Grey Worldwide India Pvt Ltd is in the process of acquiring a mid-sized agency. According to sources talks have reached an advanced stage with a couple of agencies and the deal will be sealed in a couple of weeks. Grey Worldwide however refused to divulge the name of the agency or the investment figure.
According to sources the move will not only give an opportunity to the agency to expand but will also allow it to deal with conflict businesses, which is not happening at present.
The Rs 280 crore agency has been handling clients such as GlaxoSmithkline Beecham, GE, Hindustan Times etc.
According to Grey officials, about 12 per cent of the agency’s total business is coming from multinational clients while it is about 30 per cent for other agencies.
The agency also has a healthcare division. The agency is also handling Ranbaxy’s over-the-counter (OTC) business. Grey Worldwide may also consider further acquisitions in the near future.