TOKYO (Reuters) - Japan's NTT DoCoMo Inc said on Friday it would exercise the option to sell its 26.5 pct stake in Tata Teleservices Ltd by June if the Indian mobile phone joint venture failed to achieve performance targets for the financial year that ended last month.
The sale price would be 72.5 billion rupees ($1.19 billion) - the equivalent to half of the original acquisition price - or a "fair market price", whichever was higher, as agreed when DoCoMo made the initial investment in 2009, Japan's top mobile phone services operator said in a statement.
The agreement allows DoCoMo to sell the stake to Tata Sons Ltd, it added.
($1 = 61.0550 rupees)
(Reporting by Sophie Knight; Writing by Chang-Ran Kim; Editing by Christopher Cushing)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app