WPP acquires controlling stake in Mediacom India

(ShareCast News) - WPP has acquired a controlling stake in MediaCom India, having hitherto only carried a minority stake.MediaCom India, which employs around 170 people in four offices across the country, is a buying and planning agency focused across traditional and digital channels.The agency generated revenues of roughly 700m rupees (£8.2m) in 2016 with assets of INR90m.Its clients include Dell, Edelweiss, Future Group, Mars, Pedigree, P&G, SAB Miller and Wrigley's."This acquisition continues WPP's strategy of investing in fast growth markets, new media and digital," the FTSE 100 group said.Altogether, WPP's subsidiaries and associates in India employ around 15,000 people and last year generated more than $600m in sales.