Vodafone Opposes Essar Plan to Seek India Valuation

Vodafone Group Plc said it objected to Essar Group’s plan to value a stake in their Indian mobile-phone operator while Essar still has the option to sell its holding for as much as $5 billion.

Essar, which holds 33 percent of Vodafone Essar Ltd., is trying to combine 11 percent of the total venture with public company India Securities Ltd., Vodafone said. The value of India Securities with that stake “could be misinterpreted” to indicate the “fair market value of Vodafone Essar,” Vodafone said, adding that it “does not wish a company in which it holds a majority interest to become the subject of a false market.”