'NTT DoCoMo to exit India, unload full stake in Tata Tele'

NTT DoCoMo will make a formal decision at a board meeting on Friday, the sources said.

Japan's NTT DoCoMo Inc will unload its 26.5 percent stake in loss-making Indian mobile phone joint venture  Tata Teleservices Ltd and exit the country as it struggles with tough price competition, sources familiar with the matter said on Friday.

NTT DoCoMo will make a formal decision at a board meeting on Friday, the sources said.

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An NTT DoCoMo spokesman said the company was considering various options for its overseas operations but that nothing had been decided.

Japan's top operator of mobile phone services is expected to book about 80 billion yen (USD 780 million) in related losses in the financial year ended on March 31, results of which are due to be announced at 3 p.m. (0600 GMT), the sources said.

NTT DoCoMo invested 266.7 billion yen in Tata Teleservices in 2009. The company ranks seventh in India with 63 million subscribers as of the end of March.

(USD 1 = 102.2350 Japanese Yen)

TataTeleservice stock price

On April 25, 2014, at 14:06 hrs Tata Teleservices (Maharashtra) was quoting at Rs 9.08, up Rs 1.03, or 12.80 percent. The 52-week high of the share was Rs 9.31 and the 52-week low was Rs 4.38.

The latest book value of the company is Rs -8.88 per share. At current value, the price-to-book value of the company was -1.02.

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