Post merger of Ahmedabad-based Manubhai & Co and Mumbai-based Shah & Co, both being auditing and corporate advisory firms, the new merged entity ‘Manubhai & Shah’ is planning to expand into new areas like IFRS, GST and DTC, among others.
What’s more, the new entity is also eyeing a combined turnover of Rs 50 crore.
“Post merger, our total combined turnover in 2015-16 will be Rs 50 crore. The merger will help us in geographical distribution as well as offer one stop shop services. Having merged the two multidisciplinary auditing and corporate advisory firms, we have planned to expand into newer areas of IFRS, GST and direct tax code,” said Kshitij Patel, managing partner at Manubhai & Shah.
The Ahmedabad based Manubhai & Co. is already a member of HLB International Ltd., UK, having a worldwide network of professional accounting firms and business advisors with offices in over 130 countries. The move to merge with Mumbai-based auditing and corporate advisory firm Shah & Co is aimed at synergising the core strengths of both of the firms in order to enhance the service delivery for the benefit of the client.
The combined entity, called “Manubhai & Shah”, has 17 partners and staff strength exceeding 600 employees apart from four combined branches. The new entity’s clientele includes 20 listed companies, 100 group of private sector clients and 40-50 government assignments. The combined merger and acquisitions deals now stands at 25.
“Indian accounting market is led by the big four. We want to be an alternative to the big four and provide all the services that they provide,” Patel, adding that while 2015 will be a year of consolidation, 2016 and 2017 will be years of growth for the merged entity.
While Shah & Co. was established in 1936 as a sole proprietary concern by late Narandas M. Shah, Manubhai & Co. was established in the year 1975 by the founder partner Manubhai G. Patel. Shah & Co was later converted into a partnership firm in 1945 which is currently led by P N Shah, past president of the Institute of Chartered Accountants of India (ICAI). On the other hand, Manubhai & Co. has its head office in Ahmedabad and other offices in Mumbai, Rajkot and Jamnagar. The key benefits of joining hands together would include the ability to pool resources together that would result in combining organizational skills and expertise with a potential to deliver maximum benefits and scale new horizons for the clients. It will further allow the entity to stamp its footprints far and wide and further pursue its growth opportunities.
