Ahead of a series of crucial EGMs, Rediffusion Y&R has hired financial PR specialist Adfactors PR for investor relations for a one year period. Madan Bahal, co-founder and managing director, Adfactors PR which is India’s largest PR agency, told PRmoment India that, “ The mandate involves planning and executing the investor relations strategy for Tata Sons. This is a national mandate which is being managed by a core team from within Adfactors PR.”
This is the first time Adfactors PR is handling a year long mandate for ‘Tata Sons’, though Adfactors PR has done project work for Tata Sons in the past and several Tata Group companies in the last decade including ‘Tata Steel’, 'Tata Power' and ‘Tata Motors.’ The core team has already begun work.
Tata Sons has begun a series of crucial advocacy moves ahead of key Extraordinary General Meetings ( EGMs) in the battle to remove Cyrus Mistry grom Tata Group companies. In such a situation shareholder votes will count, which is where Adfactors expertise with financial PR will come in handy.
The current corporate battle, involving India's most respected corporate house, is the first to play out in the age of the Internet and perception management will matter more than ever. These developments have also seen the unusual development of PR firms being named by the media. Market sources attribute this to intense national interest in the Tata story and as a by-product of that, media interest.
'Tata Sons' has done a series of PR hires in addition to current PR firm Edelman. This includes Avian Media for Tata Trust. Last week, Arun Nanda , CMD of Rediffusion Y&R, which services the Tata Group public Affairs/ Public Relations manadate in partnership with Edelman, took the extraordinary step of issuing front page ads with an open letter to Cyrus Mistry addressing Mistry's allegations over the amount being paid for PR services to Rediffusion.
PRmoment India contacted Arun Nanda for a response after the letter was issued, but did not receive a reply. Sources told PRmoment that Nanda has said all he wants to say on the letter.