Grant Thornton International is currently assessing various strategic possibilities for its Indian unit, reported Bloomberg, citing a senior executive based in India.
These options include selling a minority stake or merging the Indian operations with Grant Thornton’s businesses in either the US or Europe.
In an interview to Bloomberg in Mumbai, Grant Thornton Bharat head Vishesh Chandiok said: “We have the opportunity to either align to GT’s global PE-backed platform or to raise private equity capital directly.”
He also highlighted interest from buyout firms in professional services.
Preliminary talks are reportedly underway with New Mountain Capital, which is involved with Grant Thornton’s US operation, and Cinven, an investor in the firm’s European business, Chandiok added.
Chandiok noted that the outcome of any deal, whether a stake sale or a merger, would seek to value the Indian unit at more than $2bn.
He further stated that in the event of a merger, the Indian entity is seeking to hold the largest share.
Chandiok stated that the company is actively exploring new opportunities as part of its ambition to become a global leader. This aligns with the Indian government’s vision of developing accounting and consulting firms that can compete with the Big Four—Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers.
Grant Thornton’s Indian branch delivers audit, advisory, tax and regulatory services and employs more than 12,000 people across 28 sectors.
Grant Thornton Bharat LLP is registered under the Indian Limited Liability Partnership Act and has its headquarters at New Delhi.
It operates as a member firm of Grant Thornton International Ltd (GTIL).
Each GTIL member operates independently.
“Grant Thornton weighs strategic options for India unit ” was originally created and published by International Accounting Bulletin, a GlobalData owned brand.
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