India’s TTSL denied Reports of Further Investment with Japan’s DoCoMo
India’s TTSL has denied media reports that said NTT DoCoMo was expected to invest an additional $1 billion in Tata Teleservices.
Earlier The Economic Times, quoting unnamed sources, had reported that the Japanese company was looking to increase its holding by between 10%-15%. The newspaper further said that the deal was expected to close in a few months, although the funds could go either to the mobile network operator as a capital addition for the expansion of the network, or will go to the Tata group if it chose to reduce its stake in the company.
DoCoMo holds a 26% stake in TTSL for US$2.7 billion since November 2008.