Tata shelves investment plan in Bangladesh
The decision followed after Bangladesh rejected the proposal for investment yesterday.india Updated: Jul 11, 2006 15:45 IST
Disapppointed over delay by Bangladesh government, the Tata Group today announced the suspension of its 3 billion dollar investment plan in steel, power and coal sectors until the country’s general elections next year.
"We are extremely disappointed and frustrated. We thought the projects were good for the country's economy, for the people and the balance of payment," Tata Sons Executive Director Alan Rosling told reporters here in the morning.
Mr Rosling, who held a series of talks with ministers and officials on the implementation of the plan said, "We are suspending the proposed three billion dollar investment plan.'
Yesterday, a Tata delegation led by Rosling met with Bangladesh Finance and Planning Minister M Saifur Rahman, Cooperatives Minister Abdul Mannan Bhuiyan, Industries Minister Matiur Rehman Nizami and Principal Secretary to the Prime Minister Dr Kamal Uddin Siddiqui.
"If the Government does not make a decision we can't wait. We have been waiting for ten weeks to the government response," said Mr Rosling.
Under its investment plan, the group had offered to set up a 2.4 million tonne steel plant, two power plants, a coal mine and a fertiliser plant.