Deals
India Said Planning to Block Tata Sons Payment to NTT Docomo
- Finance ministry unwilling to give exemption needed by Tata
- NTT Docomo seeks payment of $1.17 billion arbitration award
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India plans to block Tata Sons Ltd.’s payment of a $1.17 billion arbitration award to NTT Docomo Inc., which is seeking compensation for its stake in the Indian conglomerate’s wireless business, people familiar with the matter said.
The finance ministry won’t grant an exemption to the Indian foreign exchange act that Tata Sons would need to pay the money to its Japanese partner, according to the people. The Indian government is wary of setting a precedent, as at least 10 other companies have sought waivers for similar deals, one of the people said, asking not to be identified as the information is private.