the United States of America and India. The two nations reached an agreement after two years of negotiations, following increasing concern about the Chagos archipelago being used as a route for illegal migration. The agreement will not mark any change to the significant US military presence at Diego Garcia as it includes a 99 year clause that ensures continuation of the base.

CareEdge Ratings, is hoping to tap into a large market of rating foreign currency loans of Indian companies after it launched its international corporate and sovereign ratings from its Gift City office called CareEdge Global IFSC Ltd. CEO Mehul Pandya said together with taking away market share from its foreign peers, Care has plans to expand into African countries giving them the option of being rated from a new perspective. «So far more than $50 billion has been raised from Gift City and most of it has been rated by foreign agencies. If we just consider a few basis points of this amount in fees, it has huge revenue potential. We have a natural advantage because of our domestic expertise which we will leverage,» Pandya said.

minimum export price (MEP) of $490 per tonne. The exports of non-basmati white rice were prohibited since July 20, 2023. “The export policy for non-basmati white rice (semi-milled or wholly milled rice, whether or not polished or gazed) …is amended from prohibited to free, subject to MEP of $490 per tonne with immediate effect and until further orders,” the directorate general of foreign trade (DGFT) said in a notification.

SpiceJet has received a near-term tailwind with institutional investors lapping up its Rs 3,000 crore share sale. Foreign investors who have been allotted shares under the airline's Qualified Institutional Placement (QIP) include big names such as Goldman Sachs, Morgan Stanley, Societe Generale, Nomura Singapore and Discovery Global Opportunity (Mauritius) Ltd. The QIP was oversubscribed with 87 Indian and international institutions subscribing to the issue. In addition to the Rs 3,000 crore raised through its QIP, SpiceJet will also receive an additional Rs 736 crore from the previous funding round, further boosting its financial stability and growth plans. Why are big investors betting on recovery of SpiceJet despite the airline struggling with a wide range of issues from aircraft leases to staff salaries? Investors not only hope that SpiceJet is resilient enough to survive its manifold crisis but also consider the growth prospects of India's aviation sector. Also Read: SpiceJet shares rally 6% after Rs 3,000 crore QIP attracts marquee investors

Subscribe to enjoy similar stories. There is an old-world quality about Shiraz Bayjoo’s works. It is as if the artist has added layers of colour to centuries-old images of fishermen, coastal trees, indentured labour, and more to create a new emotional landscape.

Hindi Diwas is celebrated every year on September 14 across schools, colleges, and various institutions in India. The day marks the adoption of Hindi as the official language of India, a decision made by the Constituent Assembly on September 14, 1949. This historic vote was crucial in establishing Hindi’s significance within the Indian administrative system. The date also coincides with the birthday of Beohar Rajendra Simha, a renowned Indian scholar known for his illustrations in the original manuscript of the Indian Constitution. It was on his 50th birthday that the Constituent Assembly formalized Hindi as the official language, and later, Prime Minister Jawaharlal Nehru declared September 14 to be celebrated as Hindi Diwas. The celebration of Hindi Diwas aims to promote the use and understanding of Hindi across the nation. While Hindi is primarily spoken in India, its influence extends to countries like Fiji, Mauritius, Singapore, and New Zealand. In addition to Hindi Diwas, World Hindi Day is observed on January 10 to commemorate the first World Hindi Conference held in Nagpur in 1975, which brought together delegates from 30 countries to promote the language globally.

Swiss bank accounts as part of an investigation into allegations of money laundering and securities forgery linked to the Adani Group, dating back as early as 2021, citing newly released Swiss criminal court records. However, the Adani Group has firmly rejected and denied the «baseless allegations» presented in the Hindenburg post. In their response, the Adani Group reiterated that their overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws. They also clarified that they are not involved in any Swiss court proceedings, emphasizing that neither their group companies were mentioned in any such court documents nor have they received any requests for clarification. In a post on X on Thursday, the US short-seller said that the probe, which dates back to 2021, has shed light on financial practices involving opaque offshore entities tied to the Indian conglomerate.

PN Gadgil Jewellers Ltd on Monday said it has raised Rs 330 crore from anchor investors, a day before its initial share-sale opening for public subscription. ICICI Prudential Life Insurance Company, Tata Mutual Fund (MF), Axis MF, Mirae Asset MF, HDFC MF, Bandhan MF, Nippon India MF, Goldman Sachs (Singapore) Pte, Citigroup Global Markets Mauritius, Societe Generale, Troo Capital, The Jupiter Global Fund are among the anchor investors. According to a circular uploaded on BSE's website, the company has allocated a total of 68.75 lakh equity shares to 33 funds at Rs 480 apiece, which is also the upper end of the price band. This aggregates the transaction size to Rs 330 crore.

IndiGo plans to significantly expand its international reach and enhance its cargo operations in the coming years as part of a broader strategy to position India's largest airline as a leading global airline by 2030, chief executive Pieter Elbers said. Speaking exclusively to ET, Elbers said the airline plans to grow its international destinations to 40 from 20 by the end of the current financial year through March 2025, targeting emerging markets that are not yet well-travelled by Indian passengers. He did not comment on specific destinations, but sources suggest that new routes could include Mauritius and Al Ain.

