NTT DoCoMo to buy 26% stake in Indian telecom
NTT DoCoMo Inc, Japan's biggest cellular operator, said Wednesday it will buy a 26% stake in Indian mobile phone carrier Tata Teleservices, India's sixth largest, for about 260 billion yen ($2.7 billion).
The deal, reported by the Nikkei newspaper and confirmed by NTT DoCoMo (JP:9437: news, chart, profile) and Tata Teleservices in a joint statement after the close of Tokyo trading Wednesday, reflects efforts by the Japanese wireless provider to expand into fast-growing markets outside Japan.
NTT DoCoMo will buy 20% of outstanding common shares of Tata Teleservices in a deal with Tata Sons Ltd, and a 6% stake directly from the telecom's existing shareholders, the statement said.
Shares of NTT DoCoMo ended 1.3% higher in Tokyo trading ahead of the announcement.