AGP Executive Report

Aquaculture Spotlight: Mauritius’ only marine fish farm is producing about 2,500 tonnes of red drum a year, with a workforce drawn from multiple countries and a blue-economy push that began in the early 2000s. Aviation & Tourism: Emirates will add Premium Economy on flights between Mauritius and Dubai from 1 September 2026, using A380 and Boeing 777 routes to give travellers a new comfort tier. Finance & Business: I&M Group reports a 22% jump in half-year net profit to Sh10.2bn, citing stronger operating income and growing regional contributions. Energy & Policy: Mauritius is listed among African markets with relatively low electricity tariffs in a Nigeria-led comparison, while the AU plans to launch a continent-wide credit rating agency in Mauritius on 5 October. Local Economy & Jobs: Camper & Nicholsons Port Louis Marina is hiring a Qualified Electrician for shoreside and marina electrical maintenance. Cyber Risk: A dark-web listing targets Hungry Lion, including locations in Mauritius, raising concerns about POS system exposure.

Mauritius–Aviation Upgrade: Emirates will add Premium Economy on flights to Mauritius from 1 September 2026, with A380 services on EK703/704 and retrofitted Boeing 777 on EK709/710, giving travellers a new step between Economy and Business. Mauritius–Energy Security: India and Mauritius signed/advanced energy agreements aimed at shielding the island from fuel price volatility, including a five-year fuel supply deal with IOC/IndianOil and discussions on biofuels and ethanol blending. Finance & Trade Links: Bank of Baroda launched UPI Global QR payments for international visitors, listing Mauritius among participating corridors—an easy win for cross-border retail payments. Local Industry Jobs: Camper & Nicholsons Port Louis Marina is hiring a Qualified Electrician for shoreside and marina electrical maintenance. Regional Credit Ratings: The AU-backed African Credit Rating Agency (AfCRA) is set to launch in Mauritius on 5 October, targeting lower borrowing costs through more credible government credit opinions. Cyber & Retail Risk: A dark-web listing claims to target Hungry Lion, including outlets in Mauritius, raising fresh concerns about branch-level POS system exposure.

Cybersecurity & Retail Tech: Hungry Lion is named in a dark-web listing tied to MeduzaLocker ransomware, with claims focused on branch-level point-of-sale output logs across several countries including Mauritius, though analysts say no personal data appears to be exposed. Aviation & Tourism Demand: Emirates will add Premium Economy on select Mauritius–Dubai flights from 1 September 2026, boosting comfort options for travellers. Energy & Industry Finance: The African Union-backed African Credit Rating Agency (AfCRA) is set to launch in Mauritius on 5 October, aiming to improve how governments’ creditworthiness is assessed as borrowing costs stay high. Payments & Cross-Border Commerce: Bank of Baroda launched UPI Global Reverse Acceptance, letting eligible international visitors (including Mauritius in listed corridors) pay Indian merchants via familiar home-country apps and UPI QR codes. Capital Markets: India’s SEBI moved fast to ban a JPMorgan-linked entity and a broker over alleged manipulation of a new closing auction mechanism, underscoring tighter market oversight. Corporate & Trade Links: Mauritius is also in the spotlight for deeper India ties, including energy cooperation and fuel supply arrangements discussed across the week’s coverage.

Mauritius-India Payments: Bank of Baroda launched “UPI Global Reverse Acceptance,” letting eligible international visitors in Mauritius and other participating countries pay Indian merchants by scanning BoB UPI QR codes using their home-country banking or wallet apps—aimed at cutting cash and FX hassle for travellers while widening merchant reach. Mauritius-Linked Markets: A Delhi High Court dismissed a PIL over IFCI’s NSE share divestment and ordered Rs 5 lakh costs, after the petitioner failed to disclose a similar earlier case; the suit also raised questions about Mauritius-based funds’ roles. IPO Watch (Mauritius investors): Lumino Industries’ IPO opens 27 Aug with a ₹78–₹82 band; the anchor book raised about ₹207 crore, including Citigroup Global Markets Mauritius, and the issue is positioned as an EPC play. Energy & Industry Ties: India and Mauritius signed/advanced fuel and energy cooperation deals, including a five-year petroleum supply arrangement via IndianOil to help shield Mauritius from price volatility and support energy security. Business & Skills: IIT Madras Zanzibar ran a training for African government auditors on data science, AI and cybersecurity, including participants from Mauritius—pushing tech skills into public-sector auditing.

