New Delhi: After turning down global media giant WPP’s offer to increase stake, advertising major Rediffusion DY&R is embarking on a re-structuring process to assert its presence in the Indian market.
“We are re-engineering the entire group and in the process of creating a new structure of the company,” Rediffusion president Mahesh Chauhan told PTI.
He said the company was looking at the way it has been working in the past and “trying to do new things”.
The company has taken help of consultant who are identifying and advising on how in future it should be different from what it had been in the past.
Already, the company has rung in changes in management structure, with two senior level appointments of Arvind Mohan as chief strategy officer and S Subramanyeswar as executive vice-president of strategy. In its bid to groom in-house talent, the company recently announced appointment of Roopa Badrinath as the head of training and development.
Asked about interest shown by foreign advertising firms to buy stake in Rediffusion DY&R, Chauhan said: “International players keep showing keen interest in our company, but it’s very clear that we are an Indian company and will continue to be one as we are not at all keen on selling any stake.”
Recently, Sir Martin Sorell’s WPP Group, which has an indirect stake of 26.6%, had offered to raise its stake in Rediffusion, but this was declined by the Indian partners.
While most major Indian agencies now have foreign stakeholders, Rediffusion’s decision to turn down WPP’s offer comes at a time when the indigenous industry has virtually disappeared under the onslaught of global players.
Rediffusion currently manages advertising accounts of Bank of India, Tata Motors, Airtel, Indian Oil, Heinz, Tata Sky, Zydus Cadila, Reliance, Godfrey Philips, Xerox, Air India, ITC, MRF Tyres, UB Group, Palmolive, ING Vysya and DNA among others.