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April 8th 2011, 11:50AM
India's Essar group is pressing British telecoms company Vodafone for more money to buy out its share in the joint venture Vodafone Essar.
Last month, Vodafone said it would buy the 33 per cent of shares owned by its Indian partner in a $5 billion (£3.05 billion) deal, which would result in Vodafone owning 75 per cent of the operator.
Now, however, Essar has asked Vodafone to pay up to $700 million more for the shares, because of a clause placed on an 11 per cent stake in the company held in India, the Economic Times reported.
Vodafone Essar, or Vodafone as it is known in India, offers telecoms services to districts around the country. It has been in operation since 1994. According to the Vodafone website the company service 130.9 million customers in India.
Vodafone was recently in the news after Daisy acquired its mobile voice and data service reselling service, which was owned by Outsourcery.
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