Mumbai-based auditing and consulting firm Haribhakti Group has joined hands with D B Desai Group, a multi-disciplinary tax and corporate advisory services firm, to form a new venture called Haribhakti Desai Consulting, as per a statement issued on Thursday.
The combined group with around 2,000 clients (including potential clients) will have 1,300 employees led by 50 partners across 14 offices in the country. The venture will be jointly led by Shailesh Haribhakti and Dilip B. Desai.
This new firm will offer the corporate tax services covering both direct and indirect taxes, including transfer pricing, international tax and tax plan; financial consultancy services including M&As, valuations, due-diligence, business re-organisations, private equity and IPO support services; risk management advisory and other allied assurance and accounting services.
“This alliance will only enhance our ability to provide greater value to our customers by offering a suite of financial consultancy services and specialised solutions to businesses poised for global expansion. Our combined strength will enable us to have a significantly enhanced expertise and network reach across the country,” said Shailesh Haribhakti, chairman, Haribhakti Group.
Haribhakti Group, which offers accounting, tax and advisory services, has presence in 10 cities in India. The group provides a range of national and international business advisory services through its four service divisions- Risk & Advisory Services, Corporate Finance Advisory Services, Tax & Regulatory Services and Global Knowledge Services.
With offices in Kolkata, Delhi and Mumbai, the D B Desai Group provides services in all facets of taxation and regulatory services including direct, indirect tax, transfer pricing and global tax as well as corporate finance advisory services including M&A deals, corporate valuations, corporate restructuring etc. The firm was founded in 1990.
The merger of the two organisations follows a split in the existing joint venture with international firm BDO Consulting, in which Haribhakti held majority stake. Haribhakti bought out the foreign partner’s stake in the local venture, which was set up in 2008.
BDO is now forming an alliance with Mumbai-based consulting firm MZS & Associates, as first reported by VCCircle.
(Edited by Prem Udayabhanu)
