Tata to set up shoe, bicycle factories in BangladeshApril 12th, 2010 - 1:58 pm ICT by IANS
Dhaka, April 12 (IANS) Indian conglomerate Tata Group has signed an agreement with a company here to jointly manufacture shoes and bicycles in Bangladesh.
The pact was signed Sunday by Nitol-Niloy Group that had plans to manufacture Tata’s $2,200 ‘Nano’ car, but has since offered to manufacture ancillaries for Tata vehicles in Bangladesh.
O.K. Kaul, executive director of Tata International, told The Daily Star that a team would visit Bangladesh in May to see how investment could be materialised.
Tata withdrew in 2008 its $3 billion offer, the highest Bangladesh has received, to invest in a wide range of agro and gas-based industries, engineering and infrastructure.
The Tata proposal, made personally by its chief Ratan Tata in 2003, was considered “politically sensitive” by past governments and held up.
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