NTT DoCoMo Inc would pick up 26% stake in Tata Teleservices for USD 2.7 billion. The deal is a combination of fresh equity and stake sale by existing shareholders. The deal values Tata Teleservices at USD 10.4 billion. TTSL has a subscriber base of 30 million.

Here is a verbatim transcript of Ratan Tata and Anil Sardana’s comments in a press conference. Also watch the accompanying video.

Ratan Tata, Chairman of the Tata Group said, “The partnership we are forging with NTT DoCoMo is going to be a long-term partnership of two like-minded organizations which I hope together will be able to give the communication space in India, a very viable enterprise. Most of us know NTT DoCoMo for its technology, its value-added services and of course its very high ethical standards and value systems. It is a great pleasure and privilege for the Tata Group to partner with NTT DoCoMo at this time and I hope to give together, give the public a wider range of products and excellent bases of service not only in current technologies but in the technologies yet to come."

Anil Sardana, Managing Director of Tata Teleservices said, “In line with the agreement that we signed on November 12 at Tokyo, NTT DoCoMo will acquire 26% stake in the company for an approximate value of about Rs 130 billion. Tata Teleservices (Maharashtra) Ltd (TTSL) is in a unique position, they are very young players perhaps one of the youngest in the Indian market in mobile telephony, to now take off and offer technology agnostic services. We are looking forward to this alliance ultimately bringing NTT as an institution and various Tata companies together to work on various businesses much beyond, what NTT DoCoMo and TTSL will look forward to.”