Soon after the Tatas and Birlas fought a pitched battle for control of Idea Cellular, it’s the turn of the Ruias of the Essar group and Li Ka-shing controlled Hutchison to differ over the valuation of India’s third-largest wireless telephony firm, Hutchison Essar Ltd.

Sources say Hutchison — which holds 67 per cent stake in the Indian company — is keen to take total control over the company before it goes ahead with the initial public offer (IPO) of up to Rs 2,500 crore to the Indian investors.

The hitch, however, is Essar — which currently holds 33 per cent stake in the company — says its shares are not up for sale. Instead, it has upped the ante by objecting to the changes in the equity structure of Hutchison’s parent company based in Hong Kong.

Last December, Orascom Telecom of Egypt had bought 19.3 per cent interest in Hutchison Telecommunications International Ltd for $1.3 billion. With Hutchison buying Hinduja’s 5.1 per cent stake for $450 million, the Hong Kong-based HTIL now holds 67 per cent stake and controls the management of the company.

The Hinduja deal had valued Hutchison Essar at $9 billion and that makes Essar’s equity worth $3 billion (around Rs 13,800 crore). The Ruias, on the other hand, value their stake at $4 billion (Rs 18,400 crore) and the company at $12 billion — taking the subscribers’ base and Bharti’s market cap into consideration.

When contacted, Essar reiterated that its shares are not up for sale. ‘‘There is no discusssion or intention on our part to do any sale,’’ said Vikas Saraf, CEO of Essar Teleholdings Ltd. ‘‘We have issues only on Orascom’s entry into the company,’’ he added. Hutch did not comment on an email query sent on this issue.

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