Preliminary discussions are being held with New Mountain Capital, a backer of Grant Thornton in the US, and Cinven, which has invested in the European business, Chandiok said. Grant Thornton Bharat would seek a valuation of over US$2 billion ($2.61 billion) in a merger or stake sale, he said, adding that the Indian side would be the largest shareholder in a merged entity.
Chandiok said opportunities are being evaluated as the company tries to become a global leader, in line with the Indian government’s goal of having accounting and consulting firms to rival the so-called Big Four of Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers.
Grant Thornton offers services including tax, regulatory, advisory and auditing. Its Indian business employs more than 12,000 people covering 28 industries, according to its website.
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