NTT DoCoMo will purchase a 26% stake in Indian operator Tata Teleservices, laying out an impressive 130.7 billion rupees ($2.7 billion) for the deal.
DoCoMo has not ruled out expanding its stake in the future, and may look to acquire a majority stake.
According to the Times of India, the deal - which values Tata at $10.3 billion - places the company well ahead of the market value of its closest competitor, Ideal Cellular, whivh is valued at $3.02 billion.
DoCoMo also intends to make an offer for a 20% stake in fellow Tata Group subsidiary TTML.
The Tata group is India's largest conglomerate based on operating revenues, so the steep price tag is not surprising.
According to Thomson Reuters, Japan has become the top foreign investor into India, with Japanese companies investing $5 billion into the country this year alone, in 13 separate business deals.