NTT DoCoMo awaits FIPB, SEBI approval for Tata Tele stake
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[January 07, 2009]

NTT DoCoMo awaits FIPB, SEBI approval for Tata Tele stake

New Delhi, Jan 05, 2009 (Asia Pulse Data Source via COMTEX) --
Japan's NTT DoCoMo is awaiting approval from the Government and market regulator SEBI on its investment in India through the Tatas.

"NTT has applied for FIPB approval for its stake in TTSL. As a matter of policy NTT waits for Government approval before entering a new market. We respect that decision," TTSL MD Anil Sardana said here.

DoCoMo has also sought approval from stock market regulator SEBI for an open offer for the Tatas' Maharashtra telecom company Tata Teleservices Maharashtra Ltd, which is listed on the BSE.



"They are waiting for it," Sardana said adding that the joint holding of Tata Sons and NTT DoCoMo shouldn't cross 55 per cent in Tata Teleservices Maharashtra.

DoCoMo had earlier agreed to buy up to 26 per cent in the unlisted TTSL for USD 2.7 billion, and is making an open offer jointly with Tata Sons for up to 20 per cent in TTML. The offer was to open on January 8 but got delayed as the firm is yet to get a response from SEBI.



TTSL, which operates on the CDMA platform, has 31 million mobile users and has expanded into the GSM network as well.

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