Colao said that the Vodafone board regularly reviews its set-up, but decided that the synergies offered by its emerging markets units, which includes operations in India, Africa, New Zealand, Qatar and Turkey, justified keeping it together.
Analysts had indicated that a separation of its emerging marketing division would make it easier for the operator to push through a deal with Liberty over its core European operations. Talks about a potential merger between the two companies came to an end in September.
Vodafone has, however, begun preparing for an IPO of its India subsidiary, which could take place in the next financial year.
