Set up in 1984 with an initial capital of MUR 100 million, the State Investment Corporation Ltd (SIC) has emerged as a major institutional investor on the local scene. The Corporation, wholly owned by Government, has a twin role: act as the investment arm of the Government of Mauritius; and provide equity funds for the realisation of high-growth entrepreneurial ventures. Over the years, it has evolved as a valuable partner for local and foreign entrepreneurs and institutions desirous of setting up ventures in Mauritius, Rodrigues and the Indian Ocean Region.

Organisational Structure

SIC has a Board of Directors which provides strategic direction with day-to-day management ensured by a team under the leadership of the Managing Director. In addition, the corporation is supported by a network of top entrepreneurs, investors, professionals and captains of industry. SIC’s organisational structure reflects basically its present role, which is likely to change over time with changes in market conditions and investment climate. The staff consists of professionals in the areas of investment and portfolio operations, administration and finance, Legal and Corporate Services and Information Technology. At the group level, SIC is encouraging the adoption of best management practices to optimise the use of available resources.


To contribute meaningfully to the economic growth and overall development of Mauritius for the benefit of all stakeholders.


To be a prominent Investment Institution in Mauritius.


In its initial years, the corporation strengthened its investee companies by mobilising finances through shareholders’ funds and the involvement of financial institutions. It gradually built up capacity and acquired know-how to better manage companies where it has controlling influence to render them viable and sustain growth. SIC is moving away from operational involvement in its subsidiaries by setting up dedicated management teams for each business cluster. The focus is on strategic development, facilitation and networking with business partners. More specifically, the business strategy is three-fold:

Consolidation of strategic investments with adoption of corporate governance practice

Rebuilding the productive base consolidating resources invested in subsidiaries is a priority. Measures to place the finances of casino companies on a sound footing were initiated in 2015. The observance of corporate governance practices, transparency and the use of state-of-the art technologies will create an ideal framework, put an end to value destruction and spearhead future development.

Optimization of commercial investment

The commercial windows will be expanded to enhance and diversify revenue streams. The corporation will further enhance the quality of its management processes. It will closely monitor commercial segments to raise portfolio performance, mitigate risks and bolster investment income and net return so as to increase shareholder equity and value.

Leverage on projects with high socio-economic development

Raising the corporation’s contribution to further economic objectives is high on the policy agenda. The SIC will rationalise its investment policies. The objective is to team up with private players for projects that have the potential to make a maximum development impact in terms of job creation, transfer of know-how, adoption of sustainable technology, diversification of business activities, including financial services, and contributing to the growth of national income through higher exports.

Portfolio of Investments

SIC has contributed to the development of strategic sectors of the economy for more than a quarter of a century. It has developed into an important conglomerate with a strong and diversified portfolio worth over MUR 5 billion. The Corporation has invested in small, medium and large local enterprises operating in various sectors of the economy, namely, air transport, manufacturing, financial services, information technology, property development and tourism and leisure.

The investment portfolio is well structured in terms of the business life cycle, with a large number of investee companies either at the stage of expansion or maturity. Last but not least, SIC is also a renowned institutional investor in terms of its:

  • Involvement in the setting up of sub-funds such as the Port Louis fund, National Equity Fund and the SME Partnership Fund;
  • Role as an implementing agency for various schemes of the Restructuring Working Group under the National Resilience Fund; and
  • Significant holdings in blue chips and high-value securities are listed on the local stock exchange.

Way Forward

  1. The corporation has made big strides in terms of restoring subsidiaries to operational efficiency and financial sustainability. It will continue to build on the success achieved by continuing the process of adjusting its business model;
  1. Enhancing the top line and revenue is a major goal. The corporation will strive to identify profitable business opportunities to generate attractive returns as early as possible; and
  1. The real estate sector accounts for almost one-fifth of the portfolio, where value needs to be unlocked through viable projects. To this end, the policy of SIC will be to contribute land as equity in kind and use its leverage/act as a facilitator for setting up Joint Ventures with private promoters handling implementation.