Tata's investment put to hold in Bangladesh
Tuesday, 01 February 2005, 20:30 IST
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DHAKA: Indian business conglomerate Tata Group's investment plans in Bangladesh have been put on hold because of political unrest that followed the killing of former Finance Minister Shah A.M.S. Kibria. A team of the Tata Group left Dhaka without completing the pre-feasibility study on the group's plans to invest $2 billion for setting up power, steel and fertiliser plants in Bangladesh. The delegation left Friday, a day after Kibria and four other Awami League workers were killed in a grenade attack at a party rally in Habiganj district. The two-member delegation that arrived in Bangladesh Jan 26 was scheduled to conclude the mission by Feb 2 after talks with a number of agencies, the New Age daily reported Tuesday quoting the Investment Board chief Mahmudur Rahman. The Tata team was to have a wrap-up meeting with the Investment Board chief Tuesday before carrying out a detailed feasibility study for commissioning the three planned projects. In a letter to the Board, the team members said they would come back when the political situation stabilised. The deadly grenade attack in northeast Bangladesh sparked off widespread violence across the country as the main opposition Awami League and its allies announced a series of agitation programmes including nationwide strikes. Rahman admitted receiving the letter and said the Tata officials were shocked by the present political situation in Bangladesh. "This is very shocking for us but the situation is beyond our control. We can neither stop Tata from leaving if it wishes in view of the situation nor can we get rid of the politics of strikes," the newspaper quoted Mahmudur Rahman. Earlier, a visit by Tata group chairman Ratan N Tata last August was postponed after a grenade attack at an Awami League rally attended by party chief Sheikh Hasina. At least 22 people including a top Awami League leader were killed and over 200 injured. Tata made his landmark visit to Dhaka in September and his executives inked an expression of interest for investing $2 billion for setting up the power, steel and fertiliser plants.
Source: IANS
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