PricewaterhouseCoopers has taken over the tax practice unit of an Indian financial services firm to create the largest accounting firm in the country.
Financial terms of PwC’s deal for RSM Advisory Services Private Ltd. were not disclosed. The deal to acquire the advisory arm of Ambit RSM Private Ltd. will be completed April 1.
The combined operation, including RSM’s 500 employees, will have a staff of more than 4,000 in India and operate under the PwC name.
Ambit RSM has investment banking and stock brokerage units, as well as a joint venture with Japan's Nikko Asset Management.
Deputy managing partner of RSM Dinesh Kanabar will serve as chairman of the combined tax practice, reporting to PwC India’s chairman and chief executive, Rathin Datta. Ashok Wadhwa, RSM’s most recent managing partner, will stay with Ambit and oversee the company’s investment banking unit. All RSM partners will become partners at PwC.
According to published reports, PwC's pre-merger revenues in India were approximately $150 million in U.S. dollars. After the merger, PwC’s revenues should grow by another $30 million to $50 million.
