WPP’s Grey to buy majority stake in Indian agency

Dec 19 2013, 04:38 IST
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SummaryWPP on Wednesday announced its wholly owned operating company Grey...

WPP, the world’s largest advertising agency, on Wednesday announced its wholly owned operating company Grey, the advertising network of Grey Group, has agreed to acquire a majority stake in RC&M, one of India’s largest rural communications and marketing services providers, reports fe Bureau in Mumbai. Founded in 1990, RC&M is headquartered in Delhi, with offices in Mumbai and Bangalore. Its unaudited revenues for the year ending 31 March were about R36 crore. RC&M marks WPP’s 12th acquisition in India in the last nine years.

According to a statement from WPP, this acquisition marks a further step in WPP’s strategy of developing its networks in fast-growth markets and sectors. In India, WPP companies (including associates) generate revenues of US$500 million and employ almost 13,000 people. In the Asia Pacific region, WPP companies (including associates) generate revenues of US$5 billion and employ more than 47,000 people. WPP recently raised its targets from 35-40% for each of fast-growth markets and new media to at least 40-45% over the next five years.

RC&M employs more than 320 people and services clients in the automotive, industrial automation, FMCG and durable sectors. With a formidable reach across 400,000 Indian villages and 5,000 towns, the company is a leader in the organised rural/semi-urban activation market.

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