Ernst and Young acquires Andersen's Indian

Ernst and Young acquires Andersen's Indian

NEW DELHI: Global accounting firm Ernst and Young's Indian subsidiary has decided to acquire troubled rival Arthur Andersen's local operations, media reports said Saturday.

The Business Standard newspaper quoted Bobby Parikh, the country manager of Arthur Anderson, as saying that the combined entity would be the largest accounting firm in India with 2,100 employees and 60 partners.

"We are committed with the partners of Ernst and Young to creating a force to reckon with. This acquisition brings to an end a period of uncertainty for all of us at Anderson in India," said Parikh.

K.N. Memani, chairman of Ernst and Young India, gave no details on the client base or financial projections for coming months.

The Indian arm of Andersen is about the 40th Andersen country operation to join Ernst and Young, with the US parent battling for survival over its auditing of failed energy trader Enron Corp. --AFP