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Our Bureau

Mumbai , Dec. 12

Madison Communications has picked up 24.5 per cent stake in Penada, a Bangkok-based event management and allied services company for an undisclosed sum.

Penada is a 10-year-old integrated event management company based in Bangkok with a turnover of Rs 10 crore.

Speaking to Business Line, Mr Sam Balsara, Chairman and Managing Director of Madison World, said: "Events is a specialised field and in India, it is not an evolved market. Our thinking is that events can be definitely brought within the gambit of advertising."

Considering that no other large advertising network has ventured into the field of events, Madison Communications decided to tap into high-growth opportunities in the field.

"We took a decision some time ago to look beyond India and have been looking to identify high-growth opportunities in neighbouring countries. Some of the international events and shows handled by Penada have been very innovative and successful.

"And I thought it was a good opportunity for us to pitch our tent in the South-East."

However, it may take a while before Madison Communication decides to bring in its event-based operations to India.

"This would be a separate company based in Thailand and we would try and bring in some momentum into the business before bringing it to India."

Apart from Madison Communications, the Selvel Vantage Group, another Indian company, has also picked up 24.5 per cent stake in Penada. The remaining 51 per cent stake continues to be held by the promoters.

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Madison picks up 24.5 pc stake in Thai events firm

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