NTT DoCoMo files Arbitration Request to Sell $1 Billion Tata Teleservices Stake | MobileTelco

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NTT DoCoMo files Arbitration Request to Sell $1 Billion Tata Teleservices Stake | MobileTelco

NTT DoCoMo Inc on Monday said it has asked a London court to ensure Tata Sons finds a buyer for the Japanese carrier's stake in an Indian joint venture for $1 billion, after Tata failed to do so by an agreed date.

NTT DoCoMo files Arbitration Request to Sell $1 Billion Tata Teleservices Stake | MobileTelco

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DoCoMo said in a statement, "DoCoMo paid 266.7 billion yen ($2.22 billion) for 26.5 per cent of Tata Teleservices Ltd in 2009. Under the agreement, holding company Tata Sons would sell the stake for at least half of the purchase price should undisclosed performance targets be missed."

DoCoMo spokesman Mr. Shunsuke Muraki told Reuters "DoCoMo requested the sale in July. That gave Tata Sons 90 business days to find a buyer for Rs 7,250 crore ($1.15 billion) or fair market price, whichever was higher. As a buyer was not found by December 3, DoCoMo filed an arbitration request on January 3 with the London Court of International Arbitration to ensure the stake is sold

Worst case scenario, if the agreement is not followed through, a foreclosure is a possibility"

"From the outset, Tata Sons has been committed to honouring its obligations to DoCoMo, and has taken every possible step keeping in mind the interests of all stakeholders and in accordance with law," the company said.

"Tata Sons has made the necessary application to the Reserve Bank of India, and is awaiting a response," it said, without elaborating. ($1 = 120.2700 yen)

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Mobile Telco: NTT DoCoMo files Arbitration Request to Sell $1 Billion Tata Teleservices Stake | MobileTelco
NTT DoCoMo files Arbitration Request to Sell $1 Billion Tata Teleservices Stake | MobileTelco
NTT DoCoMo files Arbitration Request to Sell $1 Billion Tata Teleservices Stake | MobileTelco
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