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Tata Sons to seek approval from CCI to remit $1.17 billion to NTT DOCOMO

May 03, 2017

Tata Sons will seek the necessary approvals from the Competition Commission of India and tax authorities to remit $1.17 billion to NTT DOCOMO for settling the long-term dispute between the former partners.

Earlier, the Delhi High Court had approved the settlement terms between Tata Sons and Japan-based NTT DOCOMO over the latter's exit from their joint venture Tata Teleservices Limited (TTSL). The court had also rejected the Reserve Bank of India’s objection to the settlement and had asked Tata Sons to pay $1.17 billion award in favour of DOCOMO.

In a separate development, TTSL’s board of authorities has approved a plan to raise Rs 20 billion from its parent company, Tata Sons to meet the company’s commitments to banks. The funds will reportedly be raised via non-cumulative preference shares issued to Tata Sons on a rights basis.

 
 

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