Africa-Press – Mauritius. Two companies, promoted by British-Odia entrepreneurs Biswanath Patnaik and Arun Kar have got listed in Afrinex, an international stock exchange based in Mauritius.
Mauritius Prime Minister Pravind Kumar Jugnauth and High Commissioner of India to Mauritius K Nandini Singla attended the bell ringing ceremony US $ 500 million bond of Earthnest, which manufactures biodegradable bags, and US $ 1.5 billion standalone bond of Xpertnest, an IT and artificial intelligence company, on listing at Afrinex Securities list.
“It’s a big milestone for the two companies. We feel blessed to have been selected for listing in the Afrinex. This will help us raise more capital for the various projects of the two companies,” said Patnaik who is chairman of the two companies.
A billionaire and also founder of private equity investment firm FinNest Group, Patnaik said both Xpertnest and Earthnest aspire to get involved more with governments in various African countries in infrastructure, social housing, renewable energy in public private partnership model.
Patnaik, who has earlier pledged around Rs 250 crore to build a Jagannath temple in UK, said the event is also a big personal milestone and reminds him of his humble Odisha route and devotion for Lord Jagannath.
Bhubaneswar-born Kar, who is co-founder of both Xpertnest and Earthnest along with Gujarat native Chintan Panara, said the listing in will help the companies make forays in African countries besides expanding footprint in India and other Asian countries.
Earthnest, which has big bag making unit in Gujarat, is planning to have a similar unit in Odisha among other Indian states, he said. Since African countries are largely developing nations, there is huge scope for infrastructure projects, social housing and in renewable energy in association with the governments in a public private partnership, he said.
The listing will bring more credence to the companies’ profile, he said. Panara said though the two companies are right now in UK and India, but are trying to enter US and African markets.
To enter into African markets, this will be a game-changer. Afextree, capital raising platform of Afrinex, was also launched at the same event. Describing it as a major milestone in financial market of Mauritius, the Mauritius PM said the digital platform will improve the ease of doing business.
Within 18 months since launch in October 2021, Afrinex is the largest stock exchange in Mauritius by market capitalisation of listed securities which stands at US $ 13.3 billion as of July 2023 and is supported by the BSE stock exchange in Mumbai.
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