NTT DoCoMo gets nod for TTSL stake

The Cabinet Committee on Economic Affairs (CCEA) has the proposal of Japanese telecom major NTT DoCoMo to acquire 27.31% equity capital of Tata Teleservices for about Rs 12,924 crore.
It also approved the Japanese company’s proposal to acquire 20.25% stake in Tata Teleservices (Maharashtra) Ltd for about Rs 949 crore and converting the Indian entity into an operating-cum-holding company. The twin investment by NTT DoCoMo is one of the largest FDI to flow into the telecom sector in last one year.
The CCEA, which met under the chairmanship of external affairs minister Pranab Mukherjee, cleared over 40 proposals making the meeting one the lengthiest in recent past. Briefing mediapersons, home minister P Chidambaram, however, clarified that this was not the government’s last Cabinet meeting before elections and more could flow in following weeks.