Tata submits report on USD 2 bn investment in Bangladesh

Dhaka, Apr 20 (PTI) Business-giant Tata Group has submitted its pre-feasibility study report to Bangladesh's Board of Investment, advancing the process of an estimated USD two billion investment into the country.

According to official sources, a delegation of the Tata Group placed the report with Board of Investment (BOI) Executive Chairman Mahmudur Rahman on Wednesday. The Indian industrial conglomerate conducted the study to examine its business suitability in different sectors in the country as also other pros and cons of its business.

Three Tata Group companies - Tata Steel, Tata Power and Tata Chemicals - submitted a 'Status Update' to the BOI Executive Chairman, as envisaged in the 'Expression of Interest' signed on October 13, 2004, a Tata release said.

"This document sets out the broad project parameters and key requirements for the feasibility of the proposed projects," it said. "The economic benefits to Bangladesh in terms of job creation, balance-of-payments contribution and multiplier effects would be large and significant," it said.

"These are large, complex and pioneering projects, of which many facets still need to be developed, one being the government's request that the Tatas consider coal as an alternative fuel source to gas. Work is ongoing on these points," the release added.