AGP Executive Report

Energy Deal for Mauritius: IndianOil and Mauritius’ State Trading Corporation signed a five-year government-to-government fuel pact in Port Louis, with IndianOil set to supply the island’s full petrol, high-speed diesel, marine gas oil and aviation turbine fuel needs—aimed at supply certainty and steadier prices. Banking Expansion: SBM Bank (Mauritius) subsidiary SBM Bank India is exploring a 26% stake sale, with proceeds earmarked as growth capital as it pushes credit growth and expands branches. Stablecoin Regulation Watch: Ghana, Mauritius and Uganda are moving toward shared stablecoin rules and standards, reflecting how tokenised payments are gaining traction in Africa. Retail & Payments Trend: Xinhua reports growing RMB use across Africa, expanding from trade settlement into payments, clearing and even financing as payment infrastructure improves. Industry Skills & Productivity: Ghana’s GEA and UNIDO ran Kaizen Awards to boost continuous improvement and productivity—an approach many MSMEs across the region are watching. Housing Sector Pressure: A major real-estate refund dispute involving foreign-linked Mauritius entities is back in focus, with regulators and courts issuing multiple directions and interest orders.

Mauritius-linked IPO buzz: Pranav Constructions’ ₹351-crore IPO opened for subscription on Sept 7 and was subscribed 2.56x by 12:45 pm, with the price band set at ₹118–₹124 and grey market premium around ₹44 (implying a potential ~35% listing gain). Anchor funding came to ₹84.2 crore, including Goldman Sachs Investments (Mauritius) and other funds, while the issue closes Sept 9. Local business hiring: Not Just Travel launched a recruitment drive to expand its head office support team, advertising six roles across HR, digital design, marketing, lead generation and business development. Regulation for digital assets: Ghana, Mauritius and Uganda are developing stablecoin rules and coordinating standards, as stablecoins gain traction for cross-border transfers. Finance connectivity: Xinhua reports RMB use expanding across Africa, moving from trade settlement into payments, clearing and even financing as payment infrastructure improves. Healthcare ownership move: Union (Mauritius) Holdings increased its stake in Aster DM Quality Care to ~24.58% after buying shares worth ~₹350.34 crore from Centella Mauritius Holdings. Trade policy angle: India’s recent FTAs include Mauritius, with duty-free access opening up large market opportunities across electronics, agriculture and gems.

Mauritius-linked finance & trade: India’s commerce ministry says eight recent FTAs (including Mauritius) have opened duty-free access worth $982bn in electronics, $631bn in agriculture and $442bn in gems, with engineering and chemicals also flagged for export gains. Market & capital markets: SEBI has cleared the long-delayed NSE IPO, an all-offer-for-sale deal expected around ₹30,000 crore, after regulatory hurdles eased; separately, Rentomojo set an IPO price band of ₹384–404 for a ₹1,256-crore issue, with Accel India IV (Mauritius) among sellers. Healthcare investment: Union (Mauritius) Holdings (Moopen family) increased its stake in Aster DM Quality Care to ~24.58% after buying shares worth ~₹350 crore. Aviation & logistics: AVIAREPS was appointed Air Cambodia cargo GSSA in Japan, expanding cargo sales for routes via Phnom Penh and Fuzhou. Food & consumer safety: Woolworths recalled WBeauty Complete Clarifying Shampoo after bacteria was found; the product was also exported to Mauritius. Sports with local ties: Cosafa moved the U-20 qualifier host from Mauritius to Mozambique at short notice.

Mauritius-Linked Finance & Healthcare: Union (Mauritius) Holdings, promoted by Dr Azad Moopen and family, bought 46.09 lakh shares in Aster DM Quality Care for about ₹350.34 crore, lifting its stake to ~24.58% after acquiring from TPG-backed Centella Mauritius Holdings. Capital Markets: India’s SEBI has cleared the NSE mega IPO, an offer for sale of ~₹30,000 crore, after a long delay; separately, Rentomojo set its IPO price band at ₹384–404 (issue size ~₹1,256 crore) with subscription opening Sept 9. Trade & Industry: India says it will finalise the US bilateral trade agreement once Washington offers a preferential tariff advantage; meanwhile, eight recent FTAs already opened duty-free access worth hundreds of billions across electronics, agriculture and gems, including a Mauritius-linked deal. Logistics & Aviation: AVIAREPS was appointed Air Cambodia’s cargo GSSA in Japan, expanding cargo sales for routes via Phnom Penh and Fuzhou. Sports & Regional Business: Cosafa moved the U-20 qualifier host from Mauritius to Mozambique, citing unspecified reasons, with dates unchanged (Sept 18–27).

