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SIT diversifies into sustainable business
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SIT diversifies into sustainable business
The Sugar Investment Trust (SIT) is considering sustainable development. Now that the sugar industry is facing hard times, the institution feels an urgent need to diversify its activities to generate long-term wealth for its shareholders. With this in mind, the SIT has forecasted a Rs 9 billion investment in two ambitious tourist projects: it intends to set up a marine park with dolphins and villas in Belle-Mare as well as an Integrated Resort Scheme (IRS) project at Le Bouchon.
As the sugar industry has been facing difficult times for quite a long time, the SIT started diversifying some time ago. It has been selling agricultural and residential plots of land acquired in the Illovo deal. But, as the chief operating officer, Ravin Bholah, states it, “What will we do when all our lands will have been sold?” This is why the institution, initially created to invest in sugar activities, has decided to “develop a sustainable business that will enable it to generate and distribute wealth to shareholders in a regular and coherent way”.
As the Belle-Mare water-park has generated major losses for the SIT, the institution has decided to set up something different on that site. It is now convinced its marine park will attract many visitors. “We are confident that this investment will prove profitable,” commented Ravin Bholah.
Unnecessary attraction</B>
Even though Coral Cove Resorts Ltd will include luxury rooms and villas, the main attraction will be swimming with dolphins. However, protests by non-government organisations fighting for the protection of animals might prevent the project from taking place. According to the Mauritius Marine Conservation Society (MMCS), keeping dolphins in captivity could be dangerous for them. Moreover, Jacqueline Sauzier from the association believes that it is not necessary to create such an attraction in Mauritius, as “people can go and watch them in their natural environment”.
But the SIT seems to have planned everything. It has called upon a foreign consultant, Bob Eiser, a marine biologist, who will make sure international norms are respected. The international expert made it clear that there was no reason to worry about the dolphins, which do not suffer from any particular problems in captivity.
As for the IRS project at Le Bouchon, the SIT plans to build a hotel and villas along the cliffs. A golf course is also planned there. If the marine park project already benefits from the partnership of a South African company specialising in the field, a partnership for the project of Le Bouchon has not been concluded yet. But the SIT asserts negotiations are going in the right direction.
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