New Delhi (IANS) - The Competition Commission of India (CCI) on Thursday approved Tata Group firms' acquisition of 21.63% stake of NTT Docomo in Tata Teleservices. In a tweet, the CCI said: "@CCI_India approves Tata companies' acquisition of 21.63% shareholding in Tata Teleservices from NTT Docomo."
Earlier this month, Tata Sons had said that it will seek necessary permissions to implement the June 22, 2016, London Court of International Arbitration (LCIA) award in the Tata-NTT Docomo case.
The development comes after Delhi High Court on April 28, 2017, approved the consent terms between Tata Sons and Japanese mobile phone operator NTT Docomo, which were laid down by the LCIA award.
On April 28, 2017, the Delhi High Court had dismissed the Reserve Bank of India's (RBI) application opposing the enforcement of a $1.18 billion arbitral award in the Tata-NTT Docomo case. Tata Sons had announced in February 2017 that it had reached an agreement with NTT Docomo. In April 2014, NTT Docomo had decided to sell its entire stake in Tata Teleservices and withdraw from mobile telephony in India.
Under the agreement between Tata and NTT, the latter had the right to request a buyer for its stake at a fair market price or 50% of its acquired price, amounting to Rs 7,250 crore, whichever was higher.