Japan's NTT DoCoMo to exit Indian telecoms joint venture: sources
Published on Apr 25, 2014 1:45 PM
TOKYO/NEW DELHI (Reuters) - NTT DoCoMo, Japan's biggest telecom network by subscribers, will sell its stake in its loss-making Indian mobile phone joint venture to partner Tata Group, people with direct knowledge of the matter said on Friday.
NTT DoCoMo will make a formal decision on the sale of its 26.5 per cent stake in Tata Teleservices at a board meeting on Friday, executives at the Japanese company said, without specifying a buyer.
NTT DoCoMo had invested 266.7 billion yen (S$3.3 billion) in Tata Teleservices in 2009.
In India, an industry source familiar with the matter said the diversified Tata Group conglomerate would buy the stake, but did not specify a price. Singapore state investor Temasek and Indian businessman C. Sivasankaran also own small stakes in Tata Teleservices.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here