Wednesday, February 02, 2005

BANGLADESH: Tatas reiterate commitment to invest

+ The comment follows a reported statement by the Bangladesh Board of Investment Chief Mahmudur Rehman, terming as "shocking" a letter given by a Tata feasibility team stating that it would return once the political situation in the country calmed down.+

01/02/2005
Tatas reiterate commitment to invest in Bangladesh

New Delhi, Feb 1 (PTI) Amid reports of its possible withdrawal from Bangladesh due to political uncertainties, corporate giant Tatas today asserted that it was progressing ahead with its plans and feasibility studies for two billion dollar investment in accordance with agreement with the neighbouring government.

"The feasibility studies are in line with the expression of interest (EoI) signed between the Tata group and the government of Bangladesh. We are carrying out the feasibility study uninterrupted," a Tata group spokesman told PTI.

The comment follows a reported statement by the Bangladesh Board of Investment Chief Mahmudur Rehman, terming as "shocking" a letter given by a Tata feasibility team stating that it would return once the political situation in the country calmed down.

The Tata spokesperson reiterated the commitment of Tatas in going ahead with its agreed position while stating that "we are aware of the some media reports on the Tata group's feasibilibity study in Bangladesh." Some officials of Tatas in Mumbai said on condition of anonymity that there has been some "communication gap" but did not confirm or deny the reports of the letter sent by one of its team to the Bangladesh Board of Investment.

Tatas recently set up an office in Dhaka to carry out operations in the neighbouring country with plans that could enable it to make the largest single foreign investment ever in Bangladesh.