Companies
Tokyo - Acquisition is in the air. Japan's biggest mobile services provider NTT DoCoMo Inc. is reportedly buying about 26 percent stake in India's second biggest CDMA-based mobile phone operator Tata Teleservices for 260 billion yen ($2.7 billion).
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According to Japan's Nikkei Net Interactive website, the companies will announce the deal on Wednesday afternoon.
The website said DoCoMo will obtain about 20 percent stake in the form of new shares and purchase the remaining 6 percent stake from existing shareholders in the Indian company.
Meanwhile, Japan's Sankei newspaper said, without quoting sources, that DoCoMo plans to spend $1.5 billion to buy 25 percent stake in Tata Teleservices.
DoCoMo said in a statement it had not made any such decision while Tata Teleservices has refused to comment on the matter.
If the stake buy goes ahead, it will give DoCoMo veto power as, under Indian laws of acquisition, stakes exceeding 25 percent give shareholders such rights.
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16th, 2009
6:11am
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