Mumbai: BDO Stoy Hayward LLP, UK’s fifth largest accounting firm, has bought a 10% stake, worth Rs10 crore, in India’s Haribhakti Consulting Pvt. Ltd, Shailesh Haribhakti, managing director said on Wednesday.
The deal marks the entry of global accounting firms into second-tier accounting companies in India. BDO Stoy Hayward, founded in 1903, will bring technology and global clients to the joint venture while the Indian partner will provide access to the Indian market.
BDO does audits and provides consulting services to five of the 250 largest companies in the Financial Times list of top companies.
Haribhakti has a client list of 250 Indian companies, including HDFC Bank Ltd, Reliance Petroleum Ltd and Reliance Infrastructure Ltd.