Tarun Reflex

August 28, 2008

Mukesh Ambani Backs Tata’s Nano Project

 Reliance Industries Limited (RIL) chairman Mukesh Ambani has come out in support of Tata’s beleaguered Nano project in Singur, West Bengal, saying, “It’s a unique and innovative initiative which will establish India’s position as a small car hub”.

 “The Indian Industry must be encouraged to make such large investments in order to build the country’s competitiveness as well as support job creation,” the chairman of the largest private sector company in India said.

Warning that a “fear psychosis is being created” to slow down certain projects of national importance, Ambani said this would be counter-productive for the country’s economic growth, its global image as well as our ability to attract investments from across the world. Ambani’s statement comes in the wake of Tata Motors chairman Ratan Tata threatening to pull out the Rs 1,500-crore small car project from West Bengal after facing continued political opposition led by Trinamool Congress.

“The Indian industry and the political leadership in the country need to work together to deliver on the aspirations of the millions of Indians in urban and rural areas,” Ambani said.

“If anybody is under impression that we have made Rs 1,500-crore investment and will not move from the state, they are wrong. Whatever be the cost, we will move out if the situation demands so,” Ratan Tata had last week said.

Industry chambers CII, Ficci and Assocham have also supported the Tata and asked the West Bengal government to resolve the land issue with the opposition.

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