OTTAWA, Aug. 9 /CNW Telbec/ - Export Development Canada (EDC) today
announced its USD 100 million participation in a 10-year, USD 2 billion
syndicated loan for Reliance Industries Limited (RIL) of India.
RIL will apply the funds towards a gas exploration and development
project, which has a projected capital expenditure of USD 5.2 billion, off the
east coast of India. Niko Resources of Calgary is a 10 per cent stakeholder in
"EDC's business in India continues to expand as Canadian exporters find
meaningful ways to grow their business in this opportunity rich market," said
Eric Siegel, President and CEO of EDC. "While a number of Canadian companies
already have dealings with Reliance, EDC is pleased to have entered into this
facility to help develop Canadian relationships with one of India's most
EDC business volumes in the Indian market have grown considerably
following the opening of its permanent representation in New Delhi in 2004,
growing from CAD 267 million at the close of 2003 to CAD 730 million in 2006.
EDC currently facilitates approximately 48 per cent of Canada's merchandise
trade with India. EDC has particularly highlighted the infrastructure,
telecommunications, automotive, agrifood processing and storage, mining and
energy sectors as growth areas for Canada-India business. EDC is currently
planning on opening a second permanent Indian representation in Mumbai by the
end of 2007.
RIL is India's largest private-sector company and part of the Reliance
Group, a multi-faceted corporation with interests in the exploration and
production of oil and gas, the manufacture of petroleum and petrochemicals
products (polyester, fibre intermediates, plastics and chemicals), synthetic
textiles, fabrics and mass retailing. Reliance Group employs more than
25,000 employees and exports more than USD 5 billion in goods to more than
100 countries annually. Reliance Group companies include RIL, Indian
Petrochemicals Corporation Ltd., Reliance Petroleum Limited and Reliance
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, EDC, (613)