Vodafone has objected to plans by Essar Group, its Indian joint venture partner, to merge its telecoms holding company with another listed company, as it could push up the price Vodafone may have to pay later this year to buy out Essar’s stake in the joint venture, reports IDG News. Essar owns a 33 percent stake in Vodafone Essar of which 11 percent is held by Essar Telecommunications Holdings (ETHPL), and the rest through another unlisted company. Essar now plans to merge ETHPL with a listed group company, India Securities (ISL). Essar may be using the route to try to “discover” the value of Vodafone Essar, as the mobile JV is not listed, analysts say.
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