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Vodafone ready to target Italy for 'Project Spring' spend-report

Reuters - UK Focus

MILAN, Sept 6 (Reuters) - Vodafone (LSE: VOD.L - news) is ready to direct a large part of its "Project Spring" investment spend on Italy, Chief Executive Vittorio Colao said in an interview on Friday.

Colao told Il Corriere della Sera that Italy remained one of Vodafone's main markets following the $130 billion sale of its stake in U.S. joint venture Verixon Wireless, which was announced earlier this week.

"Italy will have a big part of our Project Spring, to speed up 4G and develop more fibre, ours or in collaboration with Telecom Italia (Milan: TIT.MI - news) at sustainable prices," Colao told the newspaper.

Under its "Project Spring" plan Vodafone intends to raise its capital spending by an additional 6 billion pounds over three financial years to improve network quality for customers in Europe and emerging markets.

"Otherwise we are already equipped and are ready to invest," he said.