Washington: An Indian subsidiary in the US has received USD 21 million bank guarantee loan for manufacturing high-voltage towers at a Texas plant to be exported to Canada.
The Ex-Im Bank announced its guarantee of USD 21 million revolving loan facility yesterday to Jyoti Americas LLC for the export to Canada of lattice transmission towers to be constructed by US workers in Conroe, Texas, according to a media report.
"We are delighted to receive this support from Ex-Im Bank which paved the way for us to secure and smoothly execute this prestigious export to Canada," said Ashok Goyal, joint managing director at Jyoti.
"With Ex-Im Bank's guarantee support along with Cadence Bank's working capital facilities, we look forward to many more such successes globally," he said.
The 220,000 square-foot Jyoti Americas manufacturing plant already employs about 159 workers.
As a result of this transaction, an additional shift of skilled workers will be added to the present workforce for this export production, the report said.
"We're pleased to support both Jyoti's direct investment in America, and the jobs that open up when US manufacturers export," said Ex-Im Bank Chairman and President Fred P Hochberg.
"This transaction also illustrates how exporters like Jyoti Americas can get fast export credit through one of Ex-Im's delegated-authority lenders, Cadence Bank. Ex-Im's guarantee helped clinch the sale, and paved the way for more business and U S jobs," he said.
Jyoti Americas LLC is wholly-owned subsidiary of Jyoti Structures, Ltd., which directly invested USD 41 million to establish a state-of-the-art manufacturing plant in Conroe.
Jyoti Americas' customer in Canada requires electric transmission towers for the Labrador-Island Link LP, an element of the Lower Churchill Project which generates and distributes hydroelectric power to Canada's Atlantic provinces.
