Tata revisits $3 bn Bangladesh investment plan

Tata Group this week tried to revive its plan for Bangladesh’s biggest inward investment, opening talks with the new army-backed government, a company official said. Back in October 2004, the Indian conglomerate had announced a steel plant and fertilizer factory project with associated power stations and natural gas supplies.

The proposal turned into a $3 billion investment plan last year but talks stalled due to dissent on natural gas price, as the country got into pre-election political confusion and violence.

“On Tuesday I met a key government adviser (retired Major-General M A Matin) and discussed how we could take the proposals forward,” S Manzer Hussain, Tata’s resident director in Bangladesh, said on Wednesday. “We (Tata officials) also met the chief of the Board of Investment as it is the key player in this regard. They appreciated our concern and they are making efforts to find a way out,” Manzer said.