NTT DOCOMO to sell its stake in Tata Teleservices

Mumbai:

NTT Docomo will exercise its sale option under shareholders agreement (SHA) entered between Tata Sons Limited, NTT Docomo Inc. and Tata Teleservices Limited (TTSL).

This was decided during a board meeting held on April 25, 2014. Interestingly, Tata Sons Limited, NTT Docomo Inc. and Tata Teleservices Limited (TTSL) entered into a shareholders agreement (SHA) on March 25, 2009.

DoCoMo had purchased its Tata Tele stake in installments in 2009 and 2011 for $2.7 billion when Tata Tele was on the verge of adding GSM services to its CDMA-based offerings. 

Tata Sons release stated that  NTT Docomo has announced that it plans to exercise its sale option under the SHA as soon as the conditions for such exercise are met.

"As also stated by NTT Docomo, it is not possible to predict how events will unfold; however, Tata Sons is cognizant of its responsibilities, and will act keeping in mind the interests of all stakeholders and in accordance with law," the release added.

TTSL continues to be an integral part of the Tata group, the release added.