Tatas may withdraw from Bangladesh

Tatas may withdraw from Bangladesh
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First Published: Wed, Mar 21 2007. 03 24 PM IST
Updated: Wed, Mar 21 2007. 03 24 PM IST
PTI
New Delhi: Peeved at the delay in getting the approval of over $3 bn (Rs1,35,000 crore) to set up power, steel and fertiliser projects in the country.
“While we may be interested in investments in Bangladesh, the more time it takes to come to an agreement or more delays happen, the more difficult it will be for us to invest in the country,” Tata Group’s chief of Bangladesh operations, Indranil Sengupta told PTI.
“Any organization has limited financial and human resources,” he said, and warned the group was constantly looking for opportunities across the globe.
“As and when we keep committing to our resources to such opportunities, the resources become more limited,” he said, citing the example of Tatas takeover of Anglo-Dutch steel company Corus Group Plc in a $12 bn dollar deal.
“For example, we did Corus and there are other opportunities in the pipeline and the more we commit before the agreement with Bangladesh happens, the more difficult it becomes for us to invest,” Sengupta said.
Tatas, India’s largest corporate house, had planned to invest more than $3 bn for setting up power, steel and fertilizer plants, but the Bangladesh government has so far not given its approval.
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First Published: Wed, Mar 21 2007. 03 24 PM IST
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