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Maxus retains Vodafone in India

WPP Group's Team Red, led by MEC will take on the business globally, with annual media spending close to a billion USD

BestMediaInfo Bureau | Delhi | April 11, 2014

Maxus-vodafoneVodafone has found an agency to succeed OMD on its global media account. WPP Group's Team Red, led by MEC will take on the business, with annual media spending close to a billion USD. OMD, a unit of Omnicom Group, defended in the review but was eliminated before the last round, which was between MEC and Carat, a unit of Dentsu.

In another development, Vodafone announced that it now owns 100% of its Indian subsidiary, Vodafone India Limited (“VIL”).

In March 2014, Vodafone completed the acquisition of indirect equity interests in VIL held by Analjit Singh and Neelu Analjit Singh, taking its stake to 89.03% of VIL. Today Vodafone acquired the remaining 10.97% of VIL from Piramal Enterprises Limited. The combined cash consideration for both transactions was INR 10,142 crores (£1.0 billion).

The Foreign Investment Promotion Board approved both acquisitions on 20 February 2014, following receipt of the approval of the Cabinet Committee on Economic Affairs.

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