Its Official: Ferguson To Merge With Deloitte

Mumbai, Aug 16 | Updated: Aug 17 2004, 05:40am hrs
Accounting major Deloitte, Haskins and Sells (DH&S) on Monday confirmed the FE story of August 11, saying AF Ferguson & Company was joining the Deloitte firms in India. Deloitte Touche Tohmatsu Asia Pacific CEO Manoj Singh confirmed the merger by way of an official statement from Hong Kong.

Ferguson will join the existing Deloitte Haskins & Sells firms, CC Chokshi & Company, Fraser & Ross, PC Hansotia & Company and SB Billimoria & Company.

An agreement has been reached between Ferguson and Deloitte, subject to the relevant due diligences. This will strengthen Deloittes leading position in one of the worlds most important developing markets. Ferguson with its 110 year history in India, will give Deloitte greater capacity to provide services to worlds largest multinationals and Indias prestigious businesses.

Mr Singh said: "Deloitte recognises India as one of the fastest growing economies. India is strategic to Deloittes growth plans. Our strength and capability will be boosted by the addition of the well respected professionals from Ferguson. The transaction includes the oldest accounting firms in India who share similar values, respect for tradition and recognition of business needs."

Narayan Seshadri, who was formerly with KPMG, said that both, Ferguson and Deloitte, have the best audit base in India. "Both the entities would be well in alignment with each other. They would be in a position to have continued business from the best Indian companies," he explained.

Mr Singh added that Asia Pacific will lead Deloittes global growth over the next five years, with India being a key component.

Under the proposed new arrangements, AK Mahindra and NP Sarda become non-executive co-chairmen of DH&S India and Dileep Choksi, Udayan Sen and Mukund Dharmadhikari become the joint managing partners of DH&S.

Deloitte in Asia Pacific is the fastest growing professional services organisation having 21,000 experienced industry and technical professionals located in 120 cities in 26 countries. Their market stretches from New Zealand to China and Guam.

Deloitte Touche Tohmatsu is an organization of member firms around the world providing professional services and advice in nearly 150 countries. It has access to the intellectual capital of 1,20,000 people worldwide and delivers services in four professional areas; audit, tax, consulting, and financial advisory services.