The partners of RSM & Co have voted unanimously to form the biggest tax practice in India by merging with PricewaterhouseCoopers. The almost 550 staff will come under the PwC name from April 1.
PricewaterhouseCoopers' tax practice will be the largest in India and the big-four organisation will be the biggest accounting firm in the country, taking that position from Ernst & Young.
"We wanted a global firm to provide a canvas to meet our people's aspirations," said Dinesh Kanabar, the deputy managing partner of RSM & Co, who will chair PwC's tax practice. Kanabar said as Indian companies become more global, they need global tax advice.
Shyamal Mukherjee, the deputy chairman of PricewaterhouseCoopers' tax group, will retain his position after the merger.
RSM & Co was part of the PKF international network. "While we are very thankful to PKF for the last 20 years, they are not very widely known in the tax community," said Kanabar. The firm received proposals from all of the big-four once they began to look around for a global partner about a month ago.
Unconfirmed reports suggest that not everyone at both firms is happy with the tie-up. Other firms are said to be monitoring the situation should this unhappiness lead to the departure of staff.
