IPG had picked up 40 per cent stake in Lintas India in 1969, which it subsequently raised to 49 per cent in 1989. "India is taking its place in the world stage. Besides talent, which is world-class, Indian companies are building brands around the world in travel, professional services, auto and industrials like never before," Lowe Worldwide CEO Stephen Gatfield said justifying the acquisition.
Lowe Worldwide is the flagship advertising agency of IPG. Lintas' businesses include Lintas Personal, Linterland, LINOpinion, Advent, Lintertainment, Lintas Healthcare, dCell and Aaren Initiative. It services nearly 200 clients including Hindustan Unilever, ITC, Idea, Maruti, LG, Nestle, Britannia and Bajaj Auto among others.
Post-acquisition, Gatfield said, the pace of innovation and entrepreneurship would accelerate in Lintas India with greater sponsorship from Lowe and IPG. "The deal will allow us to expedite development of Lintas India's integrated business through closer networking with IPG's specialised organisations abroad," he said.
Stating the company would set up a 24-hour studio for back-end support, he said, IPG intends to leverage India's competence and cost advantages specially in production, technology and analytics. "India's culture, creativity and ways of seeing things makes it an essential ingredient for the new Lowe," he said.