Marten Pieters, managing director and chief executive of Vodafone India, also said he expects consolidation in a sector crowded with more than a dozen players in the next 12 to 24 months.
"I think there will be consolidation in the next, let's say, 12 to 24 months for sure in the market," he told Reuters.
Pending new telecoms rules in India are expected to make it easier for carriers to merge with each other or exit the market.
"If consolidation makes sense for us, meaning that we could create a better situation for ourself in this industry in this country by buying or merging or doing something, we will for sure do it," he said, declining to give specifics.
Pieters said plans for a possible IPO of the India business depend on market conditions, declining to give a timeframe.
"We will probably seriously consider it now and start preparations," he said.
"A lot needs to be done to go from a private to a public company so that work is on the way and that will take time and then the next thing is when is the market ready for it, so don't expect that very quickly to happen," he said.