EDC lends Montreal firm US$2M to expand Indian operations
US$2-million loan from EDC will be used to buy new equipment to modernize operations in India
OTTAWA—A subsidiary of Montreal-based Montreal-based GLV Inc. secured a US$2-million loan from Export Development Canada (EDC) to expand its operations in India.
A tech solutions provider for the water treatment and pulp and paper production industries, GLV’s Indian subsidiary produces equipment parts for the pulp and paper industry.
The loan will be used to buy new equipment as the company looks to modernize its operations in India, according to EDC.
“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,” EDC’s senior vice-president of financing and investments Carl Burlock said in a statement.
“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.”
More than 2,700 Quebec-based companies used EDC’s services last year as they concluded more that $1.3 billion in sales in foreign markets, according to EDC.