Sources in the Board of Investment (BoI) said the team will work on opening liaison office and gathering information about Bangladesh market in the three sectors.

Although members of the team were not available, the source said the team will work independently but BoI will assist them in getting appointments with ministers and high officials concerned.

The team will assess the technical aspects of the proposed investment plans and make ground works for starting feasibility study. Apart from this team, other technical teams will come to Bangladesh time to time to prepare due diligence for the project.

Tata may sign memorandum of understanding (MoU) with BoI in December. Tata Chairman Ratan N Tata may come again to Dhaka to sign the MoU.

Talking to The Daily Star yesterday, BoI Executive Chairman Mahmudur Rahman said as the government assures uninterrupted gas supply, Tata may start early implementation of the project.

It is also very encouraging that Tata has showed interest in setting up coal-fired power plant alongside gas-based ones. During the two-day visit Tata chairman and other officials were impressed with warm hospitality and Bangladesh's deep interest about the group and it may expand other business sectors here, he said.

Tata chairman left Dhaka on Thursday after signing an expression of interest with BoI on the investment plans, highest commitment by a single foreign company in Bangladesh's history.

The agreement does not spell proposals out in detail, BoI sources said adding Tata may set up a $700 million basic steel industry in Ishwardi to produce 2.4 million tonne hot rolled coil and other basic steel products.

Under the planned deal, the Indian industrial giant may also pump another $700 million into the two 500-megawatt gas-fired power plants likely to be set up near Ishwardi. Its proposals also include investment in a $600 million fertiliser plant in Chittagong with a 1 million tonne production capacity a year.