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Grant Thornton Bharat Weighs $2B Merger or PE-Backed Expansion
17 Nov
Summary
- Grant Thornton Bharat evaluating joining global PE-backed platform or raising own capital
- Preliminary talks with New Mountain Capital and Cinven, major Grant Thornton backers
- Seeking over $2 billion valuation in potential merger or stake sale
As of November 17, 2025, Grant Thornton Bharat, the Indian unit of the global accounting and consulting firm, is evaluating its options for expansion and growth. The company's head, Vishesh Chandiok, revealed that they are considering aligning with Grant Thornton's PE-backed global platform or raising private equity capital directly.
Preliminary discussions are underway with two major Grant Thornton backers - New Mountain Capital, which supports the firm's US operations, and Cinven, an investor in the European business. Chandiok stated that Grant Thornton Bharat would seek a valuation of over $2 billion in any potential merger or stake sale, and the Indian side would become the largest shareholder in a combined entity.
The move comes as Grant Thornton Bharat aims to become a global leader, in line with the Indian government's goal of developing accounting and consulting firms that can rival the so-called "Big Four" - Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers. The Indian firm currently employs over 12,000 people across 28 industries, offering services such as tax, regulatory, advisory, and auditing.
