Tata to pay DoCoMo $1.17 bn

MUMBAI: Tata Sons has agreed to pay $1.17 billion (about₹8,000 crore) to Japan’s NTT DoCoMo as compensation over alleged breach of agreement related to their telecom

MUMBAI: Tata Sons has agreed to pay $1.17 billion (about₹8,000 crore) to Japan’s NTT DoCoMo as compensation over alleged breach of agreement related to their telecom joint venture, and will deposit the entire amount with the Delhi High Court’s registrar by August 2. DoCoMo had approached the International Court of Arbitration in London last year, after the Tatas failed to buy back the Japanese company’s stake in the joint venture, citing an order by the Reserve Bank of India that disallowed buying back the stake at a pre-agreed valuation of ₹58 a share. The ICA on June 24 ruled in favour of NTT DoCoMo, and ordered Tata Sons to pay $1.17 billion.

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