The New Nation - Internet Edition

UNB, Dhaka

Indian industrial giant Tata Group will soon start its negotiations with the caretaker government about its planned US$ 3 billion investment in Bangladesh, which has long been in limbo for previous dilemmas at policy level.

Tata Group Director S. Manzer Hussain yesterday disclosed his company's plan after a courtesy call on Commerce Advisor Dr. Hossain Zillur Rahman.

"We're hopeful of resuming our talks with the government soont there are some progress in this regard-we're waiting for the call," he told reporters after the meeting.

The Tata Group suspended its negotiations and investment plans in July 2006 at one stage of the talks when the previous BNP-led coalition government announced that the next elected government should decide on project after the general election.

The Indian conglomerate signed an expression-of-interest document with the Board of Investment in October 2004 to invest in power, coal, fertilizer and steel sectors.

The TATA ventures include a steel plant with an annual production capacity of 2.4 million tonnes, a urea factory with one-million-tonne capacity, a 500MW coal-fired power station, a 1,000MW gas-based power plant and coal mines.

A letter of intent between the two parties was first signed in.

After the meeting, Dr. Hossain Zillur said that the government welcomes any sort of investment in Bangladesh as a world-class investment atmosphere is prevailing here.

"The keen interest from world's largest groups like Tata and Mittal proves Bangladesh is getting emphasis as an important destination in investment businesstWe'll welcome the investment offers protecting the cent-percent interest of the country," he said.