One of India’s largest domestic professional services firms has
joined BDO International. Haribhakti Group includes the consulting
firm BDO Haribhakti Consulting and the audit practice Haribhakti
& Co.

The group has 700 staff, including 12 partners and 11 operating
directors. It reported combined turnover of INR290 million ($7
million) for the year ended 31 March 2008.

Headquartered in Mumbai, the group has offices in Delhi,
Bangalore, Kolkata, Hyderabad, Jaipur, Vadodara, Pune and
Ajmer.

Haribhakti Group provides audit and assurance services, business
and risk assurance, taxation, corporate finance, transactions
advisory and knowledge process outsourcing services. It has clients
in the public and private sectors, across sections including SMEs,
Indian Fortune 500 companies and Economics Times 500 companies. The
group specialises in serving clients in the banking and financial
services sector, telecoms, pharmaceutical, retail, information
technology and real estate.

Chief executive Sunil Sharma said the Haribhakti Group joined
BDO after it had outgrown its previous international affiliation
with the former Moores Rowland International network.

In terms of market position, the International Accounting
Bulletin
understands Haribhakti Group is one of the larger
mid-tier firms although far smaller in size than the Big Four.

In this publication’s recent survey of the Indian profession,
Haribhakti Group would have been placed as the third largest
mid-tier group – only behind Nexia India (INR521.3 million) and RSM
International (INR500.6 million), which are both associations of
independent firms.

Sharma predicts BDO membership will help the group grow across
all services lines. He said the group will work with BDO
International member firms on joint assignments in risk advisory,
tax and corporate finance domains, amongst others, and
audit/attestation will remain largely for inbound work.

Shailesh Haribhakti, executive chairman and managing partner of
Haribhakti Group, anticipates the group’s workforce will grow to
more than 3,000 staff within the next five years.