“ENL-Rogers merger gives rise to ER Group”

The Mauritian corporate landscape enters a new era with the launch of ER Group, the result of the merger between ENL and Rogers, two of the island’s emblematic business conglomerates. With over 7,400 employees, operations spanning 13 territories, and a market capitalisation of Rs 13 billion, ER Group aspires to be more agile, more impactful, and deeply rooted in sustainability and social inclusion.

The Mauritian economy welcomes a new heavyweight with the creation of ER Group, born from the strategic merger of ENL and Rogers, two of the most emblematic corporate players in the country. Effective since 1 July 2025, the merger was officially celebrated on 23 July 2025 during a ceremony at ER House, Vivea Business Park, in the presence of Prime Minister Dr Navin Ramgoolam.

ER Group now stands as a major private sector entity with over 7,400 employees across 13 territories, a market capitalisation of Rs 13 billion, and more than 6,000 shareholders. Listed on the Stock Exchange of Mauritius (ticker symbol ERL) since 9 July 2025, the group boasts total assets of Rs 81.6 billion and an equity value of Rs 38.5 billion (FY24 pro forma).

A historic convergence of two iconic groups

ENL, which became the majority shareholder of Rogers in 2012 with a 60% stake, had gradually increased its involvement since its first investment in 1971. This long-standing relationship paved the way for the merger, unanimously approved by shareholders and regulatory authorities in June 2025.

“The creation of the ER Group was never about becoming bigger. This was about growing better,” stated Gilbert Espitalier-Noël, Group CEO of ER Group. “We have created a more nimble, decisive and effective organisation, combining our financial strengths to fuel our regional ambitions. But above all, we have anchored our structure in what truly matters: how we touch people’s lives – how we feed, serve, host, move, house, connect and empower them.”

The name ER Group, inspired by the initials of ENL and Rogers, symbolises a bridge between the past and the future, leveraging a heritage of more than 200 years of combined history – 125 years for ENL and over 100 years for Rogers.

Seven Strategic Business Segments

ER Group’s portfolio is structured around seven strategic segments, with 120+ brands under management:

Agribusiness
ER Agri is a leader in sugarcane (3^rd largest local producer, 8.8% of local production), tea (500 arpents in Valetta by 2027), food crops, livestock (3,800+ tonnes of poultry annually, 350+ cattle, and 5,000 arpents dedicated to deer farming).
Field Good, Agrex, ESP Landscapers, and Symfolia reinforce its role in sustainable agriculture.

Key investment: 39% in Eclosia.

Real Estate
With Moka Smart City and Savannah Connected Countryside, ER Property develops integrated, sustainable urban spaces. Oficea manages premium office parks, while Ascencia, listed on the SEM, operates seven major malls including Bagatelle, Phoenix, and Riche Terre, attracting 24 million annual visitors.

Agrïa manages 3,005 hectares in Bel Ombre, Chamarel, and Case Noyale, combining heritage preservation and residential projects like Heritage Villas Valriche.

Key investment: 38% in Semaris.

Hospitality & Travel
A pioneer of the Mauritian tourism industry, ER Group manages Heritage Resorts, Veranda Resorts, golf courses (Le Golf du Château and La Réserve Golf Links), and iconic heritage sites such as the Seven Coloured Earth and Château de Bel Ombre.

Through ER Aviation, the group represents 36 airlines and operates travel agencies like BlueSky and Holidays by BlueSky.

Key investment: 42% in New Mauritius Hotels (Beachcomber).

ER’s ten-year roadmap prioritises sustainable growth, digital transformation, and regional expansion. 

 

Logistics
Velogic and Rennel (FedEx) offer integrated logistics solutions, covering freight, customs clearance, inland logistics, and courier services. Velogic has 40 international offices and collaborates with 300+ global agents.
In 2024 alone, Velogic handled 5.5 tonnes of sugar and over 60 tonnes of mail.

Finance
Rogers Capital provides fiduciary services, credit, leasing, and factoring, with USD 50 billion in assets under administration and 30,000 users of its digital platform noula. It also operates the Finance & Tax Academy to enhance local expertise.

Key investments: 29.4% in Swan and 20% in Swan Financial Solutions.

Commerce & Manufacturing
ER Group owns Axess, the leading automotive dealership in Mauritius (30% market share), representing brands like Suzuki, Ford, Peugeot, Land Rover, and Isuzu.
Other subsidiaries include Decathlon Mauritius, Plastinax (eyewear), Nabridas (pools and water solutions), Grewals (construction materials), and JMD (aluminium products).
In 2024, Plastinax produced 6,000 cases for Helios eyewear from recycled materials.

Technology & Energy
Through Rogers Capital (Technology), ER offers cloud infrastructure, data centres, cybersecurity, and AI-driven solutions. Ecoasis, EnVolt, and Suntricity lead the group’s renewable energy projects, with 17 solar farms producing 13,838 MWh of electricity in 2024, avoiding 13,284 tonnes of CO₂. Turbine, its incubator, has supported 34 startups since 2016.

A Sustainability Roadmap to 2035

ER Group’s sustainability strategy, Enhancing Lives, Building Communities, revolves around six pillars – three focused on climate resilience (energy transition, circular economy, biodiversity) and three on social inclusion (inclusive development, vibrant communities, diversity).

In FY24-25, ER Group:

• Produced 4,082 MWh of renewable energy,
• Diverted 26,544 tonnes of waste from landfill,
• Empowered 2,000+ people through inclusion programmes,
• Supported 32 projects and 17 NGOs, and
• Equipped 80% of facilities with rainwater harvesting systems.

ER Group is led by Gilbert Espitalier-Noël (Group CEO), supported by Philippe Espitalier-Noël (CEO) and a team of executives.

The group’s ten-year roadmap prioritises sustainable growth, digital transformation, and regional expansion, while maintaining Mauritius at the heart of its operations.

“We are, and will always remain, a proudly Mauritian group, deeply committed to contributing to the country’s future. ER reflects our unwavering commitment to this island that has given us so much,” concluded Gilbert Espitalier-Noël.