Sugar & Food Costs: A fresh look at sugar prices shows costs rising 30–40% in recent weeks, but the bigger story is sugar’s long, painful trade and production history—relevant for Mauritius’ food and agro-industries. Mauritius in Trade Deals: India’s push to maximise FTAs keeps spotlight on Mauritius, with recent reporting saying India signed multiple FTAs (including Mauritius) that open duty-free access across electronics, agriculture, engineering and consumer goods. Finance & Capital Markets: SEBI has cleared India’s NSE mega IPO (about ₹30,000 crore), while Rentomojo set its IPO price band at ₹384–404 for a ₹1,256-crore listing—both signals of continued investor appetite. Healthcare Ownership Move (Mauritius-linked): Union (Mauritius) Holdings increased its stake in Aster DM Quality Care to ~24.58% via a ~₹350-crore share purchase, underlining Mauritius’ role in regional investment flows. Aviation & Logistics: AVIAREPS was appointed Air Cambodia cargo GSSA in Japan, expanding cargo sales for routes including Phnom Penh and Fuzhou. Sports & Regional Links: COSAFA shifted the U-20 qualifier host from Mauritius to Mozambique, citing Mauritius’ withdrawal and logistics advantages for teams.

Mauritius Finance & Trade Links: Mauritius Commercial Bank structured a $51m medium-term loan for Tolaram to refinance Guinness Nigeria acquisition-related debt, reinforcing its Asia-to-Africa lending push. Healthcare Investment: Union (Mauritius) Holdings, linked to Dr Azad Moopen’s family, bought 46.09 lakh shares in Aster DM Quality Care for about ₹350.34 crore, lifting its stake to ~24.58%. Capital Markets Watch: SEBI cleared the National Stock Exchange of India’s long-delayed IPO plan, an offer for sale of ~₹30,000 crore; separately, Pranav Constructions raised ₹84.24 crore from anchor investors ahead of its IPO. Retail & Consumer Safety: Woolworths recalled WBeauty Complete Clarifying Shampoo after bacteria (Pluralibacter gergoviae) was found; the product was also exported to Mauritius. Regional Business & Logistics: AVIAREPS was appointed Air Cambodia cargo GSSA in Japan, expanding cargo sales for routes including Phnom Penh and Fuzhou, with Air Mauritius also mentioned in its broader portfolio. Sports & Local Economy: Cosafa moved the U-20 qualifier host from Mauritius to Mozambique, citing unspecified reasons.

Mauritius-Linked Trade Momentum: India’s commerce ministry says eight recent FTAs have unlocked duty-free access worth $982bn in electronics, $631bn in agriculture and $442bn in gems and jewellery, with Mauritius included among the pacts. India–US Deal Watch: Commerce Minister Piyush Goyal says the India–US BTA will be finalised only after Washington offers a preferential tariff rate versus competitors. NSE IPO Update: SEBI has cleared the National Stock Exchange’s long-delayed IPO; the ₹30,000-crore offer is expected to move into final stages. Mauritius Capital Markets Tie-In: SEBI approval also highlights Mauritius-linked investors in the NSE IPO structure, while Mauritius Commercial Bank structured a $51m loan facility for Tolaram’s Guinness Nigeria refinancing. Local Business & Investment: Moopen family (Union (Mauritius) Holdings) increased its stake in Aster DM Quality Care to ~24.58% via a ₹350cr share purchase. Consumer Safety: Woolworths and the NCC recall WBeauty shampoo batches sold in multiple countries including Mauritius. Sports & Logistics: Cosafa shifted a U-20 qualifier host from Mauritius to Mozambique, citing unspecified reasons.

