MAM
WPP buys stake in motorsports marketing company
MUMBAI: Two months after forming a joint venture with IMG Worldwide, WPP is again propelling its sports-marketing capabilities.
WPP, the world‘s largest communications services group, has made a strategic investment in a motorsports marketing company, Just Marketing International (JMI).
WPP also owns a London-based sports-marketing firm Prism, and may look at other deals in the sector down the road.
JMI represents a broad portfolio of global brands with an established presence in all key international series, including Formula 1, NASCAR, IndyCar, The World Rally Championship and the major sportscar categories.
The financial details of the agreement are unknown, but Just Marketing has been valued at $100 million.
According to an official communiqué, the investment represents a strategic affiliation by both parties to leverage expertise and elevate client insights and solutions. JMI will have access to WPP‘s global network while providing a direct route for WPP clients to be introduced to motorsports.
Spire Capital, which took a majority stake in JMI in 2008, remains the principal shareholder and Brown the second largest shareholder. WPP takes a minority equity stake and has representation on the board of JMI, with the Credit Suisse Customised Fund Investment Group completing the shareholder group.
JMI CEO Zak Brown commented, “I am thrilled with WPP‘s investment in JMI. It represents a significant development for the company and an endorsement of our expertise from the biggest global player in the industry. The benefits to JMI, its people and most importantly our clients, will be substantial and I am excited by the potential of this alliance.”
WPP Director of Corporate Development Andrew Scott added: “We are strong believers in the marketing power of international motorsports for global brands. JMI is a leading company in the sector so this investment is a natural fit for WPP and will help to offer our clients exciting new opportunities in the field of motorsports.”
Last year, WPP reported revenue of $14.8 billion. The company has 146,000 employees in 2,400 offices.
WPP owns a number of the world‘s best known and most powerful advertising, public relations and market research networks, including Grey, Burson-Marsteller, Hill & Knowlton, JWT, Ogilvy Group, TNS and Young & Rubicam.
According to company officials, WPP handles $70 billion in advertising annually and does business with 340 of the companies on the Fortune 500 list.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
