DHAKA, April 20: India’s Tata group submitted on Wednesday its formal proposal to the government of Bangladesh to invest $2.5 billion in setting up steel, power and fertilizer units. Before submission of the formal proposal, the Indian conglomerate carried out a number of studies and surveys on investment prospects in the country, involving some 30 teams, over the past six months.

The group is also willing to hold the ground-breaking ceremony by December this year to commission three projects within next 36 months, Tata’s resident director for Bangladesh, Manjer Hossain, informed the executive chairman of the Board of Investment of Bangladesh.

Apart from setting up the plants, Tata has further expressed its interest in exploring coal in northern Bangladesh.