Mauritius-linked Finance & Markets: Rentomojo set its IPO price band at ₹384–404 for a ₹1,256-crore listing, opening Sept 9 and closing Sept 11; anchor bids are due Sept 8. Healthcare Investment: Union (Mauritius) Holdings (Moopen family) bought 46.09 lakh Aster DM Quality Care shares from TPG-backed Centella Mauritius Holdings for ~₹350.34 crore, lifting its stake to ~24.58%. Shipping & Logistics: Hercules Tanker Management’s new fuel-capable tanker Hercules Vanessa is sailing to Port Louis for bunkers and provisions before continuing to Cape Town. Aviation/Trade Links: AVIAREPS was appointed Air Cambodia’s cargo GSSA in Japan, expanding cargo sales for routes including Phnom Penh and Fuzhou. Energy Transition (Africa): Nigeria’s stakeholders called for a multi-stakeholder decarbonisation hub to speed the energy transition. Consumer Safety: Woolworths recalled WBeauty Complete Clarifying Shampoo after bacteria was detected; the product was also exported to Mauritius. Trade Policy (India–US): Piyush Goyal said the India–US BTA will be finalised once the US offers a preferential tariff advantage.

Mauritius-Linked Shipping & Bunkering: HTM’s new tanker, Hercules Vanessa, has started its maiden voyage and is sailing to Port Louis for bunkers and provisions before heading to Cape Town, highlighting ongoing maritime fuel supply demand in the Indian Ocean. Trade & Export Pressure: India’s commerce minister Piyush Goyal says the India–US trade deal will be finalised only after Washington offers India a preferential tariff rate versus competitors, while he urges a nationwide push to unlock export benefits from FTAs. Regional Market Access: The US has extended AGOA trade preferences for eligible sub-Saharan exporters to end-2028, though industry-specific tariffs and forced-labour-related levies still apply. Mauritius Finance Deal: MCB has structured a $51m medium-term loan for Tolaram to refinance its Guinness Nigeria acquisition, reinforcing Asia-to-Africa capital flows via Mauritius. Energy & Industry Skills: A Mauritius minister says Africa must modernise power grids and distribution systems to boost development, not just add generation. Construction & Rail Supply: BEML secured an additional ~₹180.6 crore order for Vande Bharat sleeper trainsets, and also reported a Mauritius order for BE220G hydraulic excavators for African deployment. Digital Infrastructure: WIOCC won $300m to expand Africa’s data centres, fiber and subsea connectivity supporting AI and digital public infrastructure. Sustainability for Small Islands: A solar design challenge invites students to embed climate-resilient solar panels into tourism architecture for islands including Mauritius.

Mauritius-linked finance: FMB Capital Holdings reported 18% year-on-year growth in profit after tax to US$86.3m, driven by consumer lending across operating markets. Trade policy with regional knock-ons: India’s Commerce Minister Piyush Goyal said the India–U.S. bilateral trade agreement will be finalised only after Washington offers a preferential tariff rate; he also pointed to India’s expanding FTA network, including Mauritius. Textiles pressure: Goyal told the textiles sector it can’t blame external factors, saying tariffs in developed markets are at par with or lower than key competitors. Market access for exporters: India–New Zealand’s FTA is set to start next month, giving 100% duty-free access to Indian exports across 8,200 tariff lines, including textiles and processed foods. Blue Economy cooperation: Union and Zanzibar governments are deepening Blue Economy work via financing, skills and marine resource management, including marine spatial planning. Shipping and bunkering for Port Louis: HTM’s new tanker, Hercules Vanessa, began its maiden voyage and is sailing to Port Louis for bunkers and provisions before continuing to Cape Town. Energy infrastructure focus: Mauritius’ Govindranath Gunness urged Africa to modernise grids and distribution networks to close the electricity and clean cooking gap. Cyber risk for regional brands: Hungry Lion says customer credentials were exposed for months, with claims involving outlets across South Africa and Mauritius. Retail expansion across Africa: Shoprite agreed to acquire Vida e Caffè, a coffee chain with operations including Mauritius, to strengthen its QSR push. Digital payments reach: UPI hit 24.51bn transactions in August and is expanding abroad, including Uzbekistan via QR acceptance.

