Audit firm Deloitte Touche Tohmatsu India Pvt. Ltd announced the launch of its private equity practice in India, Deloitte Corporate Finance Services India Pvt. Ltd—another sign of India’s growing importance in the private equity business with an increasing number of firms scouting for deals in the country.
“A lot of our global clients are now moving into India,” said Sandeep Gill, managing director, Deloitte Corporate Finance Services. “We see that there is a need now for special skills in the Indian market especially to address the private equity industry,” he added.
The private equity practice will be headed by Gill and Bimal Modi, a director in the company, both of whom have moved to Mumbai from Deloitte’s London office. Gill recently worked on Tata Steel Ltd’s acquisition of Corus Group Plc.
Apart from the private equity practice, the audit firm has a M&As advisory group in India; the two will remain independent but collaborate.
Deloitte Corporate Finance Services plans to help private equity firms find companies in which they can invest across India.
This will involve finding companies with good accounting practices and transparent financial information that want investors. Deloitte’s services will include financial due diligence, support during the bidding process, and advisory on sale and purchase agreements.
A surfeit of liquidity in the global economy has led to an increase in private equity investment, said Alan Alpert, head of transaction services, Deloitte & Touche LLP. Private equity firms around the world see India as the place to be, he added.
Deloitte’s corporate finance practice employs 6,200 people worldwide and had an aggregate revenue of $1.5 billion in 2006.