Update (Feb 28): NTT Docomo said in a statement: "Full satisfaction of the award through the Delhi High Court's judgment will enable DOCOMO to consider reinvestment of an amount in India, under a new cooperative relationship with Tata Sons. DOCOMO believes that such relationship could become a paradigm for India-Japan economic ties." Tata Group, which jointly owns that Tata Docomo brand in India through a partnership with Japan’s NTT Docomo has agreed to pay $1.17 billion in damages to NTT Docomo over a legal arbitration case, reports Nikki Asian Review. Japan’s NTT Docomo holds a 26% stake in Tata Docomo in India along with Tata Teleservices (TTL). After the venture started posting continuous losses, TTL was ordered to pay $1.17 billion in damages to NTT by a London court in June last year. The terms of the agreement between both companies provide an option for the acquirer (NTT Docomo) to request a suitable buyer for at least 50% of the acquired price in case venture turns non-profitable. However, the report added that the Reserve Bank of India is yet to provide an approval for the payment. RBI had earlier blocked Tata from paying out the entire $1.17 billion in a single transaction, citing that it would lead to circumvention of existing foreign exchange regulations. Following this, Tata claimed to have deposited the entire amount with the Delhi Court registrar. NTT, however, went on to move a United States district court in November last year to force Tata to pay the $1.17 billion arbitrary sum. Note that during a hearing on…
