JAPANESE telecom giant NTT DoCoMo has completed the purchase of 26%
stake in Tata Teleservices (TTSL) by paying $2.7 billion. With this,
DoCoMo has become a 26% shareholder in TTSL and will have three seats
on the Tata firmâ€™s board.
Tata Sons, the promoter of TTSL, has said that its transaction with DoCo-Mo has been completed. â€œDoCoMo has also completed its payment obligations under the tender offer and is preparing to acquire approximately 12% of the common shares of Tata Teleservices Maharashtra (TTML) through an open offer,â€ said a company statement in Mumbai.
TTML is the listed subsidiary of TTSL and its tender offer had closed on March 12. â€œWe are delighted that all transaction formalities have been completed and regulatory clearances received,â€ TTSL MD Anil Sardana said.
â€œThe Indian market and our subscribers will soon get to experience the benefits of differentiated products and services that our association with DoCoMo will enable us to offer,â€ he added.
The partners will now work to increase the enterprise value of both TTSL and TTML while creating synergies through their joint activities including a business and technology cooperation committee.
DoCoMo has over 50% share of the Japanese cellular market. It will work closely with TTSL management and provide know-how to help the company develop its mobile business. â€œTTSL expects to leverage DoCoMoâ€™s expertise in the development and delivery of value-added services, where it is a firmly established market leader,â€ said the statement.
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