EDC Announces Transaction With India's Larsen & Toubro

News Release

MUMBAI March 15, 2007 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 L&T.
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 technology.
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.
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Media contact: Phil Taylor Public Affairs Export Development Canada (613) 598-2904ptaylor@edc.ca
Peter Nesbitt Chief Representative, IndiaExport Development Canada pnesbitt@edc.ca

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2016-12-15

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EDC Announces Transaction With India's Larsen & Toubro

News Release

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