An application has been made to the FIPB for this purpose. Though the partners refused to divulge the shareholding pattern, Ambience, it is learnt, would be a "significant shareholder" in the new company. ``We were looking for an agency who could have a significant stake,'' said John Ferris, director, mergers and acquisitions, Macmanus group which owns DMB&B. Ambience DMB&M also did not disclose the price they had to pay for the acquisition of shares.

The new company will be called Ambience D'Arcy. This is in line with DMB&B's decision to globally re-christen themselves as D'Arcy for the millennium.``We will be the first in the world to have the D'Arcy strapline,'' said Ashok Kurien, chairman and managing director, Ambience Advertising. The management structure of Ambience D'Arcy will remain unchanged. Kurien will continue to be the chairman and managing director and manage the day-to-day operations of the agency along with Elsie Nanji, partner and executive creative director.

With the alliance, Ambience D'Arcy could become a "communications powerhouse" in the country. The aim is to become an "ideas company." Said Kurien, ``We have a strong understanding of the Indian consumer. DMB&B is recognised the world over as a leader in the art of brand building. Their proprietary tools and global experience in this area, together with our extremely strong creative product, will enable us to add tremendous value to our clients' brands''.

After announcing the decision to pick up stake in Ambience on Friday, Ferris said DMB&B's association with Madison had ended. ``We never had an equity relationship withMadison. In Ambience, we have found our ideal partner. This is the right time to come to the country with a strong equity,'' he added.