BDO International announces appointment of new Member Firms in India

Disclaimer: Please note that this article is at least 12 months old.
Any information herein was accurate when published on 29 August 2008

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Brussels, 29 August 2008

BDO International is pleased to announce the appointment of a new BDO Member Firm in India, effective 15 August 2008. BDO Haribhakti Consulting Pvt Ltd (proposed name) is the consulting and management services practice, while the audit practice is Haribhakti & Co. BDO Stoy Hayward, the UK Member Firm of BDO International, will be providing strategic advice and counsel to the new Indian firm and, as such, has made an investment into the business.

The Haribhakti Group, consisting of the aforementioned firms, was founded in 1951 in Mumbai, by Mr. V B Haribhakti, the Chairman Emeritus and Chief Mentor of the group and former President of the Institute of Chartered Accountants of India. Headquartered in Mumbai, the financial capital of India, the Haribhakti Group has eight branch offices across India, in Delhi, Bangalore, Kolkata, Hyderabad Jaipur, Vadodara, Pune and Ajmer. Turnover for the group for the year ending 31 March 2008 was INR 290 million, approximately €4.8 million / US$ 7.5 million. The group is currently governed by a team of 12 Partners and 11 Operating Directors.

The group has built an extensive client base across diverse industry sectors, including banking and financial services, telecoms, pharmaceutical, retail, information technology and real estate. It has a rich history of working with government and quasi-governmental bodies, as well as large private sector companies, on various types of professional engagements. In addition to the audit and assurance practice, the group has a vibrant business and risk assurance practice and renders taxation, corporate finance, transactions advisory and KPO services.

Mr. Shailesh Haribhakti, Executive Chairman and Managing Partner of the group, says: “We are looking forward to a long and mutually rewarding association with BDO. Our group's global vision and strategy have a great synergy with those of BDO. This places our partnership on a strong footing to become a true challenger to the global competitors in India. We are confident that BDO will be able to leverage the firm's strength in India to align with the network's overall growth strategy. Our growth plans are ambitious. We anticipate that our workforce across India will be 3,000+ within the next 5 years. Through collaboration with BDO Member Firms throughout the world, we look forward to rendering world class, continuously innovative and high quality services in all areas of practice”.

Mr. Sunil Sharma, CEO, and Mr. Chetan Desai, Joint Managing Partner, expressed their strong commitment to build scalable business models with BDO which would give to the Haribhakti team the right blend of experience and training, at both domestic and international levels. They believe that such models are of paramount importance in creating sustainable growth for the Haribhakti Group and the BDO network as a whole.

Frans Samyn, CEO of BDO International, is equally optimistic concerning the future of BDO in India. “Partnering with such a respected firm, whose growth ambitions are centred very much on ensuring the recruitment and retention of talented and motivated people, can only serve to further BDO's reputation for offering partners and staff unequalled flexibility and autonomy within a stimulating working environment. As a network, we in BDO aim to consistently improve our international clients' experience with us, an objective which a strong firm in the increasingly important Indian marketplace will certainly help to fulfil”.

Disclaimer: Please note that this article is at least 12 months old.
Any information herein was accurate when published on 29 August 2008