NTT DoCoMo to sell Tata Teleservices stake if targets not achieved
TOKYO (Reuters) - Japan's NTT DoCoMo Inc said on Friday it would exercise the option to sell its 26.5 pct stake in Tata Teleservices Ltd by June if the Indian mobile phone joint venture failed to achieve performance targets for the financial year that ended last month.
The sale price would be 72.5 billion rupees ($1.19 billion) - the equivalent to half of the original acquisition price - or a "fair market price", whichever was higher, as agreed when DoCoMo made the initial investment in 2009, Japan's top mobile phone services operator said in a statement.
The agreement allows DoCoMo to sell the stake to Tata Sons Ltd, it added.
($1 = 61.0550 rupees)
(Reporting by Sophie Knight; Writing by Chang-Ran Kim; Editing by Christopher Cushing)
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The Indian subsidiary of Anglo-Dutch parent Unilever made a net profit of 10.57 billion rupees ($175.9 million) for the three months ended June 30, from 10.19 billion rupees in the same period a year earlier. Full Article