Congress on Sunday said the SEBI investigation into «the Adani Group's brazen attempt» to bypass regulations is still languishing and the capital markets regulator has a lot to explain. Congress general secretary in-charge communications Jairam Ramesh's remarks attacking SEBI came after a media report which claimed that two Mauritius-based foreign portfolio investors (FPIs), who were mentioned in the January 2023 report on the Adani Group by short-seller Hindenburg Research, have petitioned the Securities Appellate Tribunal, seeking urgent relief from complying with SEBI's new foreign investor norms. «Two Mauritius-based foreign portfolio investors (FPIs), a part of the revelations in the still-unfolding Modani mega scam, have now petitioned the Securities Appellate Tribunal, seeking urgent relief from complying with SEBI's new foreign investor norms before the upcoming September 9th deadline,» Ramesh said. Both the FPIs are alleged to be violating rules that require investors to not be over-invested in a single stock, he said.

Lotus Global Investments and LTS Investment Fund, have moved the Securities Appellate Tribunal (SAT) seeking relief from compliance with the September 8 deadline, to liquidate their Indian listed securities portfolio, beyond the specified thresholds set by the Securities Exchange Board of India (Sebi). Both these funds were linked to the Adani Group in the January 2023 Hindenburg report. These funds have sought time till March 31, 2025, to comply with Sebi's new foreign portfolio investors (FPI) concentration norms to unwind their portfolios.

Mint. Mauritius Finance is the government-backed body that represents the country’s financial services sector. Last month, the Delhi High Court overturned an order of the Authority of Advance Rulings denying Tiger Global Management the benefits of the pre-2017 India-Mauritius Double Tax Avoidance Agreement (DTAA) on the capital gains made from selling its investments in Flipkart in 2018.

Foreign direct investment in India jumped 47.8 per cent to USD 16.17 billion in April-June this fiscal on healthy inflows in services, computer, telecom and pharma sectors, according to government data. FDI inflows were at USD 10.94 billion in April-June 2023-24. The data showed that overseas inflows in May rose to USD 5.85 billion and in June to USD 5.41 billion from USD 2.67 billion and USD 3.16 billion, respectively, in the year-ago period. In April, FDI inflows were down marginally at USD 4.91 billion against USD 5.1 billion in April 2023.

Kolkata: Mauritius is inviting Indian Small and Medium Enterprises (SMEs) to set up their units in the island country to capitalise on duty-free export benefit under the African Growth and Opportunity Act (AGOA), an envoy said here. This AGOA offers duty-free shipments to the US market, presenting significant opportunities for Indian businesses, he said. Replying to a question, High Commissioner of Mauritius to India Haymandoyal Dillum said, «Indian industries should make the most of the AGOA agreement with African countries and the US.» Dillum, who visited Kolkata on Saturday to attend a programme of the Bharat Chamber of Commerce, encouraged the leather industry to explore value-added opportunities in Mauritius to gain a competitive edge in the US market.

Lenders to debt-ridden Reliance Capital Ltd (RCAP) have alleged that Hinduja Group firm IIHL is indulging in delaying tactics, resulting in slowdown in implementation of the resolution plan. Mauritius-based IndusInd International Holdings Ltd (IIHL) emerged as a successful bidder for acquisition of Reliance Capital. The NCLT Mumbai on February 27, 2024, approved IIHL's Rs 9,861-crore resolution plan for the debt-ridden financial firm. According to sources, lenders claimed that IIHL's move to seek approval from the Department of Industrial Policy and Promotion (DIPP) is an afterthought.

Colombo Security Conclave (CSC) on Friday signed the Charter and the MoU for the Establishment of the CSC Secretariat in the Sri Lankan capital eyeing to create stability in the Southern and Western Indian Ocean region amid growing strategic interests of big powers and terrorism in the region. The Signing Ceremony was hosted in Colombo by the Government of Sri Lanka. Ajit Doval, National Security Adviser, Lt. Col (Retd), Ibrahim Latheef, National Security Advisor of Maldives; Haymandoyal Dillum, High Commissioner of Mauritius to Sri Lanka and Sagala Ratnayake, National Security Advisor to the President of Sri Lanka signed the documents on behalf of the respective Member States.

Tata Technologies through its investment arm Rise Climate Sf Pte Ltd via a block deal. The US-based private equity firm held 9% stake in the company as on June 30, 2024. TPG sold the shares at a price of Rs 1,014.16 per share which was at a discount of 3.2% over Monday closing price of Rs 1,048.65.

CCI) has cleared Warburg Pincus' acquisition of Shriram Housing Finance through its affiliate Mango Crest Investment. The deal value was earlier pegged at Rs 4,630 crore. In a statement on Tuesday, the antitrust regulator said the principal business activity of Mango Crest, incorporated in Mauritius, is «undertaking investment holding activities». Other deals

Manjushree Technopack filed their respective DRHPs with capital markets regulator to raise funds through an IPO. The IPO of Unimech is a combination of fresh equity issue of up to Rs 250 crore and an offer of sale (OFS) up to Rs 250 crore by promoter and promoter group selling shareholders.

Anil Dhirubhai Ambani Ventures Pvt Ltd (ADAVPL), a Reliance Group company, has filed an interim application in the NCLT, seeking direction to the Reliance Capital's successful resolution applicant IIHL to stop using the 'Reliance' brand name as soon as the resolution plan is implemented. The NCLT, while approving the IIHL's resolution plan on February 27, had allowed the company to use the Reliance brand for three years from the date of approval of the plan to implement the resolution plan transaction. ADAVPL, in its application, has argued that the Brand Agreement does not create any interest in the brand in favour of RCAP but only allows permissive use thereof. Given this position, the brand is not an «asset» of RCAP within the meaning of the term as used in Section 18 of the Insolvency and Bankruptcy Code, and ADAVPL has requested the cessation of brand usage by IIHL immediately after implementation of the resolution plan.