WPP Group plc plans to raise its stake in Suhel Seth-promoted Equus Advertising Company Limited from 30 per cent to 45 per cent.
The move is expected to consolidate WPP’s grip over the Indian advertising industry. The firm already has, directly or indirectly, financial interests in Ogilvy & Mather (O&M), Contract, Everest and Rediffusion-DY&R, Quadra Advisory, IMRB and IPAN.
Equus has an annual billing of over Rs 60 crore. In the existing paid up equity capital of Equus, WPP has a 30 per cent stake. Seth and his brother, Swapan, hold the remaining 70 per cent.
Source: Business Standard