Grey to acquire majority stake in RC&M

WPP-owned advertising network Grey is all set to acquire a majority stake in RC&M, a rural communication and marketing service agency.

WPP's wholly-owned company Grey, the advertising network of the Grey Group, has agreed to acquire a majority stake in RC&M, a rural communication and marketing agency.

This acquisition marks a further step in WPP's strategy of developing its networks in fast-growth markets and sectors. In India, WPP companies (including associates) generate revenues of USD 500 million and employ almost 13,000 people.

In the Asia Pacific region, WPP companies (including associates) generate revenues of USD5 billion and employ more than 47,000 people.

WPP recently raised its targets from 35-40 per cent for each of fast-growth markets and new media to at least 40-45 per cent over the next five years.

RC&M marks WPP's 12th acquisition in India in the last nine years. The rural communication and marketing agency claims to have a reach across 400,000 villages and 5,000 towns. It was found in 1990 and is headquartered in Delhi, with offices in Mumbai and Bengaluru. It employs more than 320 people and services clients in the automotive, industrial automation, FMCG and durable sectors. Its unaudited revenue for the year ending 2013 was Rs 360 million.

Grey is the advertising network of the Grey Group.