WPP buys Indian creative shop Enterprise Nexus
LONDON - WPP Group is buying a majority stake in an Indian creative agency in an attempt to tighten its hold on developing global markets.
Although the deal is conditional on regulatory approval, the group's Bates Asia agency network has agreed to take over Mumbai-based Enterprise Nexus.
Upon completion, Bates Asia will also acquire Interpublic Group-owned Lowe & Partners' minority stake in the Indian agency.
Enterprise Nexus will subsequently be merged with WPP's Bates India operation.
The agency's last audited revenues for the year ended March 31 2004 were 148m rupees (£1.8m), with net assets of 31m rupees (£384,000).
The agency is headquartered in Mumbai, with offices in Delhi and Bangalore. It employs 130 full-time staff and has a number of major Indian and multinational clients.
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