WPP, has formally moved the government for setting up Mindshare, the $17-billion media specialist house. The joint venture partner would comprise of the WPP Group employees, between 150 and 200 individuals.
The initial investment is estimated at $100,000. With Rs 600 crore consolidated account of HLL itself, Mindshare will account for about 40 per cent of the Rs 8,000 Indian advertisement industry. It will do combined media planning, implementation, buying research for advertisers under the aegis of HTA, O&M and Contract.
The outfit will focus on providing the client with proprietary insights into the ever-changing media landscape.
WPP Group has joint ventures in advertising and brand management services with prominent agencies in India. It holds a stake of 60 per cent in Hindustan Thompson Associates that will be hiked to 74 per cent.
It is also a stake holder in Ogilvy & Mather, Contract, Rediffusion, Quadra and Equus. These agencies have submitted no objection certificates to WPP for setting up the new outfit.
WPP Group is based in the United Kingdom with 950 offices located in over 92 countries. In the year 2000 the consolidated group turnover was approximately £3 billion and profit before tax was approximately £365.7 million.