NTT DoCoMo buys Tata Teleservices stake

The Japanese mobile operator pays $2.7 billion for a 26% stake in India's Tata Teleservices and gains a foothold in a high-growth telecoms market.

JapanÆs NTT DoCoMo will acquire a 26% stake in Tata Teleservices for around Rs130.7 billion $2.7 billion, according to a joint announcement yesterday.

DoCoMo will also, along with Tata Sons, make a tender offer to buy 20% of the outstanding shares of Tata Teleservices Maharashtra, a subsidiary of Tata Teleservices, in accordance with guidelines set out by market regulator the Securities and Exchange Board of India. No financial details of the offer were disclosed....

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