BDO International’s current India member firm, Haribhakti Group, is to leave the network at the end of this month and MZSK & Associates is to be appointed as the network’s new representative in India.
BDO said the decision to part with Haribhakti Group is an amicable one.
"It has been a very fruitful partnership so far but given the different strategic views, we have agreed to leave the BDO network," Haribhakti Group chairman Shailesh Haribhakti said.
Martin van Roekel, chief executive of BDO International, said: "We are very pleased to have partnered with such a respectable firm over the last five years and I believe that our association has been mutually rewarding thus far. Looking to the future, however, it is apparent that our respective strategic views with respect to the BDO firm in India are not sufficiently aligned to be able to continue our association, and I am glad to be parting on cordial terms".
BDO’s new India member was formed in 2011 when a Mumbai and Pune based firms merged to form MZSK & Associates. According to BDO the firm is one of the largest mid-sized firms in India.
MZSK & Associates currently has a presence in Mumbai, Pune, New Delhi and Aurangabad and specialises in tax, regulatory and audit assurance services.
Rokel said the firm has ambitions to grow, both in terms of size and territorial coverage, which is in line with the strategic growth plans of BDO internationally.
"Our firms are experts in their home markets and at the same time BDO has a track record in supporting the international expansion of our clients. The new member firm in India is perfectly positioned to assist them every step of the way," he added.
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