News: Tatas still serious about Bangladesh foray

(PTI 03/05/2007) Mumbai - Far from abandoning its $3 billion investment plan in Bangladesh, the Tata Group today said it would pursue the steel, power and fertiliser projects after polls to elect a new government in that country.

"We have not a bandoned the project. We have spent money which means we are serious about Bangladesh," R Gopalakrishnan, executive director, Tata Sons said.

"We had developed the project with serious intent. If we were not serious, then we would not have made a proposal. We have even posted our people there (Bangladesh)," he said.

Tata's investment plans, first submitted in 2005, never took off owing to delay in clearances and the Bangladesh government's reluctance to offer various concessions.

"We are ready with our plans but a matching readiness in Bangladesh must also be there," Gopalakrishnan said. Describing the group's plan as "long-term investments," he said there may be a few delays here and there. "Some projects get delayed, some aborted, while some go through with a little delay."

The Tatas' plan for setting up steel, fertiliser and a 1,000 MW gas-based power plant in Bangladesh would mark the single largest foreign investment in the country.