NTT DoCoMo files arbitration request in London court to sell stake in TTSL

NTT DoCoMo Inc has filed an arbitration request in a London court in order to part ways with the Tatas by selling its 26.5% stake in their telecom JV, Tata Teleservices, for $ 1 billion.

"DoCoMo submitted its request for arbitration to ensure that its right be exercised after Tata Sons had failed to fulfill its obligation, despite DoCoMo's repeated negotiations with Tata Sons regarding the sale of its entire stake in TTSL (Tata Teleservices)," NTT DoCoMo said in a statement.

It had moved the arbitration court on January 3, after the 90 business days it gave to the Tatas to find a buyer lapsed on December 3. Tatas failed to find a buyer for its 26.5 per cent stake in Tata Teleservices.

Meanwhile, a Tata Sons spokesperson said: “Yes, we have learnt that Docomo has filed for arbitration. From the outset, Tata Sons has been committed to honouring its obligations to Docomo, and has taken every possible step keeping in mind the interests of all stakeholders and in accordance with law. Tata Sons has made the necessary application to the Reserve Bank of India, and is awaiting a response. Tata Sons will continue with its endeavour to find an amicable solution.”