International management consultancy firm, Ernst and Young yesterday announced its entry into consultancy business in India through a joint venture with an accounting firm, S R Batliboi.
The world's second largest management consultancy will approach the Foreign Investment Promotion Board (FIPB) for investing $2 million in Ernst and Young Consultancy India (EYCI), David Shpilberg, vice chairman, Ernst and Young Asia Pacific said here yesterday.
"We believe India has globalised.
In the next five to ten years, Indian business and services will integrate with the rest of the world and we want to be a part of it,'' Shpilberg said.
K M Memani, country managing partner of S R Batliboi and chairman, Ernst and Young Consultancy India, said the two companies have not yet decided on the equity holding pattern.
However, Shpilberg said once E and Y merges with KPMG, there are bound to be changes in the holding pattern of the company.