MUMBAI, India, March 15 /CNW Telbec/ - Export Development Canada (EDC)
announced today that it is providing financing of USD 20 million in a USD 200
million syndication for Larsen & Toubro Limited (L&T), the leading engineering
and construction company in India. EDC's participation will encourage the use
of Canadian products or services in Indian infrastructure projects managed by
EDC had also signed a USD 50 million dollar line of credit (LOC) with
ICICI Bank, which was announced earlier this week.
"EDC opened its first representation in New Delhi in 2005. Since then,
EDC-facilitated trade and investment with India grew from CAD 375 million in
2005 to a record breaking CAD 730 million in 2006," said Eric Siegel,
President and CEO of EDC, who was in Mumbai to meet with a number of Indian
companies after meetings in New Delhi this week. "Early in 2007, we have
already completed two new financing transactions to help grow existing
Canadian contracts or create new Canadian business opportunities in India."
EDC helped more than 150 Canadian companies increase their trade with
India in 2006. Close to 45 per cent of EDC's business volume in India last
year consisted of financing, through loan syndications for major Indian
buyers, to promote the purchase of Canadian goods and services.
Larsen & Toubro Limited (L&T) is a technology-driven engineering and
construction organization, and one of the largest companies in India's private
sector. It has additional interests in manufacturing, services and information
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 7,000 Canadian
companies and their global customers in up to 200 markets worldwide each year.
EDC is financially self-sustaining and is a recognized leader in financial
reporting, economic analysis and has been named one of Canada's Top 100
Employers for six consecutive years.
For further information:
For further information: Media: Phil Taylor, Public Affairs, Export
Development Canada, (613) 598-2904, email@example.com; Peter Nesbitt, Chief
Representative, India, Export Development Canada, firstname.lastname@example.org