MAM
JWT snaps up Indian ad firm, eyes acquisitions
MUMBAI: JWT, the wholly owned operating company of WPP Plc, is acquiring a majority stake in Hyderabad-based Mindset Advertising for an undisclosed amount.
Speaking to Indiantelevision.com, JWT India chief executive officer Colvyn Harris said the agency is eyeing further acquisitions in the digital space that would bring in a range of services, skills and capabilities.
“We are taking a majority stake in Mindset Advertising, the leading agency in that market. We will have management control,” said Harris, while declining to specify how much stake JWT would hold in the Indian agency.
With the buyout, JWT will have Hyderabad as its sixth office in India, helping it to tap into the growing IT, real estate, education and healthcare sectors.
“The deal will open up new avenues for us. The ad market in Hyderabad is growing at 25-30 per cent. The acquisition is made with an eye towards future growth potential. We look at the right scale and balance when we make acquisitions,” said Harris.
Mindset Advertising, which offers creative services, strategic planning and campaign execution in digital, print and television, had posted a revenue of Rs 51 million for the fiscal ended March 2011, with gross assets of Rs 43 million.
Harris said, “Hyderabad figures as one of the most promising cities in JWT‘s growth plans and the integration of Mindset into our global operations gives clients in the city access to the best of what JWT has to offer worldwide. It also gives them access to the services of our family of specialist companies in various communications-related fields, including media planning and buying, digital communications, activation, public relations and market research.”
JWT has worked closely with Mindset on several clients including Bharti Airtel.
Santha John, who founded the agency, will head the JWT Hyderabad operation, which has a number of blue-chip clients, especially in Hyderabad’s key sectors of IT, education, health-care and infrastructure.
JWT Hyderabad will continue with its leadership team of CEO Ram Gedela, director creative Anvar Alikhan, AVP and senior creative director Mark Samuel.
JWT Hyderabad consists of a team of 44 people and offers a
full-service range of creative services, strategic planning and
execution in digital, print and television. Major clients include ADP, Airtel, and Pepsi.
JWT President Michael Maedel stated, “With the acquisition of Mindset, JWT is represented at a level that allows us to further capitalise on the opportunities developing in the market along with our clients, and to offer more advanced advertising and marketing solutions that meet clients’ needs.”
Added John, “We are proud to be part of JWT. We have been reputed to be ‘the best advertising brains in Hyderabad, under one roof’. With full access to JWT’s global resources, we now look forward to being able to offer our clients in Hyderabad an even higher level of service.”
India is one of the fastest growth markets for the WPP Group, with revenues of around $450 million, including associate firms‘ earnings.
“The group has five of India‘s top 10 agencies and collectively employs around 9,000 people,” WPP said.
In 2008, JWT had acquired majority stake in Encompass Events, an independent events and promotions agency.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
