AGP Executive Report

Cross-Border Finance: Coronation Insurance has renewed its bid for SEC approval to buy out minority shareholders and delist in Nigeria. The deal would let Coronation Capital (Mauritius) and related parties acquire the remaining shares; pricing and completion still require regulatory and court approval. Regional Logistics: SBM Bank Kenya financed a $4.44 million fleet expansion for logistics firm Beyond Continents, adding 50 heavy-duty trucks to support East African trade. The deal draws on the Mauritius-based SBM Group’s regional banking network. Worker Protections: Mauritius’ labour minister discussed recruitment rules, safe working conditions and the rights of about 14,000 Nepali workers with visiting Nepali politician Ganesh Parajuli. Digital Services: Mauritius-based SIL has partnered with Tata Consultancy Services to advance its digital transformation.

Trade Finance & Logistics: SBM Bank Kenya financed a $4.44 million fleet expansion, helping logistics firm Beyond Continents add 50 heavy-duty trucks for cross-border trade. The bank links the deal to the international reach of its Mauritius-based parent, SBM Group. Workforce: Nepalese MP Ganesh Parajuli met Labour and Industrial Relations Minister Muhammad Reza Kasam Utum to discuss protections and fair working conditions for about 14,000 Nepali workers in Mauritius, and stronger implementation of the countries’ labour agreement. Tourism & Services: Mauritius lifted its nighttime curfew on October 19 after unrest over water shortages and living costs. Roads and schools have reopened, though travel advisories remain a consideration for visitors. Digital Transformation: Mauritius’ SIL has partnered with Tata Consultancy Services to advance its digital transformation. Business Climate: Mauritius ranked ninth globally for economic freedom and recorded 100% electricity access in 2026 rankings. Regional Finance: Angola’s president welcomed the launch of the African Credit Rating Agency in Mauritius, saying it could support fairer risk assessments and better financing terms for African economies.

Digital Services: Mauritius’ SIL has partnered with Tata Consultancy Services to advance digital transformation. Media: Canal+ reported a 37.5% revenue rise for the first nine months of 2026, largely reflecting its larger scale after acquiring MultiChoice; in Mauritius, MC Vision’s consolidation offset a slight decline in pay-TV subscribers. Credit Markets: The Africa Credit Rating Agency, launched in Port Louis, is winning support from African leaders and economists who say locally grounded ratings could improve financing terms. UN estimates cited in coverage put the cost of rating biases and related constraints at more than $74 billion. Regional Investment: Helios plans to acquire up to 49% of the Mauritius-incorporated holding company for Merec Industries, Mozambique’s largest flour miller. The deal is expected to close by year-end, subject to approvals. Business Climate: Mauritius has lifted its nighttime curfew after unrest over water shortages and living costs; roads and schools have reopened, with daily life reported to be returning to normal.

Food and Retail: Famous Brands’ SADC revenue fell 18% to N$183 million in the six months to August, with weak Botswana sales weighing on the region. Mauritius is among the markets served, but the group did not provide local figures. Digital Services: Mauritius-based State Informatics signed an MoU with Tata Consultancy Services to develop digital solutions for public and private sectors and build local technical capabilities; project details are yet to be announced. Agribusiness: Helios Investment Partners agreed to buy up to 49% of Stratton Africa Holdings, the Mauritius-incorporated parent of Mozambique’s Merec Industries. Invictus will remain the majority shareholder, with the deal expected to close by year-end, subject to approvals. Finance: The African Union launched the Africa Credit Rating Agency in Port Louis, aiming to offer Africa-focused assessments as borrowing costs remain a concern for the continent. Healthcare: Mauritius-linked CIEL has acquired a women’s hospital in Uganda, expanding its healthcare presence in the region.

Tourism: Mauritius has lifted its nighttime curfew after unrest, with roads and schools reopened and daily life returning to normal — welcome news for travel operators, though visitors should check current advisories. Financial Services: South Africa’s proposed framework to let managers oversee offshore portfolios from home aims to strengthen its role as a regional finance hub, with the report citing Mauritius as a benchmark. Digital Economy: State Informatics Limited and Tata Consultancy Services have signed an MoU to develop public- and private-sector digital solutions and build local technical capabilities, supporting Mauritius’ regional technology ambitions. African Finance: The African Union’s new credit rating agency, launched in Port Louis, aims to offer Africa-focused assessments and help address concerns over high borrowing costs. Renewable Energy: NTPC has issued a tender for a 15 MW floating solar project paired with 60 MWh of battery storage in Mauritius.

