DoCoMo gets nod to acquire Tata Teleservices’ stakeFebruary 23rd, 2009 - 10:58 pm ICT by IANS
New Delhi, Feb 23 (IANS) India’s cabinet was in an overdrive Monday clearing 60 agenda items in three hours, including Japan’s NTT DoCoMo Inc’s proposal to acquire 20.25 percent stake in Tata Teleservices.
It took Home Minister P. Chidambaram a little under an hour to brief reporters on the decisions taken.
The cabinet’s decision would pave the way for the Japanese firm to buy 384,241,919 equity shares in Tata Teleservices for Rs.9.45 billion (Rs.949 crore).
The cabinet has also showed green light to a proposal by National Aviation Co. of India Ltd (NACIL) to set up a joint venture with Singapore Air Terminal Services (SATS) for undertaking ground handling and cargo handling activities.
NACIL and SATS would hold 50:50 equity ratio in the new entity.
External Affairs Minister Pranab Mukherjee presided over cabinet meeting in the absence of Prime Minister Manmohan Singh, who is recuperating from a heart bypass surgery.
This is the first time in recent history that the cabinet has cleared so many items at a single sitting.