Final award issued seeks US$ 1172 million in damages from Tata Sons
Tata Power Company announced that in respect to the dispute between Tata Sons and NTT Docomo Inc. (Docomo) arising out of exercise of a sale option by Docomo, the Arbitral Tribunal appointed by the LCIA, London has issued a final award in the matter, which requires Tata Sons to pay to Docomo, damages of US$ 1172 million upon tender of shares held by Docomo in Tata Teleservices, together with interest, arbitration costs and legal costs. Tata Sons has been advised that payment of these sums would require prior RBI approval.In March 2009, the Company had entered into an agreement with Tata Sons, at the time of sale of portion of its investment in Tata Teleservices to Docomo. Under this agreement, the Company is obligated to acquire certain shares of TTSL in the event the Sale Option is exercised by Docomo.
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