Nishta Jooty-Needroo: Making SIT a Key Player in Sustainable Development

Nishta Jooty-Needroo, the Chief Executive Officer (CEO) of the Sugar Investment Trust (SIT), discusses the immediate challenges her new team faces in an exclusive interview with Défi Quotidien. In her six months in office, she emphasizes the need for bold decision-making and shares her vision for SIT, which has over 55,000 shareholders from the farming community.

The Sugar Investment Trust (SIT) was established in 1994 under the Sugar Industry Efficiency Act (SIE Act) with a clear mission: to enable small planters and employees in the sugar industry to have direct participation in the sector's transformation. It operates as a public entity on a purely commercial basis, governed by the Companies Act, and is one of the largest shareholder companies in Mauritius. Originally set up as an investment vehicle to hold stakes in sugar companies, SIT has since diversified its investments into agriculture, leisure, energy, and real estate.

However, over time, the organization strayed from its initial mission due to governance weaknesses, financial laxity, and lack of a cohesive strategy, eroding trust. Since April, the priority of the board and management has been to restore discipline, credibility, and coherence within the organization, aiming to rebuild a strong, transparent, and purpose-driven SIT, operating with the rigor of a private entity while remaining true to its public mission.

Upon taking office on April 15, 2025, Jooty-Needroo found a struggling institution facing a massive debt exceeding 1.5 billion rupees, a cash crisis, and an immediate threat of asset seizure by the bank. The organization had suffered from fragmented management, inconsistent and questionable decisions, and a lack of governance transparency.

She noted that beyond the numbers, the human aspect was striking: deep demotivation, widespread loss of trust, and a tarnished public image. SIT, once a symbol of collective progress, had lost its credibility.

This stark realization prompted urgent actions from the new management and board, including suspending a key employee, terminating the CFO's contract, and repositioning staff. Legal actions were initiated against tenants and land buyers with significant arrears. They also undertook a comprehensive audit to identify genuine loss sources, clarify off-balance-sheet commitments, and regain control over cash flow, which led to restructuring their debt with banks.

SIT is still indebted but has regained control of its financial situation. The focus is now on generating stable revenue to meet obligations without compromising operations. The organization aims to recover its financial autonomy without relying on state aid.

Regarding agricultural land management, SIT is re-evaluating land potential and has set ambitious targets for sugar cane cultivation. It aims to promote sustainable agricultural practices and initiate renewable energy projects, ensuring agricultural and clean energy coexist intelligently.

As for real estate, SIT is reactivating undervalued projects and adjusting property prices to market realities while maintaining a sustainable land bank. The decision to close the Splash N Fun Leisure Park in May 2025 reflects a commitment to responsible management and restructuring for the future.

Looking ahead, the strategic plan for SIT includes restoring shareholder trust, rationalizing the group structure, generating recurring revenues, and positioning SIT as a key player in national development. Jooty-Needroo is determined to transform the organization into a model institution that embodies transparency, credibility, and innovation, turning its rich legacy into a driver for future success.