Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
By: Yoshiyasu Shida and Devidutta Tripathy
NTT DoCoMo Inc., Japan’s biggest telecom network by subscribers, will sell its stake in its loss-making Indian mobile phone joint venture to partner Tata Group, people with direct knowledge of the matter said on Friday.
NTT DoCoMo will make a formal decision on the sale of its 26.5 percent stake in Tata Teleservices Ltd at a board meeting on Friday, executives at the Japanese company said, without specifying a buyer.
NTT DoCoMo had invested 266.7 billion yen ($2.61 billion) in Tata Teleservices in 2009.
In India, an industry source familiar with the matter said the diversified Tata Group conglomerate would buy the stake, but did not specify a price. Singapore state investor Temasek and Indian businessman C. Sivasankaran also own small stakes in Tata Teleservices.
The NTT DoCoMo executives and the India industry source declined to be named as the matter was still confidential. A spokesman said NTT DoCoMo was considering various options for its overseas operations but did not give further details.
Spokespeople for Tata Group and Tata Teleservices in India were not immediately available to comment. Original post at reuters