Reliance Industries (RIL) on Wednesday said it has received a $500 million loan from the Export Development Canada (EDC), Canada's leading financier and insurer of Canadian exporting companies.
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. The transaction is among the largest financing packages that EDC has ever extended in Asia, RIL said in a statement.
“We have been partnering with a wide section of Canadian suppliers for materials, equipment and services across our hydrocarbon businesses over the last four-five years and we are also engaging with them for our telecom business rollout,” said Srikanth Venkatachari, Reliance's Joint CFO.
“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,” he added.