Mauritius–India Energy Security: Indian Oil has broken ground in Port Louis (Mer Rouge) on a 27,500 mt bunker fuel storage facility, with a $25m investment aimed at boosting bunkering capacity and supporting the island’s Blue Economy plans. Local Finance & Trade Links: Mauritius Minister Jyoti Jeetun says the island wants deeper India ties via local-currency trade and expanded energy cooperation, building on a rupee–Mauritian rupee clearing MoU between the two central banks. Payments & Cross-Border Convenience: Bank of Baroda launched “UPI Global Reverse Acceptance,” letting eligible international tourists and wallet users pay Indian merchants by scanning BoB UPI QR codes using their home-country apps—explicitly including Mauritius among participating markets. Industry & Capital Markets: Lumino Industries’ IPO opens Aug 27 with an anchor allocation of Rs206.99 crore and a fresh issue plus offer-for-sale plan tied to manufacturing equipment and debt repayment. Shipping/Logistics Watch: Grindrod reported stronger port and terminals performance on record throughput, supporting interim dividend growth. Business Recognition: A Chinese economist, Lingyun Xiang, was named Mauritius International Goodwill Ambassador for economic, trade and cultural exchange.

Energy & Shipping: IndianOil has broken ground on a 27,500 mt bunker fuel storage facility at Mer Rouge, Port Louis, investing $25m to boost bunkering capacity and support Mauritius’ Blue Economy ambitions. Finance & Trade (Mauritius–India): Mauritius is pushing deeper India links via local-currency trade (rupee–Mauritian rupee clearing) and expanded energy cooperation, positioning the island as a gateway to Africa. Digital Payments (Policy): Eswatini lawmakers raised concerns that mobile money customers can’t benefit from interest on trust funds, questioning the legal basis and who gains from the earnings. Markets & Regulation: India’s SEBI moved fast to ban Copthall Mauritius Investment (a JPMorgan entity) and a local broker over alleged manipulation tied to the new Closing Auction Session. IPO Watch (Mauritius-linked investors): Lumino Industries’ IPO opens Aug 27–31 (Rs 78–82 band); anchor book pulled in Citigroup Global Markets Mauritius and others. Business & Tourism: EaseMyTrip founder Nishant Pitti joins the Stars Golf League Mauritius launch, set for Mar 25–28, 2027. Industry & Skills: NIC’s Entrepreneurial Empowerment Programme certified 30 women entrepreneurs in Moka, with fully funded training and follow-on support schemes.

Mauritius–India Energy & Shipping: Indian Oil has broken ground on a 27,500 mt bunker fuel storage facility at Mer Rouge, Port Louis, investing about $25m to boost bunkering capacity and support the island’s Blue Economy push. Mauritius–India Trade in Local Currencies: Finance Minister Jyoti Jeetun says Mauritius and India are working on a rupee–rupee clearing setup via Bank of Mauritius–RBI MoU, with potential to expand local-currency trade across BRICS and Africa. Mauritius–Pakistan Business Links: The Mauritius High Commissioner to Pakistan urged stronger trade, investment, tourism and education ties, including exploring a free trade arrangement. Local Finance & Business Skills: NIC’s Entrepreneurial Empowerment Programme certified 30 women entrepreneurs, with fully funded training and follow-on support schemes. Regional Industry Watch: Grindrod reported stronger logistics performance on record port volumes, while SEBI rejected settlement moves by some Mauritius-linked funds tied to Adani-related disclosure cases. Markets & Payments Context: India marked UPI’s 10-year milestone, highlighting the scale of real-time payments that now reaches Mauritius among other countries. IPO/Corporate Signals: Lumino Industries’ IPO opened for subscription Aug 27 after raising about Rs 207 crore from anchor investors; Atomberg filed DRHP for up to Rs 450 crore.

