Madison World's executive director Lara Balsara Vajifdar, has issued a statement regarding recent media reports which speculated that Publicis and Havas were interested in purchasing the independent Indian media agency.

Vajifdar stated that the newspaper reports are 'purely speculative' and added that this isn't the first time Madison has been linked with a potential partner.

Not ruling out the sale, she said, "We have been open to a partnership. But the terms have to be appropriate and be in the best interest of our clients and employees and help future proof Madison."

Madison has been in the news recently. 

While the agency was one among the many raided by the Competition Commission of India (CCI), it has also announced client wins such as Nexus Malls and Samsonite, this after it lost Godrej Consumer Products' mandate to Essencemediacom.

Agencies tend to be in the news more so during an acquisition, but Vajifdar stated that the timing is organic and nothing to do with the media reports.