Indian conglomerate TATA Group has signed an agreement with a company to jointly manufacture shoes and bicycles in Bangladesh.

The pact was signed on Sunday by Nitol-Niloy Group that has plans to manufacture TATA’s USD 2,200 Nano car, but has since offered to manufacture ancillaries for TATA vehicles in Bangladesh.

Mr OK Kaul ED of TATA International told The Daily Star that a team would visit Bangladesh in May to see how investment could be materialised.

TATA withdrew in 2008 its USD 3 billion offer the highest Bangladesh has received, to invest in a wide range of agro and gas based industries, engineering and infrastructure.

(Sourced from IANS)