Mauritius–India Energy Security: Indian Oil has broken ground in Port Louis (Mer Rouge) on a 27,500 mt bunker fuel storage facility, a $25m investment aimed at boosting bunkering capacity and supporting the island’s Blue Economy. Mauritius–India Trade in Local Currencies: Mauritius Minister Jyoti Jeetun says a rupee–rupee clearing push (via a Bank of Mauritius–RBI MoU) could cut reliance on hard currencies, and scale into BRICS and wider Africa as a “game changer.” Energy Partnership Deepens: India and Mauritius also sealed a five-year fuel supply arrangement where IOC will cover Mauritius’ full petrol, diesel and aviation fuel import needs, alongside an oil-and-gas cooperation MoU. Financial Services & Inclusion: Mauritius is also linked to India’s fintech momentum as UPI marks 10 years, with transaction value rising over 4,000-fold—an example of how digital rails can expand access and commerce. Maritime & Logistics Business: JSE freight/logistics group Grindrod reported stronger interim results on record port volumes, underscoring the value of port throughput for regional trade corridors. Diplomacy for Industry: Mauritius’ High Commissioner to Pakistan urged stronger B2B ties, tourism and manufacturing links, including exploring a free trade arrangement.

Energy Security for Mauritius: India and Mauritius exchanged a five-year deal where Indian Oil Corporation will supply Mauritius’ full petrol, diesel and aviation turbine fuel needs, alongside a wider oil-and-gas cooperation MoU covering training and biofuels—aimed at cutting exposure to fuel price volatility. Trade & Finance Links: Mauritius’ Financial Services Minister Jyoti Jeetun backs local-currency trade via a Bank of Mauritius–RBI clearing MoU, calling it a BRICS/Africa “game-changer” to reduce dependence on hard currencies. Digital Payments & Inclusion: UPI marks 10 years since launch, with transaction volume and value soaring; the system is now active in Mauritius and other markets, supporting cross-border digital payments. Entrepreneurship Boost: NIC’s Entrepreneurial Empowerment Programme certified 30 women entrepreneurs in Mauritius, with fully funded training and follow-on support schemes. Regulatory Watch for Investors: SEBI rejected settlement requests from Mauritius-based funds tied to Adani Group, after disputes over disclosure terms. Industry & Logistics Angle: Skyways Air Services’ India IPO opens (air freight forwarding/logistics), while maritime connectivity is highlighted as vital for island economies like Mauritius. Community & Skills: IUX Education launched trader-focused webinar sessions, and LEAP Africa’s leadership programme selected Mauritius participants for a Nairobi boot camp.

Energy Security Deal: India and Mauritius have exchanged a five-year agreement under which Indian Oil Corporation will supply Mauritius’ entire import requirement of petrol, diesel and aviation turbine fuel, aiming to cut exposure to price volatility, alongside a wider oil-and-gas cooperation MoU covering training, capacity building and biofuels. Maritime & Connectivity Lens: A new analysis argues island economies feel port delays more sharply than continents, citing UN data on weaker shipping connectivity and higher import transport costs for small island states. FDI Signals for Mauritius-linked investors: India reported 29 FDI proposals worth about Rs 4,896 crore under eased rules allowing up to 10% non-controlling stakes from land-bordering countries via the automatic route, with filings including entities based in Mauritius. Logistics & Capital Markets: Skyways Air Services’ Rs 582.8 crore IPO opens today (Aug 24) with a 23% grey-market premium; anchor funding of Rs 174.5 crore includes Citi Group Global Markets Mauritius. SME/Banking Expansion: SBM Holdings’ Kenya push continues with the opening of its 34th branch in Nanyuki, targeting SMEs and agribusiness around Mount Kenya. Industry Learning: IUX Education launched a webinar series for traders’ financial literacy, running Mondays and Fridays via its Facebook and YouTube channels.

