Search Result for : Mauritius

The Dollar Business Bureau Jayant Sinha, the Union minister for Civil Aviation proposed the Ude Desh ka Aam Nagrik (UDAN) scheme that would connect the smaller towns across the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) region. Adding that such a move will be similar on the lines of the Open Sky Agreement that India enjoys with the SAARC countries, he said, "We can sign an MoU with different countries to be able to provide support for an UDAN-type scheme across the BIMSTEC community. Of course, we will have to couple that with something like an Open Sky Agreement so that airlines can fly freely," Sinha told reporters. Under the Open Sky Agreement (OSA), signed in 2016, New ...

The Dollar Business Bureau On Wednesday, the Cabinet Committee on Economic Affairs approved a foreign investment proposal of Rs 9000 crore, put forward by Twin Star Technologies. The FDI proposal is expected to generate employment opportunities for 30,000 people in India.  According to the proposal, the Mauritius based company will invest the said amount in India on or before March 2025. The investment route will comprise a mix of equity, compulsorily convertible preference shares, compulsorily convertible debentures, and other FDI compliant instruments.  The proceeds of the investment will flow towards operations of Twin Star Technologies in India – a venture led by business magnate Anil Agarwal who is also the founder and Chairman of Vedanta Resources Plc. Vedanta’s business interests in India include ...

PTI The proposed Indo-Mauritius Comprehensive Economic Cooperation and Partnership Agreement is expected to be signed later this year as both countries finalised the areas of exchange, Vice-President of Mauritius Paramasivum Pillay Vyapoory said today. "Implementation of the CECPA between the two countries is likely to be signed by the end of this year," Vyapoory said at the Bengal Chamber of Commerce & Industry. He said that the two sides had agreed upon the areas where the agreement would be implemented. "Areas which have been identified are financial services, ICT, health, education, R&D and construction," Vyapoory said. He said that the agreement would lead to an expansion of trade on both sides and enhanced investment besides enhanced economic ...

The Dollar Business Bureau State-run construction company NBCC Ltd will execute housing projects worth Rs.130 crore in Mauritius. NBCC (India) Ltd, which is managed by the Ministry of Urban Development, will build 700 duplex-type homes with 50 square metre net floor area in one-and-a-half year time in Mare Tabac and Dagotiere of Mauritius. In this regard, a Memorandum of Understanding (MoU) was signed on Monday in the presence of M Venkaiah Naidu, India’s Urban Development Minister, and Showkutally Soodhun, Vice Prime Minister and Minister of Housing and Lands of Mauritius. Earlier in March, NBCC had signed an agreement for constructing a new building for Supreme Court in Port Louis at an investment of Rs.220 crore in 2 years. The Government of India has sanctioned $353 million as ...

The Dollar Business Bureau Indian real estate giant National Buildings Construction Corporation Ltd (NBCC) on Friday announced it has signed an agreement with the Mauritius government and Landscope (Mauritius) Ltd. for the construction of New Supreme Court building in Mauritius.  The $35 million (Rs.250 crore) project will be built on project management contract basis, with the targeted completion period of 24 months.  NBCC is a New Delhi-headquartered real estate company, operating mainly across three main real estate segments: project management consultancy (PMC), real estate development and EPC contracting.  Earlier this year, NBCC signed a MoU with the Indian navy to construct Sahara Widows Hostel at Vasant Kunj in New Delhi for Indian Navy under CSR initiative of NBCC.  Many Indian real estate companies have undertaken infrastructure projects in the Middle ...

The Dollar Business Bureau Mauritius is expecting a growth of 20% in tourist arrival from India this year as the island nation on Tuesday started a road show in five cities in India to attract travellers. The island nation recorded arrivals of 83,000 tourists from India in 2016 an increase of 15% compared to the arrivals in the previous year, according to Vivek Anand, Country Manager, Mauritius Tourism Promotion Authority (MTPA) India. “We are expecting around 1,00,000 tourists in 2017, a growth of 20% compared to the arrivals in the previous year,” he said. Tourists arrivals from Europe make up for 50% of the overall tourists to Mauritius, followed by Asian nations with 20% tourists arrival, he said, while adding that the share of ...

The Dollar Business Bureau Mauritius tops the list of Foreign Direct Investment (FDI) in India, accounting for 20.8% of FDI till March 2016. The US was on the second spot, followed by the UK, Singapore and Japan, said the Reserve Bank of India (RBI) at the time of releasing the census on Foreign Liabilities and Assets (FLA) of Indian Direct Investment Companies for 2015-16. The source for Overseas Direct Investment (ODI) of Indian firms was mainly Singapore, Mauritius, the US and the Netherlands. “Equity participation had a much larger share (93.4%) than debt in total inward FDI, which stood at Rs.20,140 billion at market value in March 2016 (Rs.19,813.4 billion a year ago). Total ODI was placed at Rs.5,79,020 crore at market value ...

The Dollar Business Bureau 63 Moons Technologies, previously Financial Technologies (India) Ltd, said on Thursday that its subsidiary based in Mauritius has inked a revised pact with the Continental Africa Holdings (CAHL) to sell its complete share in Bourse Africa Ltd for $10.50 million.“Our subsidiary FT Group Investments Pvt Ltd (FTGIPL) Mauritius has entered into an amended SPA (Share Purchase Agreement) with CAHL for sale of its 100 percent stake in Bourse Africa Ltd (BAL), Mauritius for $10.50 million,” the company said in a BSE filing.The revised SPA is being subjected to some specific approvals in India and Mauritius, and also to some specific conditions precedent that includes seeking of direction from the National Company Law Tribunal (NCLT) and other regulatory bodies, it said.It has to be noted that the ...