Reliance gets $500 m financing from EDC

Rajalakshmi S | | Updated on: Apr 02, 2014

The Export Development Canada (EDC), an export credit agency, has announced $500 million in financing for Reliance Industries Limited (RIL). The transaction is among the largest financing packages that EDC has ever extended in Asia.

The new package will help diversify RIL's funding sources and extends the maturity profile of its long- term debt in a cost effective manner, RIL said in a media statement.

RIL has been partnering with a wide section of Canadian suppliers for materials, equipment and services across the hydrocarbon businesses over the last four to five years. It is also engaging with Canadian companies for telecom business rollout, said Srikanth Venkatachari, Joint Chief Financial Officer of RIL in the statement.

Since 2010, RIL has been regularly doing business with approximately 50 Canadian companies.

Published on November 24, 2017

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