Dentsu Inc. said Monday that it will acquire India’s largest out-of-home advertising agency, Milestone Brandcom Pvt. Ltd.
Dentsu will acquire a 51 percent stake in the Mumbai-based company through an overseas subsidiary, with an option to expand its holding in steps to 100 percent at a later date. Dentsu aims to take 100 percent ownership around 2019.
The value of the deal was not disclosed.
Milestone, founded in October 2009, has 175 employees. Gross profit for the business year that ended in March came to ¥600 million.
It provides out-of-home advertising services to more than 100 clients across a wide range of industries in India.
Dentsu expects India’s out-of-home advertising market will grow some 10 percent each year in 2014 and 2015.