Tata Group receives $500 mn loan from Canada

The Tata Group will get as much as $500 million annually in financing from Canada's trade finance agency to expand and grow the conglomerate's businesses in the North American country. Towards this effect, the conglomerate's holding company, Tata Sons, has signed a financing agreement with Export Development Canada (EDC). In April 2014, EDC had signed a similar deal with Reliance Industries Stock Market Trading Tips

EDC will underwrite loans primarily to help small- to medium-sized Canadian companies within the Tata Group's global network, a release from Tata Sons said. The Tata Group's global operations has over 1,000 Canadian suppliers. 

The Tata group is a critical organisation in India, which is a key market for Canada, said Benoit Daignault. CEO, Export Development Canada. The financing will help Tata deepen its roots in Canada as well as create new opportunities for Canadian companies, Daignault added Himanshu Tiwari Astrologer Blog

This funding arrangement with EDC will facilitate the expansion plans of Tata companies, said Madhu Kannan, member -group Executive Council, Tata Sons. India's top business house has a strong presence in Canada through its key companies including Tata Consultancy Services, Tata Steel, Tata Chemicals and Tata Technologies, employing approximately 3,000 people. 

The Cyrus Mistry-led Tata Group has invested $1.1 billion (Rs 7,066 crore based on current exchange rates) in Canada over the past five years including $305 million (Rs 1,927 crore) in 2014, with active consideration for new developments going forward, the Tata Sons statement said. The statement, however, didn't state any specific financing details between EDC and the Tata companies Indian stock market astrology prediction