Business & Economy
Tatas plan to invest
$2.5 b in Bangladesh
What is India News Service, Thursday,
21 April 2005, 1600 hrs IST
India\92s largest hotels chain, biggest
software servives provider and leading truck maker has
proposed a $2.5 bn investment in Bangladesh, that is is five times the total
FDI there in 2004 and assumes even greater significance as the total Bangladesh
FDI since 1972 was $3 billion.
The industrial giant has made the formal proposal to invest $2.5 billion, $500
million more than previously envisaged, a senior official said on Wednesday.
The Tata Group chairman, Ratan N. Tata, signed
a deal with Bangladesh's state-run Board of Investment (BoI) last year to invest
$2 billion in the power, steel and fertilizer sectors, the biggest single
investment proposal in Bangladesh.
"Today, we have received a formal $2.5
billion investment proposal from the Tata group," Mahmudur Rahman,
executive chairman of the BoI said.
S. Manzur Hossain, resident representative for
Tata, handed over the proposal to the BoI chief on completion of a feasibility
study which started in December last year.
During his visit to Bangladesh last October,
Ratan Tata said, "We are satisfied as the energy minister assured us about
smooth availability of natural gas to run the plants over next 20 to 25
Tata Steel in talks to take over Iranian plant
Restructure petroleum duties, advises MPs\92 panel:
A parliamentary panel, attached with the Petroleum Ministry, has called upon the
government to restructure the excise duties on the petroleum products to
neutralise the impact on the oil market companies of the soaring international
crude oil prices.
scheme to cover 4,000 items: The expert committee set up to review the duty
drawback rates for exporters has recommended that the January 2005 shift to
specific rates of drawback be reversed and the rates be announced on an ad
Govt slaps Rs 10,000 cr tax penalty on firms:
Companies and banks are charged with concealment of income.
jewellery hub: India is fast emerging as a trading hub for diamond and gold
jewellery, exports crossing $ 15.6 billion during
2004-05, registering about 30 per cent growth over the previous year.
okays Indian polymer resin import: In a significant decision, the United
States has terminated countervailing and anti-dumping investigations on imports
of polyethylene terephthalate resin from India, Indonesia and Thailand.
net profit rises 42 pc at Rs 198 cr: Biocon Ltd reported a Rs 198-crore PAT
that was higher by 42 per cent over the previous fiscal and a total income 34
per cent higher at Rs 728 crore for the year ended March 31, 2005.
agents call off ban against A-I: Travel
agents across the country have called off their 19-day agitation against
Air-India and European carriers after getting an assurance from the A-I top
brass that their grievances would be looked into.
to review cosmetics Act: The government today informed the Lok Sabha that it
would soon review the Drugs and Cosmetics Act to ensure stringent measures in
the wake of reports that certain harmful chemicals are used in baby products.
parties for stopping all iron ore, mineral exports: "Linkages for iron
ore should be given only if a company is setting up a steel plant in
penal provisions planned to make baby products safe: The
Government plans to make the penal provisions in the Drugs and Cosmetics Act
more stringent to ensure safety of baby products.
meet Ajit Singh on VAT: In order to muster political support for their
agitation against Value Added Tax system, traders on Wednesday met Rashtriya Lok
Dal Superemo Ajit Singh.
Bird Cycles eyes Chinese market: After taking on Chinese cycle manufacturers
in the domestic market, Ludhiana-based Hi Bird cycles has
decided to enter the
Chinese market in a big way.