Diversified conglomerate Tata Group has abandoned plans to invest USD three billion on power, steel and fertilizer projects in Bangladesh, after spending four tiring years trying to secure infrastructure support.
Tatas, who made global headlines with the acquisition of Anglo-Dutch steel maker Corus and British auto companies Jaguar and Land Rover, first took their investment proposal to Bangladesh in 2004.
As part of the formal investment blueprint submitted to Dhaka in April 2005, Tata Steel proposed to set up a 2.4 mtpa plant, Tata Chemicals a one million tonne urea plant and Tata Power a 1,000 MW thermal power plant at a combined cost of USD 2.5 billion - which was to be the single largest FDI inflow into Bangladesh since its independence in 1971. |