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April 4, 2013 /CNW/ - Export Development Canada (EDC) reported out today on
USD 600 million in new transactions that will facilitate new export business between Canadian companies and Indian multinationals.
A number of EDC executives were in
India in mid-March as growing opportunities for Canadian exporters and investors in the market has increased demand for the export credit agency's financing solutions. EDC views the Indian market as a corporate priority, and its Indian infrastructure strategy is designed to help Canadian companies gain access to some of the
$1 trillion in planned infrastructure spending there over the next 5 years.
"All of EDC's work in
India is geared towards one objective, to facilitate access for Canadian exporters and investors to opportunities created not only by
India's infrastructure development plans, but by all of the secondary subsectors that feed into it as well," said
Todd Winterhalt, Vice-President, International Business Development Group, EDC.
"EDC is in
India to help open doors for Canadian companies, that's our job, and one of the important ways that we accomplish that is by providing financing to Indian companies. The financing capacity affords EDC privileged access to senior executives in
India, which we can leverage to help raise awareness of Canadian suppliers that could enhance their supply chains and help them grow. The two new transactions that we finalized during our trip are perfect examples of this approach."
During the trip, EDC concluded a
USD 100 M financing agreement with Tata Steel Ltd (TSL). The transaction marks the second loan that EDC has provided to
Tata Steel, following a
USD 100 million loan in 2012, and reflects the increasing Canadian supply into
Tata Steel's supply chain, as well as their operations in
EDC also signed a protocol agreement with Aditya Birla Group (ABG), under which EDC will make available up to
USD 500 million in financing for the Indian multinational. EDC will consider and underwrite loans under the protocol as opportunities arise out of ABG's Canadian operations or international operations.
EDC has permanent representations in
New Delhi, and in 2012, more than 306 Canadian companies undertook more than
CAD 2 billion in business with
India that was facilitated by EDC. Of note last year, EDC provided
USD 100 million in project financing to Hindalco,
USD 50 million as part of a larger syndication to Reliance Industries, and
USD 20 million to facilitate Rolls Royce Canada's sub-supply to Gail Limited in
Two-way trade between Canadian and
CAD 5.1 billion in 2012, with pulses, non metallic mineral, aerospace, jewelry and pharma as the leading sectors of trade.
EDC's executives were in
March 17th and
March 21st to meet with new and existing customers, in addition to business development activities with other Indian companies that have the potential to grow their Canadian supply chain.
Present during the ABG signing were said
Pierre Gignac (Senior Vice-President, Enterprise Risk Management and Chief Risk Officer, EDC),
Todd Winterhalt (Vice-President, International Business Development Group, EDC),
Al Hamdani (Vice-President, Project Financing, EDC),
Vijendra Gairola (Chief Representative,
India, EDC ~ located in
Richard Bale (Consul General for
Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 7,400 Canadian companies and their global customers in nearly 190 markets worldwide each year. EDC is financially self-sustaining and a recognized leader in financial reporting and economic analysis.
SOURCE Export Development Canada