Ogilvy India is poised to take over promotional marketing and event management company, Candid Marketing Services.
Under the terms of the deal Ogilvy will acquire an initial controlling 51% stake and pick up the remainder during the next two years.
Analjit Singh, chairman of Max India Group currently holds a 15% stake in the operation and a management team has 10%. Candid chief executive Samarjit Singh controls the remainder
John Goodman head of O&M India and South Asia, denied the move, although he admitted Ogilvy was looking for acquisitions.
"We are interested in investing in non-advertising businesses, and we are in talks with firms which deal with event management, promotional marketing, and brand building and design," he said.
Advertising comprises 60% of Ogilvy's current billings, while the remainder derives from non-advertising business.
Data sourced from: Times of India; additional content by WARC staff