Three plants worth $2 billion to be set up by India's second largest conglomerate Tata Group in Bangladesh would take off within the next four years and this could help break the 'false barriers' between the two countries, its chairman Ratan Tata said.
"We will carry out a feasibility study which will take between five to six months and then we hope the plants will go into operation within the next four years," Ratan Tata said in Dhaka.
Ratan Tata described as 'fruitful' his discussions with Bangladeshi ministers, including Energy Minister Mosharraf Hossain, on his proposed plan to build a power plant, steel mill and fertiliser factory in this country.
The Tata conglomerate signed an 'expression of interest' with the state-run Board of Investment for pumping $700 million for a basic steel plant, another $700 million in the two 500-megawatt gas-fired power plants and $600 million for a fertiliser plant.
"We are convinced we will get (natural) gas for the plants and we will need uninterrupted supply for an approximately 20 years," Tata said after holding talks with Hossain.
Hossain said the three plants would need 200 million cubic feet per day (mmcfd) in the first phase, while in the second 350 mmcfd.
"The talks were good, but we also proposed coal-fired plants," the Bangladeshi minister told reporters.
"It is sad that Bangladesh is suffering from negative perceptions in the outside world and the honest answer (for choosing Bangladesh for Tata's proposed power, steel and fertiliser plants) is that young people in my company felt Bangladesh has great potential but has been ignored," Tata said.
He said projects like the one the conglomerate has taken up could help break 'false barriers' between India and Bangladesh.
"If the plant is successful, then I am sure the perception will change," he said. "I will be most satisfied when one day history will probably say we have been working hand in hand and Bangladesh considers these plants as its own and Tata just happens to own them."
About future Tata plans for Bangladesh in hospitality and health sectors, he said: "I am not a superman but we will certainly look at those at some point."
