Tata Mutual Fund has completed its silent shopping and has decided on Initiative as its media partner. The decision comes in the wake of a multi-agency pitch. The business is estimated to be in the region of Rs 12-15 crore. The account moves from Lodestar Media.
Till the time of filing the report, the agency hadn’t offered any comments, while Tata Mutual officials couldn’t be contacted. However, sources familiar with the situation confirmed the development, further informing that the official signing, too, had been completed. The other agencies in the fray couldn’t be ascertained.
Initiative is part of the Lintas Media Group, headed by Kartik Iyer.
Tata Mutual Fund is part of Tata Asset Management Ltd, which is a fund management company and a part of the Tata Group. The company has more than Rs 10,462 crore (as on August 31, 2005) of assets under management.