Business Daily from THE HINDU group of publications
Wednesday, Feb 14, 2007
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Business Daily from THE HINDU group of publications Wednesday, Feb 14, 2007 ePaper |
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Corporate
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Mergers & Acquisitions RSM merger to strengthen PwC's focus on combined practices K.R. Srivats
RSM practices merger
"RSM has a strong tax team. With more Indian companies starting to invest abroad, the opportunities on taxation side is expanding. This merger will strengthen our international focus", Mr Datta told Business Line, when asked about the strategic intent behind the merger transaction. With about 500 people of RSM's tax and audit practices set to move over to PwC from April 1, the combined strength after the merger would increase to more than 4,000 people across different offices in India.
`Merger of businesses'
"This is a merger of two businesses and not two entities. The merger process that would be adopted is the simplest of all processes. All the 500 people from RSM (150 in audit and 350 from tax practice) would quit that firm and move over to PwC", he said. Mr Dinesh Kanabar, Deputy Managing Partner, RSM, would be the Chairman of the combined practice and report to Mr Datta. Mr Ashok Wadhwa, Managing Partner of RSM, would not join the combined practices and would continue to manage the Ambit Group of businesses. Mr Datta, however, declined to comment on the consideration involved in the merger transaction.
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