Denstu Aegis Network acquires Perfect Relations
19th September 2016
Perfect Relations, one of the few independent big PR agencies in India has been bought over by Japanese owned Denstu Aegis Network. Perfect Relations has been in the market for a buyer for two years now. A deal with MSLGROUP fell through in 2014.
The two founders of Perfect Relations - Dilip Cherian and Pradeep ( Bobby) Kewalramani, will join the leadership team of Dentsu Aegis Network ( DAN) and report to Ashish Bhasin, chairman of Dentsu Aegis Network South Asia.
Perfect Relations will help Denstu fill the PR gap in its services. Ashish Bhasin, chairman and CEO of Dentsu Aegis Network South Asia, said that, “The joining in of Perfect Relations Group moves us a huge step closer towards achieving our mission of being the second largest group in this business in India. PR is an important and integral part of the advertising and communications business in India and the expertise that they bring will strengthen our offering."
Dilip Cherian, managing director of Perfect Relations Group and Bobby Kewalramani, CEO of Perfect Relations Group said in a joint statement that, “In order to accelerate growth and tap into the latest global platforms and tools, we wanted to partner with a great global network. A good cultural and strategic fit is a top priority in making the decision on who we would like to join. We are very pleased that Dentsu Aegis Network is our choice partner in taking Perfect Relations Group and our spectacular team to the next level.”
The story of the Perfect Relations buy out has been complex and not without incident with Bobby Kewalramani offering to buy out Dilip Cherian in the wake of the failure of the deal with MSLGROUP. Perfect Relatioms also lost marquee client Coca Cola India, last year ,to MSLGROUP and saw an exodus of top management staff in 2014 and 2015 inlcuding its former MD, Valerie Pinto, who now heads Weber Shandwick in India.
At that time, senior management staff from Perfect Relations had told PRmoment India that Perfect Relations would sell for anything between 100 crore rupees and 150 crores. At the moment the numbers being floated around are much higher at over 250 crores.
In the last three months, as tales of the sales intensified, Perfect Relations mid level employees confided in PRmoment India saying that they are waiting to see if the sale comes through to decide their next career moves. The fact that Denstu doesn't has much of a PR offering would mean that the employees may feel a little bit safer about keeping their jobs in the wake of the buyout.