Bangladesh News

Indian industrial giant Tata Group may revive its package proposal for investing $3 billion in Bangladesh.
The indication came as Tata Group’s Resident Director S Manzer Hussain called on Power and Energy Adviser Tapan Chwdhury at his Secretariat office yesterday.

After the meeting, Tapan Chowdhury told reporters that Tata has an investment proposal for a long-term project and the country will be benefited if such investment proposal is entertained.

But, he said the caretaker government is presently thinking of dealing with short-term projects. “If the caretaker government thinks about Tata’s investment, there should be a prompt decision from the government.”

About his meeting with the Adviser, Manzer Hussain told the news agency that it was “absolutely a courtesy call”.

Sources, however, said both the adviser and Tata representative discussed the present state of Tata’s $ 3 billion investment plan.

There is an indication from Tata that it will revive its project if the Bangladesh government invites for dialogue on the basis of previous negotiations.

On July 10 last year, the Tata Group suspended its $ 3 billion investment proposal in Bangladesh due to “indecision of the government”.

Tata had signed an expression of interest with the previous BNP-led alliance government in 2004 and after a long negotiation it submitted a revised offer on April 31 seeking a government decision.

Tata’s package investment proposal includes setting up of a 2.4 million-ton steel plant, a fertiliser plant, a 475MW gas-based power plant and development of Barapukuria coal mine.

To implement the investment plan, the Indian industrial giant sought about 2.14 tcf of gas with uninterrupted supply guarantee for at least 10 years to feed their projects. Tata offered gas price from $ 2 to $ 4 per unit.