GfK Group expands reach in India, to acquire majority stake in Indian research Co Mode
GfK Group, a leading German market research organisation, has acquired 51 per cent stake in Mode Group, an Indian research company. Following the equity sell-off, Mode will be renamed GfK-Mode. The stake sell is subject to approval from the Indian authorities.
With this alliance, GfK will introduce the latest techniques and expertise in the field of market research in India and will be in a position to provide information and skills for the development of the Indian market research industry. This tie-up will further facilitate the introduction of the latest concepts and market research techniques in India, as are used by GfK overseas.
Kalyanmoy Chatterjee, CEO, Mode, said, “Since our inception, we have been a largely employee owned company and have achieved phenomenal growth in the domestic market within a short span of time. We wish to shift gears and to this end our chosen strategy was to join hands with an international group. We are delighted that we are now a part of the GfK network.”
He further said, “GfK ideally meets our need of an international partner both in terms of its philosophy of research as well as the services it offers. Our unparalleled talent fund, most of whom are stakeholders in the company, will now be joined by state of the art international technology. We are confident we will soar even higher.”
Established more than 70 years ago as Germany’s first market research institute, GfK today has over 120 subsidiaries, offices and participations and nearly 7,500 employees in over 60 countries. In Asia, till 2004, GfK Custom Research division had been working with associated institutes. GfK now adds two Asian countries – Mode in India and Consumer Research China in China. These represent a decisive strategic step in accelerating the globalisation of the Custom Research Division of GfK.
Mode, which was established in 1981, has carved a niche for itself as a reputed Indian research company. The company has a BPO set-up catering to the market research industry outside India. Following the association with GfK, this activity is proposed to be upgraded to a KPO. It is also expected that its activity level will be enhanced manifold.
Speaking about the of the stakes in the Indian and Chinese companies, Siegfried Högl, Chairman of the GfK Custom Research Board Asia/Pacific and Managing Director of GfK Marktforschung, said, “We looked at a number of possibilities and assessed their potential. Ultimately, we chose two qualitatively top-flight businesses with in-depth knowledge of the complex market landscape of the countries and a sound grounding in market research. We are convinced that in this way, we have acquired excellent business opportunities in both countries.”
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