Oberoi takes charge as chairman and CEO of M&C Saatchi Communications, the joint venture formed by the network and New Delhi creative hotshop Dhar & Hoon. He was previously president of JWT India, before leaving earlier this year.
M&C is the latest network attracted by India's potential. Earlier this month, Bates Asia acquired a majority stake in local agency Enteprise Nexus, renaming the new operation Bates Enteprise.
M&C is the latest network attracted by India's potential. Earlier this month, Bates Asia acquired a majority stake in local agency Enteprise Nexus, renaming the new operation Bates Enteprise.
According to M&C Saatchi regional CEO Kim Walker, the decision to open in India was based on a reflection of the economic realities in Asia.
"The two great economies in this part of the world are China and India, and clearly we need to put our foot in the India market," explained Walker. "We're not about acquisition to achieve growth," continued Walker. "We're about establishing footholds in markets where we can permeate the culture."
Walker confirmed that M&C had taken a majority stake in the venture, alongside minority shareholders Dhar & Hoon, and Oberoi. The Delhi agency works for such clients as Sony Wega Theatre and Dabur Foods.
