March 04, 2026 12:04 pm (IST)
Follow us:
EDC provides $500 m financing to RIL
Mumbai, Apr 2 (IBNS): Financier and insurer of Canadian exporting companies, Export Development Canada (EDC) on Wednesday announced a USD 500 million financing for Indian private sector company Reliance Industries Limited (RIL).
According to the officials, the transaction is among the largest financing packages that EDC has ever extended in Asia.
“We have been partnering with a wide section of Canadian suppliers for materials, equipment and services across our hydrocarbon businesses over the last 4-5 years and we are also engaging with them for our telecom business rollout,” said Srikanth Venkatachari, Reliance’s Joint Chief Financial Officer.
Venkatachari said, "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."
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 officials informed.
“RIL is a global leader in many sectors that matches up well with the Canadian industrial expertise, creating a natural partnership that benefits both of our priority interests,” said
Rajesh Sharma, EDC’s Senior Vice-President and Global Group Head, Business Development.
Sharma said, "A strong relationship with EDC helps the RIL Group benefit from a global source of mature and dependable financing in a capital-constrained global economy."
He added, "In turn, EDC introduces Canadian companies to RIL that not only meet their specific supply chain needs, but that can help them grow their global business. Everybody wins in this deal."
Since 2010, RIL has been regularly doing business with approximately 50 Canadian companies.
Of these companies, 33 percent were small- to medium-sized companies. EDC has been actively engaged with RIL in making introductions to Canadian capabilities.
According to the officials, India is a strategic market for Canada, as outlined in the Government’s Global Market Action Plan, and is also a market of corporate priority for EDC.
EDC is looking to grow the amount of financing that it offers to Indian companies for their capital expenditures, whether the financing be for general corporate purposes or project finance purposes.
Canadian and Indian companies used the EDC’s financial services to undertake CAD 1.8 billion of business in 2013 alone.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
Latest Headlines
Rs 9.7 lakh crore wiped out! Sensex tanks, rupee breaches 92 amid Middle East crisis
Wed, Mar 04 2026
Big investment alert! Bajaj Life unveils new opportunities fund — Should you jump in?
Mon, Mar 02 2026
Gold, silver surge as Middle East conflict sparks safe-haven buying
Mon, Mar 02 2026
Market panic! Sensex nosedives, Nifty tumbles as Iran–US-Israel conflict spooks investors
Mon, Mar 02 2026
Netflix shares jump 10% after quitting Warner Bros. Discovery bid
Sat, Feb 28 2026
PM Modi to flag off Micron’s Rs. 22,500 crore semiconductor facility in Sanand tomorrow. Check out all details
Fri, Feb 27 2026
'No longer financially attractive': Netflix quits Warner Bros. Discovery bid, clears path for Paramount Skydance
Fri, Feb 27 2026
Home First Finance shares tumble 6% after Rs 662 crore block deal
Thu, Feb 26 2026