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
Vodafone 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, VodafoneÂ announced that it now owns 100% of its Indian subsidiary,Â VodafoneÂ India Limited (â€śVILâ€ť).
In March 2014,Â VodafoneÂ completed the acquisition of indirect equity interests in VIL held by Analjit Singh and Neelu Analjit Singh, taking its stake toÂ 89.03%Â of VIL. TodayÂ VodafoneÂ acquired the remainingÂ 10.97%Â of VIL from Piramal Enterprises Limited. The combined cash consideration for both transactions wasÂ INR 10,142 crores (ÂŁ1.0 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.