UK firm buys out Candid Marketing

New Delhi, June 20 (UNI) UK-based International Marketing and Sales Group Plc (IMSG) today said it has bought out Candid Marketing for 5.6 million dollar, and will use this acquisition as a base for further expansion in India.

IMSG has acquired 66 per cent in Candid, a promotional marketing services company, while the the balance holding will be transferred in the next four years.

''We will use Candid as our base for further acquisitions in India in areas like Marketing, PR, Marketing Research and Financial Services,'' IMSG Chairman and CEO Gregory Thain told reporters here.

IMSG has set a target of 50 million dollar as net profit from its India operations in the next four years, with its first acquisition, Mr Thain said.

He added that IMSG aims to fetch a turnover of 25-30 million dollar from its operations in Candid.

Besides, IMSG will introduce its international retail products, including Key Account Merchandising (KAM) and Storewars in the Indian market, through Candid Marketing.

On the expansion plans of Candid Marketing, its Cheif Executive and Managing Partner Atul S Nath said, ''We plan to set up 10-12 offices by the end of this financial year. Currently, Candid executes marketing and sales programmes across 100 cities for major international brands in India, through its seven offices in six major cities.'' Candid Marketing's key clients include Motorola, Pepsi, Cadbury, Nokia, ITC Foods, UB Group, Revlon, Max New York Life, Hutch and Sony Television.

Candid's 75 to 80 per cent share of business comes from consumer marketing and is looking forward to expand itself in trade, sales and internet space, company MD Samarjit Singh said.

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