Home Economy Mukesh Ambani backs Tatas on Nano project

Mukesh Ambani backs Tatas on Nano project


New Delhi : India’s top business tycoon Mukesh Ambani Wednesday came out in support of the Tata Group’s Nano project coming up in Singur, West Bengal.

In a statement referring to the beleagured Nano project, the chairman and managing director of Reliance Industries Ltd said that “a fear psychosis was being created to slow-down certain projects of national importance.”

“This will 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 said.

The Nano project is facing uncertainty and work disruption following an agitation launched by the principal opposition party in West Bengal Mamata Banerjee’s Trinamool Congress.

The party wants 400 acres out of a total 997.11 acres of land allotted for the project – started two years ago – be returned to the original owners of the land.

The ruling Left Front coalition government in the state as well as the Tatas say returning the land will destroy the project’s viability.

Despite repeated requests by the West Bengal Chief Minister Buddhadeb Bhattacharjee to end the indefinite agitation launched last Sunday and come to the talks table, Mamata Bannerjee has refused to relent.

The agitation that has led to a blockade of National Highway 2 has also begun to affect other manufacturing units in the region as raw material supplies have come to a halt.

“The Nano Project is an unique and innovative initiative which will establish India’s position as a small car hub,” Ambani said in the statement.

“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,” he said.

Ambani further added that “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.”