BMR Advisors has taken over a Chennai-based tax advisory firm, K Ravi &Co.The Chennai based tax advisory company was set up in 1980 and has capabilities in the area of direct and indirect tax work.
Under an arrangement, K Ravi & Co will combine its 20 people team in Chennai with BMR, helping the latter build its practice at a national level. BMR Advisors is already present in South India with an office at Bangalore. "This is a strategic acquisition for us. It will give us an on-the ground presence in Chennai to meaningfully serve our existing clients in Chennai and tap new relationship and clientele," Bobby Parikh, Managing Partner, BMR Advisors, told VC Circle.
Going forward the company wants to establish presence in other geographies through acquisitions. "We are exploring opportunities in the areas of Pune, Hyderabad and Ahmedabad," Parikh said. This means BMR is looking at similar acquisitions in these cities.
BMR Advisors, formed in 2004 by Parikh and Mukesh Butani, former partners at Arthur Anderson and Ernst & Young, currently has offices in Delhi, Mumbai and Bangalore, besides New York, London, and San Francisco. It opened an office in Bahrain earlier this year. It has 26 partners and over 375 people.