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>Tata pulls out

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>INDIAN industrial conglomerate Tata Group on Monday scrapped its plan for $3 billion investment in Bangladesh as it sees “no prospect” of taking the projects any further. (Full report)
“It is clear…that the government will not be in a position, in the foreseeable future, to grant the projects the natural gas commitment they would require,” Tata said in a statement.
“Consequently there is no prospect of taking these projects further,” it said, abandoning its plan after four years of endeavour to persuade Bangladesh government into ensuring a guaranteed supply of gas to its plants.
Tata Group, which made overseas acquisitions of $18 billion in the last eight years, in 2004 first proposed establishing four large steel, power and fertiliser projects in Bangladesh in the biggest foreign direct investment in the country to date and continued intensive negotiations with the government until 2006.


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