NTT DoCoMo files arbitration request for Tata Teleservices stake
NTT DoCoMo has today revealed that it has filed a request for arbitration with Tata Group’s holding company, Tata Sons, over the sale of DoCoMo’s stake in Tata Teleservices.
The Japanese firm first announced plans to sell its 26.5% stake in Tata Teleservices in July last year, and NTT DoCoMo has today applied to the London Court of Arbitration to ensure that Tata finds a buyer willing to pay $1.1 billion for the stake.
The arbitration follows Tata’s failure to find a buyer for the stake before its December 3 2014 deadline, and reflects the Indian operator’s struggle to grow its Teleservices subscriber base at the same rate as its competitors.
Tata is looking to sell the entirety of its Teleservices unit and was in talks with Vodafone over the potential sale in January 2014.