MUMBAI, May 4 (PTI): Far from abandoning its USD three billion investment plan in Bangladesh, the Tata Group yesterday said it would pursue the steel, power and fertiliser projects after polls to elect a new government in that country.

"We have not abandoned the project. We have spent money which means we are serious about Bangladesh," Tata Sons' Executive Director R. Gopalakrishnan told the news agency here.

"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 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 a steel, fertiliser and a 1,000 MW gas-based power plant in Bangladesh would mark the single largest foreign investment in that country.

 

@ The Bangladesh Journal

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