Business

Tata Sons, DoCoMo to settle $1.17 billion legal dispute

Tata Sons Ltd has agreed to pay Japan's NTT DoCoMo about $1.17 billion in connection with the termination of a joint venture in the South Asian nation, the Nikkei daily reported.

The deal could be announced as early as Tuesday, the Nikkei reported.
Tata Sons and DoCoMo were not immediately available for comments.
Tata Teleservices and DoCoMo have been locked in a long tussle over the Japanese company's move to exit a partnership formed in 2009.

Under the terms of that deal, in the event of an exit, DoCoMo was guaranteed the higher of either half its original investment, or its fair value.

When DoCoMo decided to get out in 2014, Tata was unable to find a buyer for the Japanese firm's stake and offered to buy the stake itself for half of DoCoMo's $2.2 billion investment.

India's central bank blocked Tata's offer, saying a rule change the previous year prevented foreign investors from selling stakes in Indian firms at a pre-determined price.

Docomo proceeded to initiate arbitration in a London court, and won it. Tata was asked to pay a penalty of $1.17 billion, which it has deposited with the Delhi High Court.

Swiggy continues rapid expansion; launches operations in 8 new cities

New Delhi : Food ordering and delivery platform, Swiggy on Monday announced strengthening of its presence in eight new cities namely Dehradun, Pondich...

Bajaj Finserv ties up with Wochit - a First in BFSI

Mumbai : Bajaj Finserv, through with lending arm Bajaj Finance Ltd., has announced collaboration with Wochit- a US-Israel based video automation compa...

Longines unveils Conquest V.H.P. GMT Flash Setting

Rome  : Longines unveiled its latest design, the Conquest V.H.P. GMT Flash Setting, in the backdrop of the Lanterna di Fuksas in Rome.Real techno...

Acko named top company on LinkedIn's annual Top Startups List

Mumbai : Acko General Insurance has been named as a top company on LinkedIn's annual Top Startups List 2018, where professionals want to work and stay...