| According to Ashwani Singla, CEO, Genesis, "This is tremendous news for both Burson-Marsteller and Genesis. I am unable to disclose the deal size as Genesis is a closely held company. All I can say is that the valuation has been fair." |
| Before the deal, nearly the entire stake in Genesis was held by its founder Prema Sagar, with Singla and other key people in the management holding a minority stake. |
| "There will be no change in the management post acquisition. Prema and I will continue to do what we are doing," said Singla. |
| The deal, which was concluded yesterday, will seek the approval of the Foreign Investment Promotion Board (FIPB) soon. However company sources said that Genesis has already sought FIPB approval. |
| "This is one of the most significant milestones in the Burson-Marsteller's 53 year history," said Harold Burson, founding chairman of Burson Marsteller. |
| After regulatory approvals, the Indian company will be renamed Genesis Burson-Marsteller and will be integrated within the Burson-Marsteller Asia Pacific regional network. According to a company statement, both Prema Sagar and Singla will join Burson-Marsteller's Asia Pacific leadership board. |
| "Genesis is the clear leader in India in terms of talent, thought leadership, geographic reach and reputation," said Bill Rylance, CEO & president - Asia Pacific, Burson-Marsteller. |
| Going by headcount, India and China now represent Burson-Marsteller's second and third largest markets worldwide. |
| "However, it is the quality of that talent more than the quantity which really excites us. The collective zeal to learn and grow in India "� as in all of our vibrant Asia Pacific offices "� is a constant source of inspiration and innovation for our company. It all points to a very bright future," |
Top Section
Explore Business Standard