EDC Provides USD 500 M Financing to India's Reliance Industries as Business With Canadian Companies Grows

EDC Provides USD 500 M Financing to India's Reliance Industries as Business 
With Canadian Companies Grows 
TORONTO, ONTARIO -- (Marketwired) -- 04/01/14 --  Export Development
Canada (EDC), Canada's leading financier and insurer of Canadian
exporting companies, today announced USD 500 M in financing for
Reliance Industries Limited (RIL), the Indian multi-sector
The transaction is among the largest financing packages that EDC has
ever extended in Asia. RIL is a Fortune Global 500 company and is the
largest private-sector company in India. 
"We have been partnering with a wide section of Canadian suppliers
for materials, equipment and services across our hydrocarbon
businesses over the last 4-5 years and we are also engaging with them
for our telecom business rollout," said Srikanth Venkatachari,
Reliance's Joint Chief Financial Officer. "We have more than a
decade-long relationship with EDC, and this landmark deal will
provide further impetus to foster trade between RIL and Canadian
companies over the coming years." 
EDC provided the financing in response to the increasing business
that RIL has been undertaking with Canadian companies since 2004,
when EDC first became one of their financiers. The new financing
package helps diversify RIL's funding sources and extends the
maturity profile of its long- term debt in a cost effective manner. 
"RIL is a global leader in many sectors that match up well with
Canadian industrial expertise, creating a natural partnership that
benefits both of our priority interests," said Rajesh Sharma, EDC's
Senior Vice-President and Group Head, Global Business Development.  
"A strong relationship with EDC helps the RIL Group benefit from a
global source of mature and dependable financing in a
capital-constrained global economy," added Mr. Sharma. "In turn, EDC
introduces Canadian companies to RIL that not only meet their
specific supply chain needs, but that can help them grow their global
business. Everybody wins in this deal."  
Since 2010, RIL has been regularly doing business with approximately
50 Canadian companies. Of these companies, 33% were small- to
medium-sized companies. EDC has been actively engaged with RIL for
making introductions to Canadian capabilities. 
Industries of note for RIL are oil and gas exploration/production,
refining and petrochemicals that are part of its energy business. The
telecom and organized retail sectors are part of their consumer
facing business in India. 
India is a strategic market for Canada, as outlined in the
Government's Global Market Action Plan, and is also a market of
corporate priority for EDC. EDC is looking to grow the amount of
financing that it offers to Indian companies for their capital
expenditures, whether the financing be for general corporate purposes
or project finance purposes.  
Canadian and Indian companies used EDC's financial services to
undertake CAD 1.8 billion of business in 2013 alone. 
Canadian and Indian companies can contact EDC in Mumbai and New
About EDC 
EDC is Canada's export credit agency, providing financing and
insurance solutions locally and around the world to help Canadian
companies of any size respond to international business
opportunities. As a profitable Crown corporation that operates on
commercial principles, EDC works together with private- and
public-sector financial institutions to create greater capacity for
Canadian companies to engage in trade and investment. 
For more information about how EDC can help your company, visit
Phil Taylor
Export Development Canada
ptaylor@edc.ca (preferred and quickest response)
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