Tokyo: NTT DoCoMo Inc on Monday said it has asked a London court to ensure Tata Sons finds a buyer for the Japanese carrier's stake in an Indian joint venture for $1 billion, after Tata failed to do so by an agreed date.
DoCoMo paid 266.7 billion yen ($2.22 billion) for 26.5 per cent of Tata Teleservices Ltd in 2009. Under the agreement, holding company Tata Sons would sell the stake for at least half of the purchase price should undisclosed performance targets be missed, DoCoMo said in a statement.
DoCoMo requested the sale in July. That gave Tata Sons 90 business days to find a buyer for Rs 7,250 crore ($1.15 billion) or fair market price, whichever was higher, DoCoMo spokesman Shunsuke Muraki told Reuters.
Copyright: Thomson Reuters 2015