The world's biggest advertiser currently splits its Indian media account between Starcom, which handles planning, and Madison, which has the buying assignment.
An industry source suggested the review had been sparked by agencies competing to offer more attractive rates.
P&G faces stiff challenges in India, not only from rivals such as Unilever, Godrej and Colgate-Palmolive, but also from the changing habits of Indian consumers whose attention is being grabbed by newer brands such as mobile phones and financial services.
