OTTAWA, Aug. 8 /CNW Telbec/ - Export Development Canada (EDC) announced
today that it has invested CAD 7.5 million with The Avigo Group (Avigo), a
private equity firm based in New Delhi, India. The fund's investments will be
directed towards companies operating in India that have the potential to
strategically match the expertise of Canadian exporters in key industries.
"EDC's first equity transaction in India with Avigo is a natural and
important broadening of our market reach there," said Eric Siegel, President
and CEO of EDC. "The small and medium enterprises supporting India's booming
market are developing at a significant rate and EDC must find new ways to help
Canadian exporters take advantage of these tremendous opportunities."
Avigo was founded in 2003 and was established to invest in high growth
small and medium enterprises (SMEs) in India's burgeoning industrial sector.
Avigo is in the process of completing fundraising for its second fund, the
USD 125 million Avigo SME Fund II. This fund was structured to incorporate
both international and domestic investors and will seize upon opportunities
across a broad range of industrial sectors. The fund targets SMEs at different
stages of the business life cycle (growth stage, pre-IPO stage and buyouts)
with an average investment size between USD 2 million and 7 million.
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 6,400 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: Phil Taylor, Public Affairs, Export Development
Canada, (613) 598-2904, firstname.lastname@example.org