August 30, 2008

TATA still hopeful about its investment in Bangladesh

UNI reported that TATA Group is still hopeful of its proposed USD 3 billion investment plan in Bangladesh.

Mr S Manzer Hussain resident director of TATA said that ''We are still hopeful and we want to continue our relations with Bangladesh whatever the business we do.'' He added that it is expected to wait until a stable political situation returns to Bangladesh.

It may be noted that TATA Group had signed an expression of interest with the board of investment in 2004 to implement its proposed investment, which includes setting up a steel mill, a fertilizer factory and installing a power plant. But at one stage of negotiations, the previous BNP government had decided that the next elected government should take the final decision, prompting TATA to suspend its project in Bangladesh in 2006.

Despite the suspension, the TATA Group’s top executives expressed their intention on several occasions to move forward with the project.