Second rung Indian accounting firms are attracting interest from global accounting firms. BDO Stoy Hayward LLP, UK’s fifth largest accounting firm, has bought a 10% stake in Mumbai-based Haribhakti Consulting Pvt. Ltd, reports Mint. The deal size is said to be worth Rs 10 crore, the report said, quoting Shailesh Haribhakti, managing director.
Haribhakti & Company, a firm of chartered accountants, was founded in 1951. The group later launched its consulting arm - Haribhakti Consulting Pvt Ltd. In 2008, Haribhakti Group entered into an affiliation with the global consulting giant, BDO International.
The investment from BDO Stoy Hayward, founded in 1903, will help the Indian firm bring technology and global clients to the joint venture while the Indian partner will provide access to the Indian market, the report said.
BDO does audits and provides consulting services to five of the 250 largest companies in the Financial Times list of top companies. Haribhakti has a roster of 250 Indian companies as clients who include HDFC Bank Ltd, Reliance Petroleum Ltd and Reliance Infrastructure Ltd.