Export Development Canada (EDC) announced a US$2 million loan for a subsidiary of Montreal-based GLV Inc. to grow its operations in India, which is a strategic market for Canada, as outlined in the Government’s Global Market Action Plan, and is also a market of corporate priority for EDC.
GLV Group is a leading global provider of technological solutions for water treatment and pulp and paper production. Its subsidiary, GL&V India, which produces equipment parts for the pulp and paper industry, was looking to expand and modernize its existing production unit and will be investing up to US$2 million in new equipment.
“EDC really believes in GLV’s approach, and we wanted to make sure that we provided the right kind of financial tools to make their foreign investment plans happen,” said Carl Burlock, senior vice-president, Financing and Investments, EDC. “The real value for GLV was our ability to customize a financial structure that made sense for them, at this point in their growth plan, and to do so within their tight deadline constraints.”
EDC is Canada’s leading provider of financing, insurance and bonding for Canadian companies of all sizes that do business outside of Canada.