Energy Deal: India and Mauritius have signed a five-year fuel supply agreement under which Indian Oil Corporation will cover Mauritius’s full import needs of petrol, diesel and aviation turbine fuel, with a government-to-government MoU also expanding oil-and-gas cooperation, training and biofuels—aimed at cutting supply disruption and price volatility. Energy Talks: Petroleum Minister Hardeep Singh Puri met Mauritius’s energy minister in Port Louis to push biofuels cooperation, including ethanol blending and Sustainable Aviation Fuel, and discussed a Biofuels Country Policy Framework. FDI Signals: India says 29 foreign direct investment proposals worth about Rs 4,895 crore have been reported under eased rules allowing non-controlling stakes up to 10% from land-border-linked investors, with Mauritius-based entities among the reported sources. Cybersecurity Watch: A new wave of AI-enabled attacks and defenses is highlighted in the week’s cyber bulletin, with identity and access management flaws and ransomware activity featuring prominently. SME/Finance: Mauritius-linked SBM Holdings opened its 34th Kenya branch in Nanyuki, targeting SMEs and agribusiness around Mount Kenya. Leadership Programme: LEAP Africa concluded its fifth cohort boot camp in Nairobi, selecting 31 women including participants from Mauritius after an online phase that reached 1,500 completers across 48 African countries.

Energy Security for Mauritius: India and Mauritius signed a five-year government-to-government energy deal during Hardeep Singh Puri’s visit (Aug 20–21): Indian Oil (IOCL) will supply Mauritius’ full import needs of petrol (motor spirit), diesel (HSD) and aviation turbine fuel (ATF), with wider oil-and-gas cooperation plus training and biofuels support—aimed at cutting supply disruption and price volatility. Biofuels Push: Puri also met Mauritius’ Energy Minister Patrick Gervais Assirvaden to discuss ethanol blending, Sustainable Aviation Fuel and a Biofuels Country Policy Framework. Fuel Price Watch (India): Petrol and diesel prices in major Indian cities stayed steady on Aug 23 despite crude volatility tied to the US–Iran standoff. FDI Rules, Mauritius Link: India reported 29 FDI proposals worth about ₹4,895.65 crore under eased rules allowing up to 10% non-controlling Chinese-linked ownership via the automatic route; Mauritius-based entities are among the investors. Banking Expansion: SBM Holdings’ Mauritius-based group opened SBM Bank Kenya’s 34th branch in Nanyuki, targeting SMEs and agribusiness around Mt Kenya. Markets & IPOs: Skyways Air Services raised ₹174.5 crore from anchor investors ahead of its Aug 24 IPO; Atomberg filed IPO papers for up to ₹450 crore; Symbiotec Pharmalab raised ₹526.2 crore from anchors ahead of subscription.

Energy Security for Mauritius: India and Mauritius signed a government-to-government oil and gas MoU and a five-year fuel supply deal during Hardeep Singh Puri’s 20–21 Aug visit, with Indian Oil (IOCL) set to meet Mauritius’ full import needs for petrol, diesel and aviation turbine fuel, aiming to cut supply disruptions and price volatility. Biofuels Cooperation: The same talks covered training and capacity building for Mauritian officials plus cooperation on biofuels, including ethanol blending and Sustainable Aviation Fuel. FDI Signals from Mauritius-linked investors: India reported 29 FDI proposals worth about ₹4,895.65 crore under eased rules allowing non-controlling stakes up to 10% tied to land-bordering countries, with proposals listed from entities based in Mauritius among other jurisdictions, spanning IT, AI, manufacturing, pharma, data centres and transport. SME Banking Push: Mauritius-based SBM Holdings opened its 34th Kenya branch in Nanyuki, targeting SMEs and agribusiness around Mount Kenya. Logistics & Capital Markets: Skyways Air Services raised ₹174.5 crore from anchor investors ahead of its IPO, with Citi Group Global Markets Mauritius among participants. Women’s Leadership Pipeline: LEAP Africa’s fifth cohort saw 4,500 women register across 48 African countries, with Mauritius among those selected for the Nairobi boot camp.

