TTSL to Sell 26 % Stake to Japanese Operator
NTT DOCOMO, Tata Teleservices Limited (TTSL) and Tata Sons Limited, a promoter for Tata companies including TTSL, have announced their agreement on a strategic alliance in India, under which DOCOMO will acquire 26 % of TTSL’s common shares for approximately Rs. 130.7 billion.
In addition, DOCOMO, in accordance with regulations of the Securities and Exchange Board of India, expects to make an open offer to acquire up to 20% of the outstanding common shares of Tata Teleservices (Maharashtra) Limited (TTML), a Tata telecommunications company, through a joint tender offer with Tata Sons.
As a result of the alliance, the partners expect to expand mobile communication operations in the fast-growing Indian mobile market, aiming to increase operating revenue and achieve steady business growth, according to a statement.
TTSL, based in Mumbai, is a telecommunications business unit in Tata, and covers nearly all of India with wireless networks, retail stores and customer-service outlets. TTSL has increased its share of the Indian mobile market, and is rapidly expanding its subscriber base, which currently exceeds 30 million (including TTML subscribers).
Tokyo-based DOCOMO is a mobile operator catering to more than 50 % of Japan’s mobile phone customers.
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