Norway-based Telenor is reportedly exploring stake acquisition options in Tata Teleservices Limited (TTSL) and has initiated talks with the company for the same. In this regard, it is examining the option of acquiring NTT DOCOMO?s stake in TTSL subject to NTT DOCOMO?s approval and then merging it with Uninor. Currently, NTT DOCOMO owns 26 per cent in TTSL, which it acquired from the TATA Group in 2008. However, in 2014, Japan-based operator decided to exit its Indian operations through the sale of its stake in TTSL by exercising its put option, which was part of the stake acquisition agreement signed in 2008. As per the terms of the agreement, TTSL is required to buy back NTT DOCOMO?s stake at 50 per cent of the transaction value of the stake acquired in 2008 or the prevailing market price, whichever is greater. NTT DOCOMO decided to pull out of the joint venture as TTSL was unable to meet some of the performance targets set before it as per the agreement.
Earlier in 2012, Telenor had considered partnering with TTSL for continuing its telecom operations in India after its fallout with Unitech, following the cancellation of licences of their joint venture, Uninor, in February 2012 by the Supreme Court.