Digital Infrastructure: WIOCC Group secured US$300m from AFC and Saudi Vision to expand Africa’s data centres, fiber and subsea connectivity for AI and DPI rollouts. Energy & Grid Resilience: Mauritius’ infrastructure minister backed investment in transmission and distribution networks (not just generation) to close Africa’s electricity and clean-cooking gaps. Power Delivery Focus: A symposium in South Africa stressed modernising grids down to municipal level to unlock economic development. Retail & Food Services: Shoprite reported 12.2% earnings growth and agreed to acquire Vida e Caffè, a coffee chain with about 400 outlets across Africa including Mauritius, aiming to deepen its QSR and convenience push. Mauritius Corporate Energy: Bhunjun Group unveiled “Fillin,” a new 100% Mauritian fuel retail brand after acquiring Engen’s network and assets. Payments & Cross-Border Trade: UPI hit 24.51bn transactions in August and is expanding abroad, with Uzbekistan’s UZQR enabling Indian travellers to pay merchants via UPI. Cybersecurity: Hungry Lion said customer credentials were exposed for months, with claims tied to a ransomware leak affecting outlets including Mauritius. Transport Disruption: Kenya’s aviation workers strike was called off after two days, with industry warning of major knock-on costs to exporters and logistics. Industry Skills & Sustainability: B Lab Africa opened applications for its 7th SME sustainability programme as climate resilience becomes a bigger business requirement. Local Innovation Call: RIBA launched a solar-panel design challenge for students, including Mauritius, to embed solar into island tourism infrastructure. Rail Procurement: India’s BEML won an additional ₹180.6 crore order for Vande Bharat sleeper trainsets, and separately noted a Mauritius hydraulic excavator order for African markets. Maritime & Security Context: A report highlighted how small, unregistered vessels enable sea crimes and trafficking along Indian Ocean shipping lanes.

Mauritius Energy & Industry: Bhunjun Group’s BOTL has officially unveiled “Fillin”, a new 100% Mauritian fuel retail brand after acquiring Engen’s commercial activities and network, marking a major shift in the local fuel distribution landscape. Digital Payments for Tourism & Trade: NPCI International and Uzbekistan’s HUMO/NIPC have partnered to let Indian travellers use UPI apps to scan UZQR and pay merchants across Uzbekistan, with Mauritius listed among UPI’s active international markets. Retail & Food Services: Shoprite agreed to acquire South Africa’s Vida e Caffè, a coffee chain with about 400 stores across Africa including Mauritius, aiming to deepen its quick-service restaurant push. SME Sustainability: B Lab Africa opened applications for its 7th Resilient Sustainable Business programme to help African SMEs embed sustainability and build resilience for investment. Rail Manufacturing Link to Mauritius: BEML secured an additional ₹180.60 crore order for Vande Bharat sleeper trainsets, and earlier reported a Mauritius order for BE220G hydraulic excavators. Cyber Risk for Consumer Platforms: Hungry Lion says customer credentials were exposed for months, raising concerns for online ordering and POS-linked systems.

UPI Expansion: India’s UPI hit an all-time high of 24.51 billion transactions in August (₹29.82 lakh crore), with festive Raksha Bandhan driving the surge. Cross-Border Payments: NPCI International and Uzbekistan’s HUMO will let Indian travellers pay merchants across Uzbekistan by scanning UZQR via UPI-enabled apps, after regulator approvals. Retail & QSR Moves: Shoprite agreed to buy Vida e Caffè (400 stores across Africa) to deepen its coffee and quick-service restaurant push, with the deal expected to take effect in Shoprite’s 2027 year. Mauritian Energy Branding: Bhunjun Group’s BOTL unveiled “Fillin,” rebranding Engen’s 37 service stations into a fully local network after regulatory scrutiny. Cyber Risk for Consumers: Hungry Lion says customer credentials were exposed for months, with researchers linking compromised accounts to its online portals. Maritime Security: Kenya intercepted a small unregistered vessel carrying over a metric ton of methamphetamine, highlighting how small craft enable sea crimes. Electricity Cost Pressure (Africa): Nigeria’s electricity subsidy obligation rose to N1.928trn in 2025, while unpaid/lost power reached N1.36trn. Travel Demand: Emirates will add Premium Economy on Mauritius–Dubai flights from 1 September, boosting comfort for long-haul travellers.

