TNN

MUMBAI: Canadian export credit agency - Export Development Canada - is picking up a 10% stake in a soon-to-be-launched $1-billion infrastructure fund, along with Indian partners and multinational banks.

Speaking to the media in Mumbai on Wednesday, EDC president and CEO Eric Siegel said, 'We are doing an equity investment in $500 million to $1-b-llion sized infrastructure fund which will invest in power, road development, airport, water treatment and waste management, among others.The deal is expected to be closed by the end of the month." He was unwilling to disclose the details of the partners. However, the only major infrastructure fund of the size mentioned is that being floated by Standard Chartered and ILFS.

Mr Siegel said its India exposure has already doubled to $600 million this year. And the year is likely to end with over $1-billion exposure in India which includes loans and credit guarantees. Given its strong business growth, EDC has opened one more office in Mumbai, in addition to its office in New Delhi.

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Posted by dcjaya at November 16, 2007 2:46 AM