Grant Thornton mulls stake sale, merger for Indian division
What's the story
Grant Thornton International Ltd is weighing options for its Indian unit, including a potential minority stake sale or merger with its US or European operations. Vishesh Chandiok, the head of Grant Thornton Bharat, confirmed this in an interview in Mumbai. He said they are considering joining GT's global private equity-backed platform or raising capital independently.
Investor engagement
Preliminary talks with potential investors
Chandiok revealed that preliminary talks are underway with New Mountain Capital, a US-based investor in Grant Thornton, and Cinven, an investor in its European business. He said the Indian unit would seek a valuation of over $2 billion in case of a merger or stake sale. In such a scenario, the Indian side would become the largest shareholder.
Strategic alignment
Grant Thornton's growth aligns with India's aspirations
Chandiok said the company is exploring these opportunities as part of its ambition to become a global leader. This move also aligns with the Indian government's vision of nurturing accounting and consulting firms that can compete with the likes of Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers. Grant Thornton provides services in tax, regulatory advisory, and auditing across 28 industries in India.