You are here: Home » Companies » News » Telecom
Business Standard

CCI gives nod Tatas' acquisition of Docomo stake in TTSL

DoCoMo, TTSL and Tata Sons had signed shareholder agreement in March 2009 for the business alliance

Press Trust of India  |  New Delhi 

CCI gives nod Tatas' acquisition of Docomo stake in TTSL

Fair trade regulator has approved Tatas' purchase of 21.63 per cent stake in group firm from Japan's NTT Docomo, taking the long- pending billion-dollar deal a step closer to completion.

A joint filing was made with the Competition Commission of India (CCI) for of share amounting to 21.63 per cent in TTSL by and four other group firms — Tata Steel, Tata Industries, and

In their joint application, the five companies had said they "propose to undertake a transaction which will result in of equity shares of TTSL comprising 21.63 per cent of the paid-up equity share capital, by the acquirers from Docomo pursuant to certain consent terms entered into between and Docomo."

In a tweet, the said it has approved "Tata companies' of 21.63 per cent shareholding in from NTT Docomo".

The Tata firms had represented before the that the proposed transaction would not affect or change the competitive landscape of the telecommunications market in India.

had sought approvals of the and tax authorities to remit $1.18 billion to estranged partner NTT DoCoMo to settle its long-standing dispute. It could not be immediately ascertained what is the status on the approval sought from the tax department.

Tata Group had been locked in a legal battle with DoCoMo over the alleged breach of contractual obligations pertaining to the Indian joint venture - (TTSL).

DoCoMo, TTSL and had signed the shareholder agreement in March 2009 for the business alliance, under which the Japanese major had also acquired a stake in TTSL.

First Published: Thu, May 25 2017. 20:07 IST