 "A woman walks past a brach of Japanese mobile communications company NTT Docomo in Tokyo, Japan. Photo: Reuters")
Japanese telecom major NTT DoCoMo has received 144.9 bn yen ($1.2 billion) from Tata Sons following which it has transferred its shares in Tata Teleservices to Tata Sons.
"NTT DoCoMo has received from Tata Sons Limited payment of the award amount in accordance with the High Court of Delhi's decision regarding DoCoMo's stake in Tata Teleservices Limited," DoCoMo said in a statement on its website on Tuesday. DoCoMo had in May announced the court's decision.
"Concurrent with the receipt of the above amount, all shares in Tata Teleservices Limited held by DoCoMo have been transferred to Tata Sons and companies designated by Tata Sons," the statement said.
Earlier, NTT DoCoMo had decided to sell its entire 26.5 per cent stake in Tata Teleservices and withdraw from mobile telephony in India.
The legal tussle between NTT DoCoMo and Tata Teleservices continued for almost three years. The Delhi High Court this April had allowed Tata Sons to pay NTT Docomo $1.17 billion arbitration award for termination of their telecom joint venture.
