WPP has sold its stakes in Rediffusion joint ventures under which the holding company operates its agencies Sudler, Wunderman and Y&R in India. According to a press statement from the advertising giant, these agencies will be developed as wholly-owned agencies. There will be no change to Wunderman's existing India businesses.
Additionally, WPP’s media investment arm GroupM will move to full ownership of the mobile marketing agency Madhouse, from its current 50% interest. Madhouse has offices in Mumbai, Delhi and Bangalore and its clients include some of India’s leading brands.
Mobile marketing and media consumption is exploding with the growing access to devices, driven by a lower cost of devices and data plans. This acquisition will provide GroupM clients enhanced access to innovative mobile solutions, ad products and targeting technology.
CVL Srinivas, Country Manager for WPP in India, said, “India is a key growth region for us and we have a well-defined road map and vision for what we would like to achieve here. WPP is home to some of the best marketing talent in this country and our plan is to steer our agencies to stay ahead of the curve – in terms of both market and client needs, by providing the best-in-class offerings.”
WPP said in the statement that it will continue to cater to the Indian market’s growing demand for integrated and innovative marketing solutions, through strengthening its presence in the areas of data, technology, content and creativity.