Energy Security Deal: India and Mauritius signed a five-year fuel supply agreement during Petroleum Minister Hardeep Singh Puri’s visit (Aug 20–21). Indian Oil Corporation (IOCL) will meet Mauritius’ full import needs for petrol, diesel and aviation turbine fuel, with the pact aimed at assured supplies and reduced price volatility. Oil & Gas Cooperation: A government-to-government MoU also expands collaboration on oil and gas, including training and capacity building, plus biofuels. Biofuels Push: Puri met Mauritius energy officials to discuss ethanol blending and Sustainable Aviation Fuel, and Mauritius’ National Biofuel Policy Framework work with the Global Biofuels Alliance. FDI Signals From Mauritius-linked Flows: India reported 29 FDI proposals worth about ₹4,895.65 crore under eased rules allowing non-controlling stakes up to 10% for investors linked to land-border countries; Mauritius-based entities are among the reported sources, with sectors including IT, AI, manufacturing, pharma, data centres and transport. Banking Expansion: Mauritius-based SBM Holdings opened its 34th Kenya branch in Nanyuki, targeting SMEs and agribusiness around Mount Kenya. Capital Markets: GACM Technologies completed a Qualified Institutions Placement raising ₹49.50 crore, with Mauritius-based foreign institutional investors among participants.

India-Mauritius Energy Deal: India’s IndianOil signed a five-year fuel supply pact with Mauritius’ STC for petrol, diesel, marine gas oil and ATF, while India and Mauritius also inked a G2G MoU to expand oil & gas cooperation and move toward cleaner fuels. Biofuels Cooperation: Energy ministers discussed biofuels and energy security, with Mauritius’ National Biofuel Policy Framework and ethanol blending/SAF know-how on the agenda. FDI Rules Boost (Mauritius-linked): India reported 29 FDI proposals worth ₹4,895.65 crore under eased automatic-route rules allowing up to 10% non-controlling Chinese-linked stakes; filings include entities based in Mauritius, spanning IT, AI, manufacturing, pharma, data centres and transport. IPO Watch (Mauritius investors in India): Skyways Air Services raised ₹174.5 crore from anchor investors ahead of its IPO, with Citi Group Global Markets Mauritius among participants. Market & Compliance: SEBI moved against Copthall Mauritius Investment and Mansi Share & Stock Broking in a Sensex closing-auction manipulation case, impounding ₹3.68 crore. Aviation Connectivity: IndiGo seeks Philippine permit to launch direct India–Manila/Cebu services, building on its recent expansion to Mauritius and Seychelles.

Energy Security: India and Mauritius signed a landmark oil and gas MoU plus a five-year IndianOil deal with STC for assured supply of petrol, diesel, marine gas oil and aviation turbine fuel—aimed at price stability and stronger energy security for Port Louis. Investment Flows: India’s eased FDI rules for overseas firms with up to 10% Chinese shareholding are already showing results, with 29 proposals worth about Rs 4,895.65 crore reported so far, including investors/entities linked to Mauritius. Capital Markets Watch: SEBI barred Copthall Mauritius Investment and Mansi Share & Stock Broking from India’s market and impounded about Rs 3.68 crore over alleged manipulation tied to the Sensex closing auction session mechanism. IPO Pipeline: Quadria-backed Nobel Hygiene filed draft IPO papers with SEBI for up to Rs 150 crore; Atomberg Technologies also filed for a Rs 450 crore IPO with an OFS. Agriculture Exports: China expanded access for African coffee, including Zambia, via zero-tariff treatment and faster customs “green channel” procedures. Maritime Economy: Mauritius secured UN approval to extend its continental shelf by 145,000+ sq km, strengthening rights over seabed resources and potential rare earths.