Ratan Tata says willing to return Singur land if compensated

Kolkata, Sep.1 (ANI): TATA Group chairman Ratan Tata on Tuesday told a press conference here that the failed NANO plant at Singur had cost him about 500 crore rupees, and he was willing to return the land if the State Government compensated Tata Motors.

"We do not want to sit on the land. We will return it if the State Government compensates us for the investments made there," Ratan Tata said.

"We don't intend to block development in West Bengal. The Singur plant cost us Rs.500 crore. We have other investments in West Bengal, which are on track," he added.

Tata said this after holding meetings with West Bengal Chief Minister Buddhadeb Bhattacharya and State Commerce and Industry Minister Nirupam Sen.

Sen was also present at the press conference.

Tata said he had no plans to invest in Singur, but was open to any plan from the government.

"We have no plans for Singur but will cooperate with the government if they have a plan that makes sense to the government and us. We do not wish to sit on the land," he said.

"West Bengal remains in our heart. One incident or one year does not matter in the life of a corporation," he said.

At Tata Motors' annual general meeting in Mumbai recently, Tata had said that he could return to Singur if the situation improved.

Today's declaration puts to rest recent speculation about the possibility of Tata reviving the project in future.

However, when reminded of Mamata Banerjee's demand to return the Singur land, he retorted, "But it is not her land."

It may be recalled that Tata Motors exited Singur last October after a fierce agitation by Mamata Banerjee over compensation for farmers.

The company relocated the NANO project to Sanand in Gujarat.

The overall investment was Rs.1700 crore. Much of it has been recovered. The 'sunk' cost is estimated to be about Rs.500 crore. (ANI)