Japanese firm NTT DoCoMo on Tuesday said it has received over $1.2 billion (144.9 billion yen) from Tata Sons, which ends the 2-year old dispute over their Indian telecom joint venture. In a statement on its website, NTT DoCoMo said it “has received from Tata Sons payment of the award amount in accordance with the High Court of Delhi's decision regarding DOCOMO’s stake in Tata Teleservices limited.”
The amount of 144.9 billion yen received by DoCoMo pertains to the arbitration award and includes interest earned and other costs awarded, it added. Concurrent with the receipt of the amount, all shares in TTSl held by DoCoMo have been transferred to Tata Sons and companies designated by Tata Sons, it added.
In February this year, Tata Sons had said it had reached an agreement with the NTT DoCoMo “on a joint approach to enable enforcement” of a compensation award granted by the london Court of International Arbitration (lCIA) in 2016 in favour of the Japanese company. However, Reserve Bank of India had objected to the transfer which was later rejected by the Delhi High Court in April.