February 28, 2017
DOCOMO and Tata Sons reach agreement in principle on payment of LCIA arbitration award
TOKYO, JAPAN, February 28, 2017 --- NTT DOCOMO, INC. announced today that it has reached an agreement with Tata Sons Limited on a joint approach to enable enforcement of the 22 June 2016 London Court of Arbitration (LCIA) award in DOCOMO's favour. On February 25, the parties jointly applied to the Delhi High Court, requesting that it accept their agreed terms of settlement, subject to such further orders as the court sees fit. The terms include the good faith withdrawal of Tata Sons' objections to enforcement in India; and seek the court's declaration that the Award is enforceable in India. The settlement terms clear the way for the $1.18 billion already deposited by Tata Sons with the court to be paid to DOCOMO, and would allow DOCOMO to transfer its shares in Tata Teleservices, Inc.
As part of this joint application, and in anticipation of the matter being finally resolved in India, DOCOMO has agreed to suspend its related enforcement proceedings in the United Kingdom and the United States for a period of time.
This joint application is a successful result from recent discussions between DOCOMO and Tata Sons under the leadership of Ratan Tata, the former Chairman of Tata Sons, which are ongoing. Today's agreement is a significant step towards resolution of this dispute, and DOCOMO is hopeful that the two parties will continue to work together constructively to achieve a resolution.
Full satisfaction of the award through the Delhi High Court's judgment will enable DOCOMO to consider reinvestment of an amount in India, under a new cooperative relationship with Tata Sons. DOCOMO believes that such relationship could become a paradigm for India-Japan economic ties.