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Govt may block Tata payment to Docomo

Finanance ministry won't grant forex exemption that Tata needs to make payment

Bloomberg & PTI  |  New Delhi/Mumbai & London 

India plans to block Tata Sons Ltd’s payment of a $1.17-billion arbitration award to NTT Docomo Inc, which is seeking compensation for its stake in the Indian conglomerate’s wireless business, people familiar with the matter said. The finance ministry won’t grant an exemption to the Indian foreign exchange Act that Tata Sons would need to pay the money to its Japanese partner, according to the people. The government is wary of setting a precedent, as at least 10 other companies have sought waivers for similar deals, one of the people said, asking not ...

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First Published: Fri, July 29 2016. 00:48 IST