Mumbai: Global advertising giant WPP will acquire Indian digital media and e-business solutions company Quasar Media, to broaden its global portfolio of digital assets, WPP chief executive Martin Sorrell said.

Sorrell disclosed the transaction, which he said would be formally announced on Monday, during a presentation at the Morgan Stanley technology, media and telecoms conference.

He, however, did not disclose the value of the transaction. 

"It is going to be a WPP digital acquisition in India. There is no financing required of any significance in terms of the context of the group," he said on the fringes of the conference.

Mumbai-based Quasar is part of the Smile Interactive Group and focuses on online media, search and mobile marketing.

Quasar Media has taken consumer interaction a step ahead with the launch of its ''''Quasar Talk'''' - a blog marketing platform that enables consumers to directly interact with the brand.

It has already signed General Motors has already for Quasar Talk.

"Internet marketing is growing much beyond the traditional media planning, buying or creative development," according to Manish Vij, co-founder and chief business officer of Smile Interactive, the holding company of Quasar Media. Though these remained essential in digital marketing, the new generation of consumers wanted to interact with the brands and not get pushed with advertising, he added.

Quasar Media is eyeing a 20 per cent share of the digital advertising market in India. Some of the well-known clients of Quasar Media include MakeMyTrip.com, Monster, Microsoft, Airtel, Zapak, General Motors and LG.

Clients featured on Smile''''s website include Microsoft and Britain''''s Aviva while partners include Yahoo and 24/7 Real Media Inc - the internet ad firm WPP bought in May for $649 million.

WPP is the world''''s second-largest advertising and marketing services firm and operates in more than 100 countries.