Last updated : May 09, 2006
The MAA Group, which
earlier held an 80 per cent stake, has opted to fully buy back the majority equity stake in Draft Worldwide India Pvt. Ltd, the Bangalore headquartered direct marketing and direct response company, from the Interpublic Group owned Draft, Inc. With this buyback, the MAA Group will hold 100 per cent of the equity in Draft Worldwide India. The company will now be called Sabre Marketing Services Pvt. Ltd.
Bunty Peerbhoy, chairman of the MAA Group who, in 2004, was vested with management supervision of the company in India by Draft, says, "With a booming economy and a competitive marketplace in India, corporations are compelled to adopt specialised marketing tools. Direct marketing is poised for rapid growth and we are investing to consolidate our growth."
Commenting on the buyback, David Florence of Draft says, "We wish MAA well in the future and thank our partners for their close collaboration over the last ten years."
For the record, the MAA Group consists of several specialised marketing services companies: Corporate Voice Weber Shandwick Pvt. Ltd for public relations, RAMMS for retail and merchandising, Sirius Communications for print and production and MAA Bozell for advertising and integrated communications.
© 2006 agencyfaqs!First Published : May 09, 2006