Mudra Communications has decided to shut down its 17-year-old market research (MR) arm.Confirming the move, chairman & managing director A G Krishnamurthy said: “The division was losing too much money. The operation had failed to reach the minimal size required for take-off and we couldn't even get good people to join it.”
Mudra changed the name of its MR arm from SAMIR (Scientific Analysers of Market Information and Research) to Indian Consumer Research Group (ICRG) in 1996 and simultaneously shifted the division's headquarters from Mumbai to Ahmedabad.
Besides reducing costs, this was meant to give it greater access to the parent organisation's technical and manpower resources. Apart from being the corporate headquarters, the city is also home to the Mudra Institute of Communications Ahmedabad (MICA), Mudra Centre for Fundamental Communications Research and Mudra Resource Centre.
But the location shift seems to have backfired and ICRG's annual revenues actually started slipping from Rs 2 crore in 1996 to untenable levels.