Colao was appointed Chief Executive Officer of the UK-based group in July 2008- nearly a year after Vodafone brand was launched in India.
"I will step down as CEO".
The telecom company's organic service revenue came in at Rs 35,045 crore in FY18 compared to Rs 42,927 crore service revenue registered in the preceding fiscal year. The combined company will be jointly controlled by Vodafone and the Aditya Birla Group.
During his time at Vodafone, Colao has steered the company towards success.
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And while the move serves to promote safety and aid the company's reputation, it could also lead to more complaints. That new direction includes ending the use of forced arbitration agreements.
Read first joined Vodafone in 2001 as Vodafone UK finance director, rising to Vodafone UK chief commercial officer and then Vodafone UK chief executive. "Vodafone India has been classified as discontinued operations for Group reporting purposes", Vodafone said. Colao has spent 101 billion euros on capital expenditure and mobile spectrum, in contrast with rivals who have splashed cash on sports and other exclusive TV rights at the expense of network investment and shareholder returns.
Vodafone has challenged the tax notice under the Netherlands-India Bilateral Investment Treaty and the matter is now arbitration.
"Following the completion of Idea's equity raising in February 2018, under the terms of the merger agreement with Idea the Group intends to inject up to 1 billion euro (around Rs 7,500 crore) of incremental equity into India, net of the proceeds of the sale of a stake in the joint venture to the Aditya Birla Group (ABG), prior to completion", Vodafone said.
"It really is an opportunity to elevate what we offer for our customers", Read said to reporters.
Telecommunication giant Vodafone's CEO Vittorio Colao stepped down from his position on Tuesday.
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"It has a been a real privilege to lead the group through a decade of massive strategic transformation culminating in today's good financial performance", Colao told reporters.
Read attained his present post in 2014 following a successful spell at the group's emerging markets division spanning Africa, the Middle East and Asia Pacific.
Colao will be replaced by Vodafone's finance director since 2014, Nick Read whose wealth of worldwide experience made him a likely candidate for the position.
Meanwhile, at the date of Vodafone's AGM on July 27, deputy CFO Margherita Della Valle will succeed Read and join the board, and Read will become group chief executive-designate.
Last-minute Mother's Day Gift Ideas
Certainly they provide motherly guidance in every endeavor pursued, thus wishing Mom and every mommy, Happy Mother's Day . You are the wind beneath my wings! Or how many times I had to explain my tardiness because a school bus didn't come.