Business Climate: Mauritius has lifted the nighttime curfew imposed during protests over water shortages and living costs. Roads and schools have reopened, though the unrest highlights pressures on essential services and household budgets. Regional Trade: A COMESA-focused commentary urges the bloc to reduce reliance on US dollars for trade, arguing that stronger regional payment systems are vital to building a functioning single market. Food Industry Investment: Helios has agreed to buy up to 49% of Stratton Africa Holdings, the Mauritius-incorporated parent of Mozambique’s Merec Industries, supporting the flour miller’s regional growth; the deal is expected to close by year-end, subject to approvals. Digital Services: Mauritius-based State Informatics Limited has partnered with Tata Consultancy Services to develop digital solutions, build technical capabilities and support the country’s ambition to become a regional technology hub. Clean Energy: NTPC has issued a tender for a 15 MW floating solar project with 60 MWh of battery storage in Mauritius, a potential addition to the island’s renewable-energy capacity.

Digital Services: Mauritius-based State Informatics Limited has partnered with Tata Consultancy Services to develop digital solutions for public and private sectors, supporting the country’s bid to become a regional technology hub. Finance: Economists say the Africa Credit Rating Agency, launched in Port Louis, could offer more locally grounded risk assessments and help address the high borrowing costs facing African economies. Energy: India’s NTPC has invited bids for a 15 MW floating solar project with 60 MWh of battery storage in Mauritius. Financial Services: Ebene-based trading firm Hantec Trader has rebranded as RZR Funded and plans to expand its products and markets, with no changes to existing account terms. Healthcare: Mauritius-controlled C-Care has added Kampala’s Roswell Hospital to its Ugandan network, expanding its women’s and maternal-care services. Investment Rules: Foreign investors are pressing India to clarify tax treatment of Mauritius-linked holdings, after authorities reportedly used a judicial anti-avoidance rule to deny benefits on some grandfathered shares.

Trade: India is rolling out state-level outreach to help farmers and small businesses make better use of its free-trade agreements, including its pact with Mauritius. Financial Services: Foreign investors are seeking clarity after tax authorities reportedly denied treaty benefits to some Mauritius-based investors selling grandfathered shares, raising concerns over tax certainty for investment structures. Healthcare: Mauritius-controlled CIEL has expanded C-Care’s Uganda network with its acquisition of Kampala’s Roswell Hospital, specialising in women’s and maternal care. Renewable Energy: NTPC has tendered for a 15 MW floating solar project with 60 MWh of battery storage in Mauritius. Shipping: Middle East conflict is driving vessel diversions and higher marine-fuel costs, adding uncertainty for regional shipping and logistics. Local Business Climate: Recent unrest, curfews and looting have disrupted communities and businesses, underscoring the economic risks of prolonged instability.

Innovation: Mauritius leads sub-Saharan Africa in the 2026 Global Innovation Index, ranking 50th worldwide. The report points to digitally enabled services, while underscoring the need to turn innovation into wider economic gains. Investment Rules: Foreign investors are challenging Indian tax officials’ use of an anti-avoidance rule to deny treaty relief on some pre-2017 shares held through Mauritius. The dispute could unsettle confidence in cross-border investment structures. Healthcare Expansion: CIEL-owned C-Care has acquired Kampala’s Roswell Hospital, expanding its Ugandan network and adding specialist women’s and maternal care. Clean Energy: NTPC has tendered an engineering, procurement and construction contract for a 15 MW floating solar project in Mauritius, paired with 60 MWh of battery storage.

Innovation: Mauritius leads sub-Saharan Africa in the 2026 Global Innovation Index, ranking 50th worldwide and ahead of Morocco and South Africa. Investment Climate: Foreign investors are pressing India to clarify tax treatment of pre-April 2017 shares after authorities reportedly denied treaty relief to at least three Mauritius-based investors. Healthcare Expansion: CIEL-owned C-Care has added Kampala’s Roswell Hospital, taking its Uganda network to six hospitals and 17 clinics; the 30-bed facility specialises in women’s and maternal care. Renewable Energy: NTPC has tendered for a 15 MW floating solar project with 60 MWh of battery storage in Mauritius. African Finance: The African Credit Rating Agency, launched in Mauritius this month, faces the challenge of winning investor trust and improving the continent’s access to capital.

