Tata proposal not cancelled: Bangladesh | india | Hindustan Times
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Tata proposal not cancelled: Bangladesh

The Tata Group had announced suspension of its projects until the general elections.

india Updated: Jul 13, 2006 17:37 IST

The Tata conglomerate's multi-billion dollar investment project in Bangladesh has not been cancelled and no decision should be taken in haste as the country's general elections are ahead, a senior minister has said.

Tata Group on Monday announced suspension of its planned 3 billion dollar investment projects until the general elections next year.

Finance and planning minister of Bangladesh M Saifur Rahman said the project involving investment of $3 billion in steel, power and coal sectors has not been cancelled.

"It is a big investment proposal and we have to be more specific on many sides of the proposal and it has been postponed for the time being. We also want this investment. But election is ahead, we should not take a hasty decision during this period," BSS news agency quoted him as saying.

The finance minister said Tata's proposal has been discussed, but there are still some matters which are unclear.

He said it is difficult to take such a big economic decision during the election time.

"Tata said they would come when the government invites," he said adding, "there is scope for further discussion on this matter."

Earlier, executive director of Tata Sons Alan Rosling had announced suspension of the plan.

"We are extremely disappointed and frustrated (over the delay in clearing the plan)...We thought the projects were good for the country's economy, for the people and the balance of payment," he had said.