Welsh manufacturer secures contracts in India with UKEF’s support
Carpenter & Paterson increases revenue through overseas sales supported by government-backed export finance.
| About the transaction: Carpenter & Paterson | |
|---|---|
| Region | Wales |
| Sector | Manufacturing: pipe hangers and supports |
| Export destination | India |
| UKEF support | UKEF financing conditions (minimum UK content) |
In 2016, we provided Reliance Industries (India) with a £300 million line of credit to help fund construction work on a refinery in Jamnagar, Gujarat. Financing was provided on the condition that Reliance sourced goods and work on the project from the UK.
As a result of our UK content conditions for backing for the project, Welsh firm Carpenter & Paterson secured over US$9 million in revenue over 2 years, helping to support dozens of jobs. Thanks to this success and the continued growth in demand for its products across Asia, the company has now established new manufacturing bases in India and Thailand.
Jonathan Lee, managing director of Carpenter & Paterson, said:
The Reliance Project for Jamnagar 3 was the largest single project we’ve ever taken on as a company. The business we won with Reliance resulted in an increase of more than 50% in our revenue, which may not have happened without UKEF’s involvement.
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