5th Jun 2014 08:08
LONDON (Alliance News) - WPP PLC said Thursday that its wholly-owned operating company, Bates CHI&Partners, has agreed to acquire the business and assets of Temple Advertising Private Limited, a boutique advertising agency based in Bangalore, India.
Temple was co-founded in 2004 by Manmohan Anchan, Vidur Vohra and Srikanth V.S. The company's clients include Embassy Group, eTV Kannada, Reliance Trends, Sumeru Frozen Foods, Vaswani Group and Wipro Technologies.
No financial terms of the deal were disclosed.
The media buying giant said that the investment marks a further step towards its goal of developing its networks in fast-growth and important markets and sectors. In India, WPP generates revenues of about USD500 million and employs 13,000 people.
WPP is targeting at least 40-45% of revenues to come from each of fast-growth markets and new media over the next five years.
WPP shares were trading marginally lower Thursday morning, down 0.08% at 1,260 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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