Sandeep Goyal, the chairman of Mogae Media, who was president at Rediffusion (Rediffusion Y&R) between 1997 and 2001, has acquired the agency which was launched in 1973 by Diwan Arun Nanda, Ajit Balakrishnan and Mohammed Khan.
After the acquisition, which was completed last week, Goyal takes over as managing director at the agency. Nanda shall continue to mentor the agency and will stay on as chairman. Balakrishnan will be focussing his attention on Rediff.com.
In 1994, WPP had acquired the agency to merge Y&R and Rediffusion to form Rediffusion Y&R. In 2018, Rediffusion's founders Balakrishnan and Nanda had purchased WPP's stake, to gain 100% control of the agency.
After leaving Rediffusion in 2001, Goyal was CEO at Zee Group, post which he entered a JV with Dentsu as group chairman in India. In 2011, he sold his stake in Dentsu, and launched Mogae Media a year later.
The deal to acquire Rediffusion also includes Everest Brand Solutions.
(To be updated.)