NSIC inks tech transfer pact with Mauritius counterpart

New Delhi: The National Small Industries Corporation (NSIC) on Monday signed a pact with Mauritius-based Small and Medium Enterprise Development Authority for technology transfer, marketing and finance and training exchange programmes.

The pact, aimed at modernising small and medium industries in both the countries is for a period of three years, the Minister of State (Independent Charge) for Micro, Small and Medium Enterprises (MSME), K.H. Muniyappa, told reporters here.

“The pact will also include technology transfers from India to Mauritius, implementation of strategy for development of incubation centres in Mauritius, exchange of business missions, facilitate fairs and to carry out industrial surveys between,” MSME Secretary, Madhav Lal, said.

The MSME sector in India, which provides employment to about 8 crore people, contributes 8 per cent to gross domestic product and its share in total exports is 36 per cent.

Shell to sell stake in Mauritius unit for $1 bn

PORT LOUIS: Petroleum distributor Shell Mauritius Ltd said on Monday that parent Royal Dutch Shell planned to sell three quarters of its stake in the company to two joint venture partners for $1 bn.

Shell Mauritius said Vitol Group and Helios Investment Partners would ensure continued availability of Shell fuels and lubricants in the country.

"The divestment includes the potential sale of the 75 percent of the share capital of SML held by Shell Overseas Holdings Limited (SOH)," Shell Mauritius said in a statement.

Trading in the shares of Shell on the Mauritius bourse resumed on Monday after being suspended on Friday following media reports that an agreement between Shell and Vitol-Helios Investment was in the pipeline.

The shares rose by 1.25 percent to 162 rupees from their last trading session on Thursday.