Megha Das 
Mauritius saw a significant event when Biswanath Patnaik, a prominent global investor of Odia origin, and Arun Kar, a successful entrepreneur also hailing from Odisha, were honoured with the privilege of ringing the bell to mark the momentous occasion of their firms, Xpertnest Ltd. and Earthnest Ltd., being listed on AFRINEX, an international stock exchange headquartered in Mauritius. This achievement has brought great pride to the state of Odisha.The event was held in the esteemed presence of the Prime Minister of the Republic of Mauritius, Honourable Pravind Kumar Jugnauth, and the High Commissioner of India to Mauritius, Mrs. K. Nandini Singla.
The USD 500 Million green bond issued by Earthnest Ltd. and the USD 1.5 Billion bond issued by Xpertnest Ltd. were both listed on the AFRINEX International Stock Exchange. Both firms have a global presence with headquarters located in the United Kingdom and India.This notable accomplishment signifies a unique narrative, in which individuals from the Indian state of Odisha are garnering international recognition, hence instilling a sense of pride within their region.
The Prime Minister, Mr. Pravind Kumar Jugnauth, highlighted that Mauritius, functioning as an International Financial Centre (IFC), has garnered positive feedback from international corporations and investors. This is exemplified by the substantial USD 13.3 billion worth of listings on AFRINEX. This achievement has been made feasible due to the implementation of our strong policies, which have been aligned with international standards and have facilitated a favourable business environment.
Arun Kar, a native of Odisha and co-founder of Earthnest & Xpertnest, expressed his enthusiasm over the listing. He believes that this development has the capacity to expand the reach of both firms in African markets, as well as strengthen their position in India and throughout Asia. Earthnest, a company engaged in the production of bio bags, has successfully established a manufacturing facility in Gujarat. Furthermore, the company is currently in the process of developing plans to construct an additional unit in Odisha, as well as in several other regions within India.
Chairman Biswanath Patnaik remarked during the event that the partnership between financial professionals and technocrats exemplifies the potential for addressing significant global challenges via collective efforts. The decision to include our operations in Mauritius may be seen as a strategic manoeuvre aimed at establishing connections with the African continent and bolstering our footprint in India, facilitated by the collaboration between BSE technology and Afrinex.
Xpertnest is a technology company that leverages advancements in artificial intelligence, machine learning, cloud-based software, augmented reality, data processing, and analytics to identify and provide technological solutions for social and environmental issues. The company’s primary objective is to tackle significant challenges across multiple sectors, including crime prevention in partnership with law enforcement agencies, pioneering 5G technology, and the advancement of Smart Cities. Earthnest, a subsidiary of the Nest Group, is a digital innovation business that specialises in providing technology-driven environmental solutions. The firm functions as a manufacturer, supplier, and distributor of Bio Bags, a type of sustainable bags and sheets composed of starch and other natural materials, ensuring a complete absence of plastic content.
According to K. Nandini Singla, the High Commissioner of India to Mauritius, AFRINEX has established itself as the most prominent stock exchange in Mauritius based on the market capitalisation of its listed stocks.
According to Ms. Krishna Gangopadhyay, the Managing Director and CEO of AFRINEX, the inclusion of Earthnest & Xpertnest’s bonds worth USD 2 Billion on the AFRINEX Securities List today is evidence of AFRINEX’s successful progress in the primary market. This achievement has bolstered the trust of international issuers in participating in the capital markets and regarding AFRINEX as a favoured jurisdiction for listing.
Both Earthnest and Xpertnest have opted for AFRINEX, the International Stock Exchange situated in Mauritius, as their chosen platform for listing. The AFRINEX programme is a collaborative effort between the Government of Mauritius and the Government of India, with BSE Technologies Pvt. Ltd., India serving as the technology and skill partner. The debut of AFEX Tree, the capital raising platform of AFRINEX, took place at the occasion. The partnership has established a remarkable channel for multinational corporations to get into the global finance markets.
The inclusion of Xpertnest and Earthnest bonds on the AFRINEX platform is a notable achievement in fostering collaboration, demonstrating foresight, and using the collective resources of diverse global entities to pursue a common objective.
