Dentsu Aegis Network acquires 51% stake in Milestone Brandcom1 min read . Updated: 28 Jul 2014, 04:21 PM IST
The deal provides Dentsu the option to further raise its stake in the company to 100%
Mumbai: Dentsu Aegis Network Ltd, a unit of media communications company Dentsu Inc., announced on Monday that it has acquired a 51% stake in Milestone Brandcom Pvt. Ltd in India for an undisclosed amount.
The deal provides Dentsu the option to further raise its stake in the company to 100%.
“This investment now establishes clear leadership for us in this very important medium, we will have a strong hold over OOH (out of home) and OOH retail space in India, which we believe will play an increasingly important role for clients in years to come," Ashish Bhasin, chairman and chief executive officer of Dentsu Aegis Network South Asia, said in a statement.
The five-year-old venture provides advertising and communication services to more than 100 clients that include Tata Photon-Docomo, Colors, McDonalds, Binani Cement Ltd, Axis Bank Ltd, and L’Oreal. The agency posted a gross profit of ₹ 35.4 crore for the year ended March.
“Being a part of a dynamic global group like Dentsu Aegis Network will help us be stronger together as OOH will become more and more important in India. We are confident that as market leaders we will be at the forefront of this progress," Nabendu Bhattacharyya, CEO and managing director at Milestone Brandcom, said in a statement.