Scarecrow bags Reliance Mutual Fund; ad spends pegged at Rs 15-20 crore

Scarecrow Communications has bagged the creative duties for Reliance Mutual Fund, a part of the Reliance Group. According to market estimates, the ad spends are pegged at Rs 15-20 crore.

Highly placed industry sources close to the development have confirmed the news to afaqs!.

The development is the result of a closely fought multi-agency pitch process that saw the participation of around six medium to large creative agencies. The process was initiated around July this year and was held in Mumbai.

The upcoming communication for the brand is slated to break in two to three months or perhaps even later, inform sources. The effort is slated to be a multi-media one.

Reliance Mutual Fund, also known as RMF, is one of India's prominent mutual fund companies. Reliance Capital Asset Management (RCAM), a subsidiary of Reliance Capital, is the asset manager of Reliance Mutual Fund.

Reliance Capital has interests in asset management, life insurance, general insurance, private equity, proprietary investments, stock broking and other financial services.

Amongst Scarecrow's recent account wins are names such as Danone Narang's new beverage brand B'lue, Emami's edible oil brand Healthy & Tasty, Religare Enterprises and Justbooks (a community library chain owned by Strata Retail & Technology Services), among others.