Investment & Tax: International investors want India to clarify whether tax authorities can use the judicial anti-avoidance rule to deny treaty relief on grandfathered shares; at least three Mauritius-based investors have reportedly been affected. Healthcare Expansion: Mauritius-controlled C-Care has acquired Kampala’s Roswell Hospital, growing its Ugandan network to six hospitals and 17 clinics; the price and stake were not disclosed. Financial Services: Ebene-based RZR Funded, formerly Hantec Trader, is preparing new products and market expansion, with no changes to existing traders’ terms. Clean Energy: NTPC has issued an EPC tender for a 15MW floating solar project with 60MWh of battery storage in Mauritius. Shipping & Logistics: Middle East conflict is disrupting marine-fuel supply and raising bunkering costs as ships reroute, while renewed Somali piracy risks underscore Mauritius’s reliance on secure sea lanes for essential imports. Local Business Climate: Recent unrest and curfews have disrupted daily life, with reports of looted businesses adding to pressure on the local economy.

Maritime Security: Renewed Somali piracy is a warning for Mauritius: insecurity along Indian Ocean routes could raise costs and disrupt supplies of fuel, food and manufactured goods. Water and Infrastructure: A new analysis argues Mauritius’s recurring water shortages stem largely from governance and infrastructure failures, not a lack of rainfall. Renewable Energy: NTPC has tendered a 15 MW floating solar project with 60 MWh of battery storage in Mauritius, a potential boost to clean-power capacity. Investment: CIEL-controlled C-Care has acquired Kampala’s Roswell Hospital, extending the Mauritian group’s Ugandan network and expanding its women’s and family-health services. Financial Services: India’s amended tax treaty with Mauritius introduces a principal-purpose test, putting investment structures claiming treaty benefits under greater scrutiny.

Tax and Investment: International investors have urged Indian tax authorities to clarify the use of anti-avoidance rules after at least three Mauritius investors were denied treaty relief on shares bought before 2017, adding uncertainty for cross-border investment. Healthcare Expansion: Mauritius-based CIEL’s C-Care has bought Kampala’s Roswell Hospital, adding a sixth Ugandan hospital and expanding its women’s and maternal health services. Renewable Energy: NTPC has invited bids for a floating solar project with battery storage at Tamarind Falls Reservoir, a potential boost to Mauritius’s clean-energy capacity. Business Climate: A curfew was extended after violent protests in Mauritius, with schools ordered to remain shut; the disruption could weigh on business activity and tourism. African Finance: The African Credit Rating Agency, launched in Port Louis, aims to bring more context to assessments of African economies and strengthen the continent’s financial voice.

Financial Scrutiny: India’s Enforcement Directorate seized assets worth ₹2,032.81 crore from Reliance Power in a foreign-exchange probe. The agency alleges funds moved through offshore entities, including some based in Mauritius; the claims remain allegations. Renewable Energy: NTPC has invited bids for a 15 MW floating solar plant with 60 MWh of battery storage at Tamarind Falls. Bids close December 7. Business Expansion: Mauritius’s CIEL-backed C-Care bought Kampala’s Roswell Hospital, adding women’s health and fertility services to its Ugandan network. Investment Rules: India’s amended tax treaty with Mauritius tightens eligibility for treaty benefits, putting cross-border investment structures under greater scrutiny. Financial Services: The African Credit Rating Agency, launched in Port Louis, aims to offer a continent-focused approach to credit assessments. Operating Conditions: Recent unrest and curfews have disrupted daily life in Mauritius, with schools closed for the week.

Renewable Energy: NTPC has invited bids for a 15 MW floating solar project at Tamarind Falls, paired with a 12 MW/60 MWh battery system. Bids close on December 7. Mauritian Business Abroad: CIEL’s C-Care has acquired Kampala’s Roswell Hospital, adding women’s health and fertility services to its Ugandan network of six hospitals and 17 clinics. Investment Rules: Amendments to the India–Mauritius tax treaty introduce a principal-purpose test, putting investment structures under closer scrutiny. Financial Markets: The African Credit Rating Agency, launched in Port Louis, aims to offer a continent-led assessment of African economies and strengthen the region’s voice with investors. Business Conditions: Curfews were extended after unrest and looting, with schools shut for the week, disrupting daily life and commercial activity.

Mauritian Expansion: C-Care, controlled by CIEL, has acquired Kampala’s 30-bed Roswell Hospital, adding women’s, maternal and child health services to its Ugandan network of six hospitals and 17 clinics. Renewable Energy: NTPC has tendered a 15 MW floating solar project at Tamarind Falls, paired with a 12 MW/60 MWh battery system; bids are due by December 7. Business Climate: A curfew was extended after protests over water shortages and living costs turned violent, with schools closed for the week. Financial Services: Amendments to the Mauritius-India tax treaty introduce a principal-purpose test, allowing authorities to deny treaty benefits where securing tax relief is found to be the main motive. African Finance: The African Credit Rating Agency’s launch in Port Louis aims to give African economies a stronger voice in how investment risk is assessed.