NTT Docomo gets $1.2b arbitration award from Tata Sons, transfers Tata Tele shares to Indian co

NTT Docomo has received 144.9 billion yen ($1.2 billion) from Tata Sons after arbitration and shares of the Japanese telecom firm in Tata Teleservices have been transferred to Tata Sons.

“Concurrent with the receipt of the above amount, all shares in TTSL held by DOCOMO have been transferred to Tata Sons and companies designated by Tata Sons,” Docomo said in a statement on its website Tuesday.

The debt laden TTSL was entagled in a legal tussle since April 2014, when Japanese firm NTT Docomo decided to sell its entire 26.5% stake in Tata Teleservices and withdraw from mobile telephony in India.

Ending an almost three-year fight, this April the Delhi High Court allowed Tata Sons to pay NTT Docomo a $1.17 billion arbitration award upon termination of their telecom joint venture. The financial challenges and changes in Tata Teleservices business prompted Docomo to seek an exit.

TTSL last month announced the sale of its consumer mobile business to Bharti Airtel.