Mazars enters Indian advisory and consulting market
Global accounting and advisory firm Mazars has made the decision to launch a consulting arm in India, drawing encouragement from the growing advisory sector in the country. Global leaders at the firm indicate that the move is consistent with the composition of its clientele.
The Economic Times reports that the firm will make a number of appointments to its consulting arm imminently, ostensibly encouraged by the changing landscape in India’s advisory space. The ongoing IL&FS saga, which implicates two of the Big Four accounting and advisory firms, has created a trust deficit amongst clientele in the country.
Clients in India that traditionally sought advice from the Big Four have become hesitant in the wake of recent events, allowing a suite of firms one tier below the Big Four to eat into their market share. Professional services firm Grant Thornton has already indicated its intentions to capitalise on this trust deficit.
Mazars appears to be acting on similar intentions. The firm already has a considerable presence in the indian market, which spreads across key financial centres such as Bengaluru, Delhi, Gurgaon, Kolkata, Mumbai and Pune. Across India, Mazars employs more than 800 professionals.
So far, the firm’s services in the country have been focused on assurance, audit, tax and corporate finance. The professional services firm has a network across a number of sectors, which it will now leverage to consolidate its consulting capabilities in the country.
In addition to the changing advisory landscape, India is also an attractive market for Mazars due to its growth and dynamism. The firm has identified India as a priority market, and is looking to consolidate its presence in the rapidly expanding economy, highlighted Rudi Lang, a Group Executive Board Member at Mazars.
“India is very much on the top agenda within the firm. We will handhold the business till the time it can support itself. We have a diversified global client base so we are looking at both outbound and inbound opportunities. We follow our clients across the globe,” explained Lang.
Kartik Radia, Managing Partner of Mazars India added to the Economic Times: “Mazars will offer a full bouquet of advisory services in India including DATE (Digital, Analytics, Technology and Enterprise Applications), GRC (Governance Risks and Compliance), Cyber Security, Forensics, Deals-Corporate Finance, International Trade, Management Consulting, Finance Transformation and Automation. We will build a client-centric practice that is obsessed about clients and top quality service.”
