Ogilvy and Mather Ltd. (O&M)'s stake in Mumbai-based More Group India Ltd. -- known for promoting specialised outdoor communications under the brandname ADSHEL -- is falling to 2.9% following a fresh preferential allotment to Clear Channel Pacific Pte Ltd., Singapore. O&M originally held 30 per cent in the joint venture.
The non-resident shareholding in the Indian venture is being increased as the company finds a huge market potential for outdoor specialised communication media. More Group India is already engaged in the business and has been acquiring conducting rights for billboards and other outdoor advertising medium.
It also participates in various outdoor advertising related tenders, which are being put up for bidding by various government and local municipal authorities. The company has implemented the project of building and is now operating 49 bus shelters in Bangalore.
It has also acquired advertising rights from the Southern Railways for building and operating glow signs and advertisement panels on railway under-bridges in Bangalore and it has also acquired advertisement rights from Northern Railway for Chandigarh.