Japan’s NTT Docomo exiting India business

Japan's biggest mobile carrier NTT Docomo said Friday it would abandon a once-hopeful Indian telecoms business, becoming the latest major firm to run into trouble in the huge market. The Tokyo-based company said it would move to unload its 26.5 percent stake in money-losing Tata Teleservices (TTSL) as it also announced that its annual net profit turned down. Docomo, which had invested about $2.6 billion in the Indian firm over the past five years, held a board meeting Friday at which directors decided to exercise an option to sell the stake should the firm not meet performance targets, which will almost certainly be the case. "We decided in a board meeting today that we will exercise our rights to sale all stakes we hold if TTSL has failed to reach the targeted performance in the fiscal year to March," Docomo said in a statement, according to AFP.