Essar raises Vodafone's stake price

India's Essar group is seeking $600 million (£366.2 million) to $700 million more than originally planned from Vodafone to sell its 33% holding in a mobile phone joint venture between the two companies to the British firm, according to reports today.

Citing people familiar with the development, the Economic Times newspaper said that Essar
was demanding the additional amount based on a resolution by the country's central bank that stipulates a minimum value for Indian shares in privately held companies.

Separately, the Business Standard newspaper said that Essar was planning legal action against Vodafone for alleged violation of the shareholder agreement which governed the joint venture.

Essar declined to comment.