Japanese Telecom major NTT DoCoMo today completed acquisition of 26 per cent stake in Tata Tele Services for $2.7 billion valuing the company at $10.38 billion (over Rs 50,000 crore).
The Japanese major will place its three nominees on the board of the domestic telecom services company.
Tata Teleservices is offering CDMA-based mobile services throughout the country and is about to launch its GSM-based services for which the company has been alloted spectrum under the dual technology clause.
"We are delighted that all transaction formalities have been completed and regulatory clearance is received," Anil Sardana Managing Director of Tata Teleservices said.
TTSL expects to leverage DoCoMo's expertise in the development and delivery of value-added services, where Japanese telecom major is a firmly established market leader, TTSL said in a release.
"The Indian market and our subscribers will soon get to experience the benefits of differentiated products and services that our association with DoCoMo will enable us to offer," Sardana said.
