Trikaya Grey Plans Another Subsidiary

Trikaya Grey Advertising (India) Ltd, has drawn up plans to start soon another subsidiary, to be christened Enhance Advertising. The decision has been taken to offload some of the work which it has cornered in the Indian market.

Trikaya Grey, in which the New York-based Grey Advertising Inc has 40 per cent equity stake, is also expanding outside India by setting up shop in Bangladesh, Sri Lanka and Mauritius. Grey picked up the stakes in 1984 in the nine-year-old Trikaya.

The new 100 per cent subsidiary of Trikaya Grey in India will debut in Mumbai and will later have branch offices in Bangalore and Delhi too. However, the hunt for a person to head the agency is on, while some Trikaya Grey executives will be deputed to Enhance.

The permission for the new subsidiary has already been obtained from the Reserve Bank of India and the decision to start another subsidiary ad agency was taken as we had locked up lot of category and the expansion was very much needed, Trikaya Greys chief operating officer Nirvik Singh told Business Standard.

According to Singh, the new agency is expected to have a capitalised billing of approximately Rs 12 crore in the first year of operation.

Trikaya Grey, ranked the sixth biggest ad agency by the A&M magazine in one of its recent issues, opted for Dhaka, Colombo and Mauritius as it wanted to expand its wings in the region. Trikaya Grey already has the Mauritian Tourism Boards account.

In 1995-96, Trikaya Grey India, had a capitalised billing of Rs 1,68.48 crore and had grown by 43.9 per cent last year compared with 1994-95. the ad agency is reported to have gained from Pressmans depressed earnings last year. Apart from international clients like P&G and BAT which Trikaya Grey services abroad, it has a string of prestigious accounts India, including Arvind Mills, IDBI Flexibonds and Tips & Toes (cosmetics).\