NTT DoCoMo says got arbitration award on Tata Teleservices stake

Last Updated: Fri, Jun 24, 2016 06:00 hrs

TOKYO, June 24 (Reuters) - NTT DoCoMo Inc said on Friday it had received an award from an international arbitration court ordering Tata Sons Ltd to pay it about $1.17 billion, upon DoCoMo's tender of its entire stake in their joint venture Tata Teleservices to Tata Sons or a designee.

The Japanese company said in a statement the award was for Tata Sons' breach of their shareholders' agreement.

In 2014, DoCoMo exercised its right to request Tata Sons to find a buyer for its stake, amounting to about $1.17 billion. It filed arbitration in January last year, saying Tata Sons had failed to fulfill its obligation. http://reut.rs/28Qdp6m

(Reporting by Chris Gallagher)