 "Tata to get up to $500 mn a year in Canadian financing")
Tata Sons got up to $500 million annual financing support from Export Development Canada (EDC) for Tata Group companies who have Canadian small and medium enterprises in their supply chain. This will help Tata Group companies invest more in Canada. Tata companies have invested more than $990 million in Canadian operations over the last five years. It also employs around 3,000 people in Canada.
"The Tata group is a critical organisation within a key market for Canada - India -- and the financing is a reflection of Tata's importance to Canadian exporters," said Benoit Daignault, president and CEO at EDC. "Equally important is Canada's importance to Tata, with EDC's financing helping them deepen their roots here at home and create new opportunities for Canadian companies," he said.
Tata Global Beverages, Tata Steel, Tata Consultancy Services, Tata Chemicals, Tata Communications, Tata Technologies and Tata Interactive are companies present in Canada. 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.
Madhu Kannan, member, group executive council, Tata Sons said, "EDC continues to be a very important partner for us and we are delighted to enter into this funding arrangement with them which would facilitate the expansion plans of Tata companies."
