An Indian ad group called Rediffusion confirmed Monday that it was exploring the possibility of acquiring Dentsu’s international operations according to news outlets in the country. 

The chairman of the company, Sandeep Goyal, told Exchange 4 Media, that he was in “active discussions” with investment bankers about potential backing for a deal. 

The odds would seem long that the company would be able to do a deal the size of Dentsu without substantial backing and other partners. While it’s one of India’s largest independent ad groups, its revenues are estimated at $20 million.  

Dentsu International will sell for billions if the parent company decides to dispose of the assets.  

Both Dentsu and Y&R had ownership stakes in Rediffusion but were bought out by the company a few years ago.  

In a recent blog post Forrester analyst Jay Pattisall asserted that the companies who would gain the most from a possible M&A deal for the Dentsu International assets include Accenture Song, Havas and Publicis Group. Possibly in league with one or more private equity firms. Rediffusion didn’t make his list.  

“While it’s impossible to predict if Dentsu will sell and to whom, I’m certain that any reshuffling of Dentsu capabilities — in conjunction with Omnicom acquiring IPG and WPP restructuring — will reconfigure the concentration of buying power, access to technology, and the number of CMO partners choices,” Pattisall stated in his post. 

Hold that thought, though. More to come from Pattisall on the subject when Forrester publishes its “Predictions 2026: Marketing Agencies” next month.