CCEA approves NTT DoCoMo acquisition of TTSL stake

24 Feb 2009

India’s Economic Times is reporting that the Cabinet Committee on Economic Affairs (CCEA) has approved proposals by Japanese telecoms giant NTT DoCoMo to acquire a 27.31% stake in Tata Teleservices (TTSL). NTT will pay approximately INR129.2 billion (USD2.6 billion) for the stake. The CCEA is also reported to have approved the Japanese company’s proposal to acquire a 20.25% stake in Tata Teleservices (Maharashtra) (TTML) for a further INR9.5 billion. According to TeleGeography’s GlobalComms database, NTT announced it would invest in the company back in November 2008. It has previously indicated that it expects the purchase to be finalised by end-March 2009, having been delayed from January 2009 after India’s Securities and Exchange Board failed to approve the transaction.

India, NTT DOCOMO, Tata Teleservices (TTSL, incl. TTML)