Pricewaterhousecoopers India, a leading audit and consulting services firm, has acquired ECS, earlier known as Eicher Consultancy Services, according to an industry executive with direct knowledge of the transaction.
PwC India paid around Rs 38-42 crore to acquire the Mumbai-based management consulting company, said the executive.
In April 2007, PwC India had acquired the tax advisory practice of Ambit RSM, subsequently renamed Ambit.
Earlier this year, the firm was also in the news for adding Mumbai-based chartered accountancy firm Dalal & Shah to its audit network.
A PwC spokeswoman said she could not respond as senior executives were on leave. However, a senior partner with another consulting firm told that PwC India has been looking at expanding through acquisitions for a while.
“The integration will help PwC India scale up its business operations and increase its client base. It will also help the firm take advantage of the talent pool and brand name of ECS,” the consultant, who asked not to be named, said.
A senior executive with a rival firm said PwC could make more acquisitions, as it was aggressively scouting for smaller players since valuations have become attractive.
ECS provides consulting solutions to over 150 clients in the services sectors, including banking, financial services, IT and ITeS.
PwC India provides tax and advisory services to clients across various sectors such as banking, insurance and real estate.
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