Retail & QSR Expansion: Shoprite agreed to buy South Africa’s coffee chain Vida e Caffè (Vida), a 25-year brand with about 400 stores, to deepen its coffee and quick-service restaurant push; the deal is set to take effect in Shoprite’s 2027 financial year. Digital Payments & Tourism: NPCI International Payments and Uzbekistan’s HUMO/NIPC partnership will let Indian travellers use UPI apps to scan Uzbekistan’s UZQR for instant merchant payments across retail, hospitality and services. UPI Momentum: UPI hit near-record levels in August, reaching ₹29.8 lakh crore across 24.51 billion transactions, driven by festive activity and wider adoption. Mauritius Energy Branding: Bhunjun Group’s BOTL unveiled “Fillin,” rebranding Engen’s 37 Mauritian service stations into a fully local retail identity after the Engen acquisition. Aviation & Travel Disruption: A Kenya aviation workers’ strike entered its second day, leaving hundreds of passengers stranded at JKIA and other airports. Air Connectivity for Mauritius: Emirates will add Premium Economy on two Mauritius–Dubai flights from 1 September 2026. Public Sector Tech Cooperation: Mauritius and Telangana agreed to expand collaboration in public administration, tourism, IT/ITeS, emerging tech and skills development. Mining/Industry Deal Watch: GP Petroleums secured a four-month exclusivity window to evaluate a potential strategic acquisition across India, the UAE, Mauritius and East Africa.

Mauritius Energy & Industry: Mauritius restricted consumption in high-power sectors amid wider energy shock spillovers across Africa, as wars and supply-chain disruptions push up fuel, food and logistics costs. Local Energy Sector: Bhunjun Group’s BOTL has unveiled “Fillin,” a fully Mauritian retail fuel brand replacing Engen’s network across 37 stations, after Competition Commission scrutiny and safeguards to manage market concentration. AI & Skills for Jobs: In an interview, Mauritius’ IT Minister said the AI Innovation Lab and the National AI Strategy aim to make AI a practical economic and workforce tool, not just a headline, stressing skills and measurable efficiency gains. Travel & Tourism Demand: Emirates will add Premium Economy on two daily Mauritius–Dubai flights from 1 September 2026, boosting comfort options for the island’s business and leisure travellers. Public Administration Cooperation: Mauritius’ Public Service reform minister met Telangana’s IT and Industries minister to expand collaboration in IT-enabled services, emerging tech, tourism and skills development. Digital Payments Linkages: Mauritius is mentioned among countries already using UPI, as India expands UPI global QR interoperability with Uzbekistan.

Aviation Disruption: Hundreds of passengers were stranded at Kenya’s JKIA as an aviation workers’ strike entered day two, with airlines arranging hotel transfers while workers demand better welfare and implementation of agreed benefits. Energy & Power Losses: Nigeria’s electricity system bled N1.36 trillion in unpaid-for power in 2025, with N2.31 trillion collected out of N2.98 trillion billed, highlighting weak billing and collection efficiency. Digital Payments Expansion: India’s UPI is set to roll out in Uzbekistan, with NPCI and HUMO paving the way for QR-based merchant payments and deeper trade links during PM Modi’s visit. Mauritius Travel Boost: Emirates will add Premium Economy on Mauritius–Dubai flights from 1 September 2026, expanding comfort options for travellers connecting through Dubai. Local Business & Skills: Port Louis Marina is recruiting a Qualified Electrician to maintain marina electrical systems, shore power, dock lighting and related infrastructure. Regional Industry Cooperation: Mauritius and Telangana discussed collaboration in public administration, tourism, IT/ITeS, emerging technologies and skills development. Maritime Tech Watch: Nuclear micro-reactors are being explored for vessel power and floating data centres, with Lloyd’s Approval in principle cited for a “Unity Nuclear Battery” concept.