EDC signs USD 600 million of new business in India to help grow Canadian supply into major multinationals

EDC signs USD 600 million of new business in India to help grow Canadian 
supply into major multinationals 
OTTAWA, 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 Mumbai and 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 India. 
Two-way trade between Canadian and India reached 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 India between March 17(th) and March 21(st )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 Mumbai), and Richard Bale (Consul 
General for Canada in Mumbai). 
EDC is 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. 
Media contactin Canada 
Phil Taylor Export Development Canada Tel: (613) 598-2904 
SOURCE: Export Development Canada 
To view this news release in HTML formatting, please use the following URL: 
CO: Government of Canada
ST: Ontario 
-0- Apr/04/2013 14:34 GMT
Press spacebar to pause and continue. Press esc to stop.