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As the reforms on front of taxation and accounting reporting methods are set to take place under the new government, audit firms are seeing greater opportunity emerging from the new regulations.
In order to tap these emerging opportunities, Ahmedabad-based audit firm Manubhai & Co has merged with Mumbai's audit and advisory firm, Shah & Co. Post the merger, the new entity has been named as Manubhai & Shah with headquarter in Ahmedabad.
"The new entity will open avenues to expand geographical presence as well as provide one-stop services to the clients. The expertise of each individual entity will now be offered in a combined way," said Kshtij M Patel, partner at Manubhai & Shah (formerly Manubhai & Co.).
Prior to the merger, Manubhai & Shah, with annual turnover of Rs 30 crore, provided audit services to listed companies with main focus on Gujarat. However, the Mumbai-based Shah & Co had expertise in corporate practice, convergence in US GAPS, M&A, and valuations apart from audit services. Shah & Co posted turnover of Rs 7 crore in the last fiscal.
"Post the merger, our major focus will remain on GST, M&A, valuations and audit," said Kaushik Patel, partner, Manubhai & Shah.
The company believes that fiscal 2015 will be the year of consolidation while it sees growth taking place from 2016 onwards. For the fiscal 2016, the company has set a target of a turnover of Rs 50 crore. It has currently four branches each in Ahmedabad, Rajkot, Jamnagar and Mumbai.
The merged entity will have staff strength of close to 700 people with client base of 20 listed companies, about 100 privately held industrial houses, about 50 government assignments.
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