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Merchant bankers Goldman Sachs and Standard Chartered have been appointed to evaluate the worth of the Essar Groups' 33 per cent stake in telecom operator Vodafone Essar, sources said.
It is now up to the investment bankers to choose whether or not to consider the listed value of India Securities in their fair value determination.
It may be recalled that the Essar Group and its joint venture partner Vodafone have been involved in a war of words over how Essar Group should exit the venture.
Agencies report: Essar says it wants to merge Essar Telecommunications into its listed group company India Securities to discover the true value of its stake in Vodafone Essar. Vodafone has objected to the move, saying it is concerned that the value of India Securities after the merger could be misinterpreted as a fair market value of unlisted Vodafone Essar.
Essar Group has accuses the UK. company of trying to keep the value of Essar's holding in their India telecom joint venture “artificially depressed.” The Indian partner said that it wanted to list Vodafone Essar in 2010 but Vodafone didn't allow it to go through, and that “no market value could be established.”
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