Tata Group seeks CCI nod for buying out DoCoMo's stake in TTSL
Tata Group has told CCI that the proposed transaction will not affect or change the competitive landscape of the telecommunications market in India.
New Delhi: The Tata Group companies have sought fair trade regulator CCI's approval to buy out Japanese telecom major NTT DoCoMo's stake in Tata Teleservices.
In its application, Tata Group has told CCI that the proposed transaction will not affect or change the competitive landscape of the telecommunications market in India.
Tata Sons and four other group firms jointly made a filing with the Competition Commission of India (CCI) for the acquisition of shares amounting to 21.63 per cent stake in TTSL.
"Tata Sons, Tata Steel, Tata Industries, Tata Communications and Tata Power propose to undertake a transaction which will result in acquisition 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 Tata Sons and DoCoMo," as per the agreement filed with CCI.
Tata Sons had earlier said it would seek approvals of the CCI and tax authorities to remit USD 1.18 billion to estranged partner NTT DoCoMo to settle a long-standing dispute.
Tata Group had been locked in a legal battle with DoCoMo over the alleged breach of contractual obligations pertaining to the Indian joint venture - Tata Teleservices Ltd (TTSL).
DoCoMo, TTSL and Tata Sons had signed shareholder agreement in March 2009 for the business alliance, under which the Japanese major had also acquired a stake in TTSL.