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SACE loan support Reliance to expand petrochem plants
08 Feb '12
2 min read
SACE has guaranteed a US$ 400 million equivalent loan granted to the major Indian petrochemical and oil & gas group, Reliance Industries, for the expansion and upgrading of the production capacity of its petrochemical plants, a gasification plant and refinery off-gas cracker as part of an investment plan in India worth over US$ 11 billion.
The SACE guarantee will support the contracts for the supply of goods and services awarded to several Italian companies, especially SMEs.
The announcement was made on the occasion of the signing ceremony hosted at SACE's Headquarters in Rome. “SACE's guarantee is both a relevant growth catalyst and an important leverage for the competitiveness of Italian exporters, along with quality and price of products - explained Alessandro Castellano, CEO of SACE, during the ceremony -. The deal signed today confirms our partnership with a key global player like Reliance Industries and paves the way for a further promotion of trade-related business between Indian and Italian companies, particularly the large number of small and medium-sized enterprises operating in the Country.”
This transaction, the fourth one concluded with Reliance Industries since 2004, brings to US$1 billion the overall credit facilities backed by SACE for the major Indian group.
SACE is fully engaged in its role of business facilitator in India and in supporting Italian companies in their export and investment activities in the Country, through a wide range of insurance and financial products, including guarantees on loans (in foreign currency) granted to major Indian companies. With a € 700 million project pipeline in India, SACE will open soon a new office in Mumbai that will act as a hub for South Asia.
The SACE guarantee will support the contracts for the supply of goods and services awarded to several Italian companies, especially SMEs.
The announcement was made on the occasion of the signing ceremony hosted at SACE's Headquarters in Rome. “SACE's guarantee is both a relevant growth catalyst and an important leverage for the competitiveness of Italian exporters, along with quality and price of products - explained Alessandro Castellano, CEO of SACE, during the ceremony -. The deal signed today confirms our partnership with a key global player like Reliance Industries and paves the way for a further promotion of trade-related business between Indian and Italian companies, particularly the large number of small and medium-sized enterprises operating in the Country.”
This transaction, the fourth one concluded with Reliance Industries since 2004, brings to US$1 billion the overall credit facilities backed by SACE for the major Indian group.
SACE is fully engaged in its role of business facilitator in India and in supporting Italian companies in their export and investment activities in the Country, through a wide range of insurance and financial products, including guarantees on loans (in foreign currency) granted to major Indian companies. With a € 700 million project pipeline in India, SACE will open soon a new office in Mumbai that will act as a hub for South Asia.
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