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Deloitte India to buy BMR Advisors’ corporate tax practice

LiveMint logoLiveMint 18-07-2017 Gireesh Chandra Prasad

Deloitte India on Tuesday agreed to acquire BMR Advisors’ corporate tax practice even as its other advisory practices are being pursued by other leading professional services firms.

The two firms agreed on a deal on Tuesday and an announcement is likely by the end of this week, two people aware of the development said on condition of anonymity.

The deal highlights the growing appetite of such companies to scale up their operations as a host of changes in the tax and regulatory environment in the country boost demand for accounting and tax services.

The introduction of a technology-driven goods and services tax (GST), changes in accounting standards that impact corporate tax compliance requirements and India’s joining of a multilateral tax treaty meant to prevent aggressive tax planning by global corporations have complicated tasks for chief financial officers, requiring support from consultancies with a large pool of talent.

Deloitte and BMR Advisors did not immediately respond to emails seeking comment.

BMR Advisors has around 600 people on its team, with practices such as tax and regulatory, mergers and acquisitions, and risk and advisory.

BMR’s leadership team comprises Bobby Parikh, Gokul Chaudhri, Rajeev Dimri, Rohit Berry and Sanjay Mehta. Mukesh Butani is the non-executive chairman of the firm.

BMR had recently announced the induction of five new partners to add to its National Capital Region (NCR) and Mumbai offices.

Mint had reported on Tuesday that Deloitte India chief executive officer N. Venkatram had on Monday made an internal announcement about the proposed acquisition.

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