Tatas submit revised project proposal to Bangladesh

Kolkata, Apr 30 (UNI) The Tata Group today submitted its revised proposal to the Board of Inivestment (BoI) of Bangladesh for setting up of greenfield operations in steel, fertiliser, power and coal mining with a three billion-dollar investment.

According to reports received from Dhaka, negotiations on the key terms of these projects that commenced last year, now entered the final stage with the comprehesive package addressing the issues of gas prices, fiscal incenntive and coal mining.

In the submission, the Tata Group has proposed a product-linked gas pricing formula, which at today's commodity prices offers Bangladesdh an attractive price for its natural gas.

The Bangladesh Government has been offered an option for ten per cent equity participation in all projects and the Tatas have indicated their intention to list the projects in the local capital markets at an appropriate time.

"Bangladesh continues to be a focus market for Tata Group's international expansion plans. We are hopeful that our revised proposal meets the concerns raised by Bangladesh," Tata Sons Executive Director Alan Rosaling said.

The proposal also gives details on setting up of two hospitals and three technical training insitutes near the plant sites as part of its commitment to corporate social responsibility.

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