Publicis buys Indian ad agency Capital Advertising

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Paris, Sept 19: Publicis, the world's fourth largest advertising group, said on Wednesday it had bought a majority stake in Indian company Capital Advertising, strengthening its position in the booming Indian economy.

Capital Advertising was founded in 1992 and handles clients such as Spice Telecom, Apollo Tyres and CitiFinancial.

''India is a very important market for Publicis Worldwide.

Not only does Capital Advertising allow us to increase our presence in this rapid-growth market, but it also strengthens our offer in the capital, which is the Indian advertising industry's fastest-growing zone, with a population of 14 million,'' Publicis Executive Chairman Olivier Fleurot said in a statement.

Financial details regarding the transaction were not disclosed by Publicis.

Reuters>

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