Japan's NTT DoCoMo Inc said on Friday it would exercise the option to sell its 26.5% stake in Tata Teleservices Ltd by June if the Indian mobile phone joint venture failed to achieve performance targets for the financial year that ended last month.
The sale price would be Rs 7,250 crore ($1.19 billion) - the equivalent to half of the original acquisition price - or a "fair market price", whichever was higher, as agreed when DoCoMo made the initial investment in 2009, Japan's top mobile phone services operator said in a statement.
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