Calao spent $6.5 billion since 2011 in order to get control of the Indian unit.
The second largest mobile operator in the world, Vodafone announced that its chief executive Vittorio Calao will step down after 10 years in charge. Vodafone’s Indian arm posted an operating profit of INR 9,805 crore for the year ended March 31st, 2018. Calao managed to transform the British company and had agreed to merge its operations in India with Idea Cellular which makes the joint venture the largest telecom operator in the country. Vodafone India reported a loss of INR 30,690 crore last year on account of the UK based group bringing down the valuation of the Indian unit by taking the gross impairment charge of 4.5 billion euros.
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The next chief executive officer of Vodafone Group Plc, Nick Read stated that the board is looking for more from one of the biggest jobs in European telecoms. Read was a long time deputy of the current CEO and will take over in October after having served as CFO for four years. He previously managed the emerging markets of Vodafone and the UK divisions. Read became a part of Vodafone in 2001 after playing senior finance roles at UBM Plc and FedEx Corp. The pending deals of Colao with Liberty Global Plc and Idea Cellular Ltd. mean he is not starting from the scratch.