Global advertising and marketing services firm WPP Plc today said its wholly-owned subsidiary in India, JWT, will acquire a majority stake in a Hyderabad- based Mindset Advertising Pvt Ltd for an undisclosed amount.
"WPP announces that its wholly-owned operating company, JWT, the global advertising network, has agreed to acquire a majority stake in Mindset Advertising Pvt Ltd, a highly- awarded advertising agency in India," WPP said in a filing to the London Stock Exchange.
It, however, did not disclose the size of the deal and the quantum of stake.
This investment continues WPP's strategy of developing its networks in fast-growing and important markets and sectors, it said.
Mindset was founded by Santha John and Ram Gedela in 1998 and later joined by Anvar Alikhan.
"From 2007, Mindset was an affiliate of JWT and it is a natural and thrilling finale to the acquisition. JWT is taking a majority stake and the company will be re-branded as JWT Mindset Advertising Pvt Ltd," Mindset Managing Director Santha John told PTI. John will head the JWT Hyderabad operations.
Mindset is a full service advertising agency that offers creative services, strategic planning and campaign execution in digital, print and television.
The agency employs 44 people and has a number of blue- chip clients in the key sectors of IT, education, healthcare and infrastructure, including ADP, Airtel and Pepsi.
Mindset's unaudited revenues for the year ended March 31, 2011, stood at Rs 5.1 crore, with gross assets of Rs 4.3 crore on the same date, the WPP statement said.
India is one of the fastest growth markets for the WPP Group (double-digit growth in 2010), with revenues of around USD 450 million, including associate firms' earnings.
"The group has five of India's top 10 agencies and collectively employs around 9,000 people," the statement said.