Japan’s DoCoMo to buy 26 percent stake in Tata Teleservices

November 12th, 2008 - 6:59 pm ICT by IANS  

New Delhi, Nov 12 (IANS) Japan’s leading mobile telecom operator NTT DoCoMo will pick up a 26-percent stake in Tata Teleservices for $2.7 billion (Rs.13,070 crore/Rs.130.7 billion), it was announced Wednesday. DoCoMo will also make an open offer to acquire at least 20 percent of the outstanding equity shares of Tata Teleservices Maharashtra, part of the $62-billion Tata group, India’s largest industrial house.

The open offer will be made along with Tata Sons, the holding arm of the Indian company, as per guidelines issued by the market watchdog, Securities and Exchange Board of India (Sebi), the two companies said in a statement.

“As a result of the capital alliance, the partners expect to expand mobile communication operations in the fast-growing Indian mobile market, aiming to increase operating revenue and achieve steady business growth,” the statement added.

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