Indian accounting firm Ambit RSM Private Limited and global accounting major PriceWaterhouseCoopers (PwC) are merging to form India's largest accounting firm with a total staff strength of around 4000 people. The deal size has not been disclosed. RSM Advisory Services Private Limited, the taxation advisory arm of Ambit RSM Private Limited, would merge with PwC's tax practice effective April 1; the combined operations would be under the common brand of PwC. RSM managing partner Ashok Wadhwa will not join the combined firm and will continue to manage the Ambit group of businesses. The Ambit Group comprises of @AmbitCorporateFinance, Ambit Capital and the new joint ventures of Ambit with TV18 and Centurion Bank of Punjab for online broking and with Nikko Asset Management for asset management business in India. Current revenues of PwC are at about Rs. 650 crores and would scale up to Rs. 800-900 crores post-merger. RSM has some large clients such as General Electric, Wal-Mart, Microsoft, Sony, British Airways, Bayer Group, Visa, Dell Computer, and in India companies from the Tata Group.
Read the article in The Economic Times.
Ambit RSM up for sale; may tie with UK-based accounting firm BDO International