Vodafone Group CEO quits; Indian arm posts Rs 9,800-crore profit

Tribune News Service

New Delhi, May 15

Vodafone, the world’s second largest mobile operator, on Tuesday announced that its chief executive Vittorio Colao will step down in October after 10 years in charge even as its Indian arm posted operating profit of Rs 9,805 crore for the financial year 2017-18, ended March 31.

In an announcement made in London, Vodafone said Colao would be succeeded by Finance Director Nick Read.

During his time at Vodafone, Colao transformed the British company and in India agreed to merge its operations with Idea Cellular, which makes the joint venture the largest telecom operator in the country.

Colao said at a web conference that both the companies have already starting branding exercise for the new entity.

Vodafone India had last year reported a loss of around Rs 30,690 crore on account of the UK-based Vodafone group cutting down valuation of Indian unit by taking gross impairment charge of 4.5 billion euros.