Mauritius is an economic success story, evolving from a low-income country dependent on sugarcane production in the 1960s to a rapidly growing and diversified economy that embraces tourism, manufacturing, fisheries, technology and financial services. GDP per capita is just below the world average of US$13,000, but with the measure currently growing at around 6% a year, there is much more to come.
A lot of the country’s economic success is down to its multinational businesses. ‘Our development has mirrored the economic growth of Mauritius through its various stages, from sugar through to textiles, finance, hotels and resorts, healthcare, property, and next, hopefully AI,’ says Yogesh Kissoondary FCCA, head of corporate finance at CIEL Group, the second largest investment group in Mauritius. ‘And we are the most internationally diverse group in the country.’
The group-wide risk view is the cornerstone of business resilience
Diversification
CIEL Group started life in 1912 as a sugar estate and has evolved into a conglomerate, with business clusters in the textiles, hotels and resorts, property, private healthcare, financial services and agriculture sectors, spanning 11 countries. The presence of Yogesh, who was born in Mauritius, in a key role as group head of corporate finance highlights the strategic importance of operating across multiple geographies, currencies and sectors. A decade ago, the group’s strategic review focused on further diversification – into healthcare and finance – to secure sustained growth in emerging markets. This approach has enabled the group to successfully address recent global challenges such as the Covid-19 pandemic and the energy crisis sparked by the war in Ukraine.
The group’s annual report says diversification allows it to ‘balance challenges in one cluster with strong performances in others’, as Yogesh points out. This year, for example, revenue from tourism has bounced back after the pandemic, offsetting lower sales in the textiles business in a challenging retail environment.
CV
2017–present
Group head of corporate finance (M&A), CIEL Group, Mauritius
2014–17
Director, business evaluation, IGT UK
2007–14
Manager, then senior manager, deal advisory, PwC UK
2000–07
Series of senior audit roles for Big Four firms in Mauritius, Qatar and UK
‘Working with businesses in Africa has lived up to expectations’
Back to Mauritius
For Yogesh, returning to Mauritius after more than a decade working abroad, initially in the oil and gas industry and later in PwC’s deals team in London, has been fulfilling. ‘I hadn’t planned on returning to Mauritius, but I was approached by CIEL Group while I was in London and the values and culture of the company were aligned to mine,’ he says. ‘And after years of collaborating with US and European clients, I was interested in working with businesses and opportunities in Africa. It has lived up to expectations – it’s been fulfilling and I continue to learn.’
He joined CIEL Group in 2017, at a stage when it was building up its M&A team. His main responsibilities include capital allocation across the group and efficient portfolio management, and he also played a key role in establishing the group’s first risk appetite framework, a project which began in 2019.
‘We developed a risk appetite for each of the clusters and jurisdictions, based on a combination of financial and non-financial KPIs,’ he says. The top risks at cluster level are consolidated with other significant risks identified at the group level to form a comprehensive, group-wide risk view that the board sees as the cornerstone of business resilience and an effective support for strategic decision-making.
‘We are exploring new avenues of growth in other industries’
CIEL Group
37,500
Number of employees, including 10,000 in Mauritius and a further 10,000 in India
12.4bn
Market capitalisation in Mauritian rupees (US$270m)
17%
Growth in year-on-year profit (to MUR 5,038m) in the 2024 financial year, with turnover reaching MUR 35,176m
55%
Share of revenue generated outside Mauritius
‘It has been a useful tool for us. It has enabled us to be more disciplined and rigorous in our financial management. And it has been adopted by people across the group with great enthusiasm. When we started on this project it was perceived as very technical, but as we began to understand its business impact, people started to see the benefits. We updated the framework last year and we found that people are much more open to discussions about risk and KPIs now.’
Options for expansion
There is still much more to do, Yogesh says: ‘We are currently consolidating our presence in existing industries, but also exploring new avenues of growth in other industries that are adjacent to our current portfolio.’ Recent projects include setting up an insurance brokerage business in Mauritius and a significant expansion of CIEL’s healthcare business, C-Care, in Kenya and Madagascar.
Throughout the group's various activities, sustainability remains a core priority. ‘Given our geographical and operational context, sustainability is seamlessly integrated into our market strategy,' Yogesh says. 'But it goes beyond that. There is real conviction from the group chief executive, and this commitment also resonates on a personal level with the founders of the business too.’
The recent general election saw a significant change in government, with a thumping win for the Alliance of Change party, which won 60 out of 64 seats in parliament. Despite this major change, Yogesh remains optimistic about the reputation of Mauritius as one of the most stable democracies in Africa: ‘A friendly business environment is essential for the private sector to contribute to the country’s growth journey.’
