February 23, 2009 / 3:45 PM / 11 years ago

India allows Japan's DoCoMo to buy into Tata Tele

NEW DELHI, Feb 23 (Reuters) - India on Monday approved a proposal by Japan’s NTT DoCoMo (9437.T) to acquire a 27.3 percent stake in the country’s sixth-largest mobile operator Tata Teleservices Ltd [TATASL.UL], the home minister said after a cabinet meeting.

The deal will result in foreign direct investment of 129.24 billion rupees ($2.6 billion), Palaniappan Chidambaram said.

The cabinet also allowed DoCoMo to acquire up to 20.25 percent in Tata Tele’s listed unit Tata Teleservices (Maharashtra) Ltd (TTML.BO), Chidambaram said.

NTT DoCoMo’s move gives Japan’s top mobile firm a foothold in the world’s fastest growing major mobile market. (Reporting by C.K. Nayak and Nigam Prusty, Editing by Mark Williams)

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