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The Guardian - UK
The Guardian - UK
Business
Nick Fletcher

Vodafone hits out at partner Essar's restructuring plans

Indian group Essar has been criticised by partner Vodafone for a proposed restructuring of its telecoms business, in a move which will affect their joint venture Vodafone Essar.

Essar plans to reverse the telecoms business - which owns an 11% stake in Vodafone Essar - into its quoted financial business India Securities Ltd (ISL). Vodafone said ISL was a highly illiquid vehicle with more than 95% of the shares under the control of Essar Group. It said:

Accordingly, small amounts of buying or selling could distort ISL's share price. Vodafone does not wish a company in which it holds a majority interest to become the subject of a false market. Vodafone is concerned that the value of ISL could be misinterpreted as a fair market value of Vodafone Essar.

Essar replied the proposed deal had nothing to do with Vodafone, and was studying the company's comments.

Meanwhile Vodafone Essar added 3.1m new mobile users in December, helping push Vodafone's shares up 3.7p to 178.7p.

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