MAM
Rediff exits, Selvel acquires majority stake in OAP
MUMBAI: The Outdoor planning and buying company, Outdoor Advertising Professionals (OAP), is now controlled by Selvel Advertising, as the third partner Rediffusion-Y&R has exited the joint venture.
OAP will now be able to pitch for those accounts which were competing with Rediffusion Y&R’s portfolio.
OAP CEO Abhijit Sengupta said, “Rather one positive outcome would be that it will now on give us the opportunity to pitch-in for those accounts where we had restricted entry as they were competing with Rediffusion Y&R’s portfolio. We can also restart the dialogue with those advertising and media agencies which were in need of our services, which we kept in abeyance thus far.”
There will be no change in the day to day operations of OAP as for the last eight years it had been scouting, developing, and managing the entire client portfolio on its own.
Selvel Advertising chairman Noomi Mehta stated, “We at Selvel are very happy with the outcome of our association in the form of OAP. But from time to time the needs of each organisation change and different priorities emerge. Rediffusion realised this and wanted to do the right thing by exiting OAP and quit as equity partners. But I am sure the tremendous relationship we have built will survive and we will keep working together.”
Brands
Kotak Mahindra Bank appoints Ramesh Iyer to board
Veteran financier replaces Ashok Gulati, who retires in March
MUMBAI: Kotak Mahindra Bank has announced a change to its board of directors, with independent director Ashok Gulati set to retire at the end of his term on 5 March.
The company said it has appointed Ramesh Ganesh Iyer as an additional and independent director for a four-year term, effective 17 February, subject to shareholder approval.
Iyer brings more than four decades of experience in financial services. He spent much of his career at Mahindra & Mahindra Financial Services, where he served as vice chairman and managing director before taking on the role of president for the financial services sector and member of the group executive board at Mahindra & Mahindra. He retired from the group in April 2024.
During his tenure, Iyer was instrumental in expanding rural and inclusive finance initiatives, scaling the company’s assets and customer base. He also led the creation of subsidiaries in rural housing finance, insurance broking and asset management, and oversaw international joint ventures.
Iyer holds a commerce degree and a doctorate of letters, and currently serves on the boards of several listed and unlisted companies.
The board meeting approving the changes was held in Mumbai on February 17 between 6.30 pm and 6.50 pm.
