Tata Teleservices completes stake sale to DoCoMoMarch 26th, 2009 - 7:07 pm ICT by IANS
New Delhi, March 26 (IANS) The 26 percent stake sale in telecommunications major Tata Teleservices to Japanese telecom company NTT DoCoMo has been completed, the Indian company’s parent Tata Sons said Thursday.
“DoCoMo has also completed its payment obligations under the tender offer and is preparing to acquire approximately 12 percent of the common shares of Tata Teleservices (Maharashtra) Ltd through an open offer,” Tata Sons said in a regulatory statement.
Tata Teleservices entered into an agreement with NTT DoCoMo in November 2008, under which the Japanese company acquired a 26 percent stake in Tata Teleservices $2.7 billion.
DoCoMo will also get three positions on the Tata Teleservices board.
“The Indian market and our subscribers will soon get to experience the benefits of differentiated products and services that our association with DoCoMo will enable us to offer,” Tata Teleservices managing director Anil Sardana said in the statement.
Tata Teleservices expects to leverage DoCoMo’s expertise in the development and delivery of value-added services, where the japanese firm is an established player.
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