Tata, the big Indian conglomerate, has signed a joint venture agreement with the Nitol-Niloy Group of Bangladesh to establish footwear and bicycle production facilities in the latter country. The goal is to produce 5,000 pairs of shoes a day and one million bikes per year, mainly for the European and U.S. markets. Nitol-Niloy has been marketing Tata trucks and pick-up vehicles in Bangladesh, a country where several new bike production facilities have been opened recently. The country is expected to take advantage of Sri Lanka's recent loss of most-favored nation status. The government of Bangladesh wants to have 100 joint venture factories operating by 2013 in various sectors.