Tata Teleservices, the telecom arm of Indian conglomerate the Tata group said there was no truth to a report saying that NTT DoCoMo would invest an additional US$1bn in the Indian telecom company, Reuters reports.
The Economic Times of India reported…
Tata Teleservices, the telecom arm of Indian conglomerate the Tata group said there was no truth to a report saying that NTT DoCoMo would invest an additional US$1bn in the Indian telecom company, Reuters reports.
The Economic Times of India reported yesterday that Japan’s largest mobile phone company was looking to increase its stake in Tata Teleservices from 26% to up to 40%, citing two people familiar with the deal. The sources added that the transaction may be completed in the next few months.
Local reports explained that an investment by DoCoMo would help Tata Teleservices better compete in India, which is the world’s fastest-growing cellular market with 15 different players.
NTT DoCoMo bought the 26% stake in Tata Teleservices for US$2.7bn in November 2008.
Neither Tata Teleservices nor DoCoMo were available for comment.
