C&P’s $9m Indian trade

Welshpool engineering company Carpenter & Paterson has shown the way forward for global trade amidst the Brexit debate by clinching $9m (£6.4m) worth of contracts in India.

The two-year deal with Reliance India has resulted in turnover increasing by 50% and has come with the support of the British Government opening up more global trading opportunities.

The company, which has been manufacturing specialist pipe suspension equipment for over 60 years, has also used the contract to establish manufacturing bases in India and Thailand.

The Welshpool headquarters will provide technical support, management and financing to the Asia subsidiaries, as well as supplying the more complex products.

UK Export Finance (UKEF), the UK’s export credit agency, provided Reliance India with a £300m line of credit to help fund construction work on its refinery in Jamnagar. UKEF financing was provided on the condition that Reliance sourced goods and work on the project from the UK.

Jonathan Lee, managing director at 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 per cent in our revenue, which may not have happened without UKEF’s involvement.”

Jon Boyce, senior export finance manager at UKEF, said: “We know there is a high demand for quality UK goods and services in other countries, and as part of the Department for International Trade, UKEF is here to make sure UK companies can make the most of these opportunities.”