WPP Thursday announced changes in its interests in India, including a breakthrough in the contentious JV with Indian partner Rediffusion.
According to the announcement, WPP companies Sudler, Wunderman and Y&R, which now operate as joint-venture agencies with Rediffusion, will now be developed as wholly owned agencies, with WPP selling its stakes in the current Rediffusion joint ventures. "There will be no change to Wunderman's existing India businesses," the statement added.
In May this year, WPP consolidated its ownership of these companies in Asia-Pacific and assumed complete control over its existing JVs in certain key markets. At that point of time, it had left the options for the Indian market open.
In addition, WPP announced that in line with its long-term growth objectives in India, GroupM will move to full ownership of the mobile-marketing agency Madhouse, in which WPP currently has a 50% stake.
Madhouse has offices in Mumbai, Delhi and Bangalore.
“India is a key growth region for us and we have a well-defined roadmap and vision for what we would like to achieve here," said CVL Srinivas, country manager for WPP in India. "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 in India will continue to cater to the market’s growing demand for integrated and innovative marketing solutions, through strengthening its presence in the areas of data, technology, content and creativity, the statement added.