NTT DoCoMo files arbitration request to sell Tata Teleservices stake
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Japanese telecom giant NTT Docomo has dragged Tatas to an arbitration court, alleging that the Indian firm failed to honour commitment to buy its Rs 7,250 crore stake in their joint venture Tata Teleservices Ltd.
Docomo had in April last year announced plans to exit the joint venture by selling its 26.5% stake.
Tata Sons by virtue of their first right of refusal agreed to buy the Japanese company out as per the shareholders agreement.
However, the deal has not been concluded over the differences between the two sides. Docomo today said it filed for arbitration with Tata Sons on January 3, 2015 with London Court of International Arbitration.
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