Big Four firms Deloitte, KPMG and PWC were bidding to buy BMR Advisors. But after considering all the prospects of offers made by firms the deal is finalised and Deloitte India has successfully acquired corporate tax practicing firm BMR Advisors.
There is no official statement as of now but N Venkatram, CEO of Deloitte declares that the offer company made is approved by BMR Advisors.
It is expected that Deloitte will get one of the top two spots in this segment after the deal is completed as EY is in the first place and PWC is in the second position for now.
Sunil Chandiramani, ex-leader of EYs advisory practice said, "Tax is one of the most profitable practices for any Big Four. The only thing that hinders growth in tax is the shortage of quality talent. Also, in tax, many clients tend to move with their advisors. So this deal will be value accretive to any of the big firms."
The advisory firm was founded in 2004 by Mukesh Butani, Bobby Parikh, and Rajeev Dimri. The firm provides consultation services in tax, risk and MA segment both domestically and internationally.