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| Mudra sold to global giant Omnicom |
| BS Reporters / New Delhi Nov 01, 2011, 00:51 IST |
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Omnicom Group Inc, the world’s second largest advertising group after WPP, on Monday announced an agreement to acquire a majority equity stake in Mudra Group, controlled by the Reliance ADA Group. With annual revenue of nearly Rs 200 crore, Mudra is among the top five advertising agency groups in the country. Omnicom earlier had a 10 per cent stake in the company.
The move is being seen by advertising pundits as part of Omnicom’s aggressive strategy to become a key player in the country, where it is much behind rivals WPP, Publicis and Interpublic. The Mudra acquisition will catapult it into the top three advertising networks in the country.
Mudra was the only Indian majority-controlled agency in the top five. The others JWT, O&M, Draft FCB and Lowe are all majority or entirely foreign-controlled.
Reliance ADA Group chairman Anil Ambani will also join the Omnicom International Advisory Committee as part of the agreement.
Mudra Group consists of four agencies: branding and communications agency Mudra India, marketing and advertising agency DDB Mudra, integrated engagement and experiential agency Mudra Max, and Ignite Mudra, India's only agency that caters to entrepreneurs.Mudra has 26 offices across the country and an extensive field activation network. Its leading clients include Godrej Group, Future Group, LIC, United Spirits, Emirates, Dabur, Aditya Birla Nuvo, CavinKare, Union Bank of India, Bank of Baroda, Amrutanjan, HCC and Bennett Coleman & Co.
"This acquisition is an important step in achieving Omnicom's strategy to extend and deepen our presence in rapidly growing markets," said John Wren, president and CEO of Omnicom Group.
"DDB has been an excellent partner over the years. We have benefited immensely from the collaboration and transfer of knowledge from around the globe. We are proud to belong to such a storied network," Mudra Group CEO Madhukar Kamath said. "Omnicom and DDB have clearly been the inspiration for Mudra Group's transformative growth over the last five years. My colleagues and I look forward to the next decade of explosive growth in the Indian market."
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