Reliance to get $100mn loan from Canada

Export Development Canada (EDC) has announced its $100 million participation in a 10-year $2 billion syndicated loan for Reliance Industries (RIL).

RIL will use the funds for a gas exploration and development project.

"EDC's business in India continues to expand as Canadian exporters find meaningful ways to grow their business in this opportunity rich market," Eric Siegel, president and CEO of RDC, Canada's largest export credit agency, said.

Siegel added: "While a number of Canadian companies already have dealings with Reliance, EDC is pleased to have entered into this facility to help develop Canadian relationships with one of India's most important companies."