Ratan Tata's Nano rides on nervy tracks by Sankar Ray 4 Sep 08 (http://epaper.sakaaltimes.com/default.aspx?selPg=123&page=04_09_2008_006.jpg&ed=987&BMode=100&artHigh=2)
Suspension of work at the Nano Plant in Singur by the Tata Motors Limited is no doubt a disturbing indication but it would be unwise to take a onesided version for granted. No matter if Ratan Tata ,the supremo of the $-72-billion conglomerate, or the maverick Trinamool leader, Mamata Banerjee, is gullible for what was no unexpected a collapse temporary or permanent - a dispassionate review is a must. About the West Bengal government, specially CM Buddhadeb Bhattacharya, the less said, the better. No less laughable is the statement by AITUC general secretary and CPI MP Gurudas Dasgupta that the AITC is to be blamed. Worse is the latest editorial in the CPI(M)'s central organ People's Democracy, which wrote that the protesters, who suggest that for the ancilliary units, the Nano project should consider the land on the other side to help unwilling farm-land holders resume tilling, "sabotage greater employment opportunities and better livelihood for the people. They, thus, emerge as the enemies of Bengal's prosperity." In the same weekly, AKG Bhavan's chief economic theoretician wrote in 2007 that hi-tech industries today do not create large number of jobs in the downstream.
The press release - Tata Motors suspends work on Nano plant in Singur - states that the Tatas "invested about Rs 500 crore towards construction of their plant and procurement of their equipment and machinery." Add Rs one crore paid by Tata Motors as yearly lease rent for the 650 acres allotted for the main plant for five years and Rs 1.25 crore there after, as disclosed by the chairman, standing committee for commerce and industries, West Bengal Legislative Assembly. Why did Ratan Tata say on the sidelines of the AGM of Tata Tea Ltd on August 22 in Kolkata that the company has already incurred a cost of Rs 1500 crore? Transparency is fractured.
Let me refer to a news item in Forbes magazine: Tata Motors meets fork in the road on 12 August, which wrote that the company "could be entering a troubled market since the demand is not quite buoyant as expected.". It has scrapped Rs 30,000 crore worth of convertible preference shares and considers raising funds by selling off investments, linked to the $ 2.3 billion Jaguar acquisition. Will the Tatas stick to the $ 2200 price for the 'people's car' at least for the first year? Mind you, one can buy a new two-wheeler at 30 per cent of the promised price for Nano.
S uspension of work at the Nano Plant in Singur by the Tata Motors Limited is no doubt a disturbing indication but it would be unwise to take a one- sided version for granted. No matter if Ratan Tata ,the supremo of the $-72-billion conglomerate, or the maverick Trinamool leader, Mamata Banerjee, is gullible for what was no unexpected a collapse - temporary or permanent - a dispassionate review is a must. About the West Bengal government, special- ly CM Buddhadeb Bhattacharya, the less said, the better. No less laughable is the statement by AITUC general secretary and CPI MP Gurudas Dasgupta that the AITC is to be blamed. Worse is the latest editorial in the CPI(M)'s central organ People's De- mocracy, which wrote that the protesters, who sug- gest that for the ancilliary units, the Nano project should consider the land on the other side to help unwilling farm-land holders resume tilling, "sabo- tage greater employment opportunities and better livelihood for the people. They, thus, emerge as the enemies of Bengal's prosperity." In the same weekly, AKG Bhavan's chief economic theoretician wrote in 2007 that hi-tech industries today do not create large number of jobs in the downstream. The press release - Tata Motors suspends work on Nano plant in Singur - states that the Tatas "in- vested about Rs 500 crore towards construction of their plant and procurement of their equipment and machinery." Add Rs one crore paid by Tata Motors as yearly lease rent for the 650 acres allotted for the main plant for five years and Rs 1.25 crore there after, as disclosed by the chairman, standing com- mittee for commerce and industries, West Bengal Legislative Assembly. Why did Ratan Tata say on the sidelines of the AGM of Tata Tea Ltd on August 22 in Kolkata that the company has already incurred a cost of Rs 1500 crore? Transparency is fractured. Let me refer to a news item in Forbes magazine: Tata Motors meets fork in the road on 12 August, which wrote that the company "could be entering a trou- bled market since the demand is not quite buoyant as expected.". It has scrapped Rs 30,000 crore worth of convertible preference shares and considers rais- ing funds by selling off investments, linked to the $ 2.3 billion Jaguar acquisition. Will the Tatas stick to the $ 2200 price for the 'people's car' at least for the first year? Mind you, one can buy a new two-wheeler at 30 per cent of the promised price for Nano.
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