Tata Group seeks CCI approval for buying out DoCoMo’s stake in TTSL
The Tata Group companies have sought fair trade regulator CCI’s approval to buy out Japanese telecom major NTT DoCoMo’s stake in Tata Teleservices. In its application, Tata Group has told CCI that the proposed transaction will not affect or change the competitive landscape of the telecommunications market in India. Tata Sons and four other group firms jointly made a filing with the CCI for the acquisition of shares amounting to 21.63 per cent stake in TTSL. “Tata Sons, Tata Steel, Tata Industries, Tata Communications and Tata Power propose to undertake a transaction which will result in acquisition of equity shares of TTSL comprising 21.63 per cent of the paid-up equity share capital, by the acquirers from DoCoMo pursuant to certain consent terms entered into between Tata Sons and DoCoMo,” as per the agreement filed with CCI.
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