Tata ponders step to restart negotiations

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A top official of India’s industrial giant Tata yesterday said they are exploring the possibility of starting off its $3 billion package investment project in Bangladesh through a good conclusion of the final deal.

Tata’s package investment proposals include setting up of a 2.4million-ton steel plant, a fertiliser plant, a 475MW gas-fired power plant and the development of Barapukuria coal mine through open-cast methodology.

The project remained suspended since last July, before the previous government handed over power to the caretaker government.

“We are exploring the possibility of seeing if we can start off again from where we left last time and come to a good conclusion,” S Manzer Husain, resident director of Tata Group, told the news agency after meeting with Foreign Affairs Adviser Iftekhar Ahmed Chowdhury.

On the meeting with the adviser, Husain said he apprised him of the Tata projects.

Asked if he got positive response to the project from the adviser, he said, “We just apprised him, and I think, we should give them time to assess the situation.”

He, however, said: “Since the benefits of the project are so good, obviously, we hope that they will also be looking at how to take it forward, if possible.”

Husain was asked if he feels encouraged about their project after the current caretaker government recently signed a Tk 1033-crore deal with an Indian company for setting up 240MW power plants in Bangladesh. “I think, the best thing is to wait for some time,” he said.

The official ruled out the possibility of any delegation of Tata visiting Bangladesh in the near future.

Asked if he thinks the current situation is favourable for foreign investment, Husain said, “Well, every situation is favourable for foreign investment…Only thing, intention should be there. And I think, every well-meaning Bangladeshi will have the good intention of getting foreign investment.”

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