BDO International announces appointment of new Member Firms in India
News Release
September 1, 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”.
For further information please contact:
BDO Global Coordination Office Brussels, Belgium
Tel: (+32 2) 778 0130; Fax: (+32 2) 778 0143; e-mail: bdoglobal@bdoglobal.com
BDO Haribhakti Consulting Pvt. Ltd. (proposed name)
Global HQ: 42 Free Press House, 215 Nariman Point, Mumbai 400 021, India.
Tel: +91 22 6639 1101 / 2287 1099; Fax: +91 22 2285 6237
Corporate office: Plot no. 56, Road no. 17, MIDC, Andheri (east), Mumbai 400 093.
Tel: +91 22 6672 9616 / 6672 9999; Fax: +91 22 6672 9777
Shailesh Haribhakti – Executive Chairman & Managing Partner
E-mail: shailesh.haribhakti@bdoharibhakti.co.in
Direct Line: +91 22 22871806
Sunil Sharma – Chief Executive Officer & International Liaison Partner
E-mail: sunil.sharma@bdoharibhakti.co.in
Direct Line: +91 22 66729602
Chetan Desai – Joint Managing Partner & National Head Attestation Services
E-mail: chetan.desai@bdoharibhakti.co.in
Direct Line: +91 22 66391101 Extn: 105
Vipul Thaker – Partner
E-mail: vipul.thaker@bdoharibhakti.co.in
Direct Line: +91 22 66729608
Web site: www.bdoharibhakti.co.in
About BDO Dunwoody LLP
BDO Dunwoody LLP is Canada's sixth largest accounting services and advisory firm. Our team serves a highly diverse clientele, which includes owner-managed businesses, large enterprises, mid-market public companies, community organizations, not-for-profit agencies, and professional firms. From agriculture to real estate, technology to union pensions, and aboriginal communities to municipalities, the professionals of BDO Dunwoody have the expertise to handle any business sector. BDO Dunwoody LLP is a Member Firm of BDO International.
About BDO International
BDO International is a worldwide network of public accounting firms, called BDO Member Firms. Each BDO Member Firm is an independent legal entity in its own country. The network is coordinated by BDO Global Coordination B.V., incorporated in The Netherlands, with its statutory seat in Eindhoven (trade register registration number 33205251) and with an office at Boulevard de la Woluwe 60, 1200 Brussels, Belgium, where the International Executive Office is located.
