Carole Nash Classic Insurance Specialists

India Watch : Tata Motors to return Nano land if compensated

KOLKATA, India (Reuters) — India’s Tata Motors Ltd. is willing to return the original site for its ultra-cheap Nano minicar if the state government compensates the company for its investment in the land, its Chairman said on Tuesday.

Tata Motors was forced to pull out of its Singur factory in West Bengal last October following violent protests by farmers who lost land. The company invested about $350 million.

“We do not wish to sit on the land for an indefinite period and we are willing to cooperate with the state government if any proposal suits us,” Ratan Tata told reporters on the sidelines of a shareholders meeting of group company Tata Tea.

“We are willing to transfer the land to the state government only if they compensate us with the investment we have made on the ground,” he said.

Ratan Tata is scheduled to meet the state’s industry minister, Nirupam Sen, on Tuesday. Tata Motors is building the Nano factory in the western state of Gujarat.

[Source: Automotive News Europe]

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