India's Tata Motors (TAMO.BO) is willing to return the original site for its ultra-cheap Nano car if the state government compensates for the investment on the land, its chairman said on Tuesday. The company was forced to pull out its factory from Singur in West Bengal last October following violent protests by farmers who lost land, after investing about $350 million. [ID:nDEL240155]

We do not wish to sit on the land for an indefinite period and we are willing to co-operate with the state government if any proposal suits us, Ratan Tata told reporters on the sidelines of a shareholders meeting of group company Tata Tea (TTTE.BO).

We are willing to transfer the land to the state government only if they compensate us with the investment we have made on the ground, he said.

Ratan Tata is scheduled to meet the state's industry minister, Nirupam Sen, on Tuesday.

Tata Motors is building the Nano factory in the western state of Gujarat. (Reporting by Niladri Bhattacharya, Editing by Ranjit Gangadharan)