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EDC to help Tatas increase biz with Canadian firms

By Niranjan Mudholkar,

Added 05 November 2015

Will provide up to $500 million every year in financing for Tata companies.

Export Development Canada (EDC) and Tata Sons have entered into an agreement, under which EDC will provide up to $500 million every year in financing for Tata companies. EDC will underwrite loans under the agreement as opportunities arise for Canadian companies, particularly small-to medium-sized exporters (SMEs), within Tata companies' global supply chains.

Tata companies have invested more than CAD 1.3 billion in Canadian operations over the past five years, CAD 355 million last year alone, with active consideration for new developments going forward.

Among Tata companies present in Canada are Tata Global Beverages, Tata Steel, Tata Consultancy Services, Tata Chemicals, Tata Communications, Tata Technologies and Tata Interactive, with approximately 3,000 employees in various operations.

Their facilities include an IT development centre (Ontario), telecommunications facilities (Quebec and Ontario), iron ore mining (Quebec) and soda ash distribution centres (Quebec and New Brunswick). Tata companies' worldwide operations already count more than 1,000 Canadian suppliers.

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