Indiantelevision.com Team

(28 October 2006 6:00 pm)

MUMBAI: Media conglomerate WPP recently announced it has taken a majority stake in Ray + Keshavan Design Associates.

The buyout of the Bangalore-based brand identity and design agency was one of four acquisitions WPP announced in Asia - another one in China and two in South Korea.

Founded in 1989, Ray + Keshavan, which employs 33 people, has a client portfolio that includes Airtel, Hindustan Lever, Infosys, Kotak Mahindra Bank and Wipro. Revenues for the year ended 31 March 2006 were Rs 58.2 million with gross assets of Rs 40.2 million at the same date.

In China, WPP's Ogilvy & Mather Worldwide has acquired, subject to regulatory approval, a 70 per cent stake in Beijing Century Harmony Advertising, a leading internet advertising agency in China.

In South Korea, WPP's marketing communications network Wunderman has announced its intent to acquire the businesses of SRP Corporation and ComHaus Korea, both marketing services companies.