NEW DELHI, 12 February 2007 – RSM and PricewaterhouseCoopers have decided to merge their respective tax practices with effect from 1 April, 2007. The combined operations will be under the common brand of PricewaterhouseCoopers. The combined operations will have more than 4000 people across different offices in India.
Rathin Datta will continue to be the Chairman and CEO of PricewaterhouseCoopers. Dinesh Kanabar, Deputy Managing Partner, RSM will be the chairman of the combined tax practice, reporting into Rathin Datta.
Ashok Wadhwa, Managing Partner of RSM will not join the combined firm and will continue to manage the Ambit group of businesses including Ambit Corporate Finance, Ambit Capital and the new Joint Ventures initiated by Ambit with TV18 and Centurion Bank of Punjab for online broking, and with Nikko Asset Management for Asset management business in India.
Ambit RSM Partner and CEO, Ashok Wadhwa commented, “Personally, I believe that this alliance provides our people with opportunity to grow and excel in the market place. Incidentally, the combined firm will also become the largest Accounting firm in India, just ahead of the current market leader.”
Rathin Datta, Chairman and CEO of PricewaterhouseCoopers said, “it is all about talent, resources and scale. With the service sector growing at a rapid pace, it is natural to combine strengths and consolidate. I am extremely happy about this merger. The synergies will enhance the delivery capability of PricewaterhouseCoopers.
Gene Donnelly, Global Managing Partner (Tax and Advisory), PricewaterhouseCoopers, commented, “PricewaterhouseCoopers is proud and excited that talented partners and staff of RSM have decided to join us. Together, we will provide our clients the best advice in India and around the world. We also welcome the 500 staff members of RSM and look forward to working with them.”
# # #
About PricewaterhouseCoopers:
PricewaterhouseCoopers Pvt. Ltd. (http://www.pwc.com/India) provides industry - focused tax and advisory services to build public trust and enhance value for its clients and their stakeholders. PwC professionals work collaboratively using connected thinking to develop fresh perspectives and practical advice.
PwC has offices in Bangalore, Bhubaneswar, Chennai, Gurgaon, Hyderabad , Kolkata, Mumbai, New Delhi and Pune.
“PricewaterhouseCoopers”, a registered trademark, refers to PricewaterhouseCoopers Private Limited (a limited company in India) or, as the context requires, other member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.
About Ambit RSM Private Limited:
Ambit RSM group is a well established Indian group, engaged in providing financial and professional services such as investment banking, financial consultancy, stock broking, tax & business advisory services and investment advisory services. Its group companies include Ambit Corporate Finance, a leading investment bank in India. Over last 3 years, Ambit has consistently ranked amongst the top 3 I-Banks on India’s Bloomberg M&A league tables by deal count. Ambit has advised on some large transactions such as the Bank of Punjab merger with Centurion Bank, Heidelberg’s entry into India with the acquisition of Mysore Cements, DHL's acquisition of Blue Dart and United Breweries JV with Scottish & Newcastle.
In early 2006, Ambit launched its securities business – Ambit Capital. In December, 2006, Ambit announced a joint venture with TV18, a leading Indian business media group and CBoP, a leading private sector bank. Apart from catering to Institutional and High Net Worth clients, the venture will launch an online broking business for retail clients.
In 2001, the group, along with HDFC (Housing Development Finance Corporation), promoted India Value Fund, which has been very successful in the mid market private equity segment in India.
http://www.ambitrsm.com/
