MULTINATIONAL FIRMS
Big 4’s management consulting arms gain muscle
The management consulting business has been growing 25-30% for all firms in the last two years. At the Big Four, the total number of partners engaged in strategy, operations, and the top end of digital advisory — areas typically dominated by firms like McKinsey, BCG and Bain — stands close to 300, with consultant numbers at 5,500-6,000. However, the varying number of digital consultants each firm adds to management consulting complicates direct comparisons.
MapmyIndia founders set up new data analytics, consulting firm ClarityX
ClarityX has started operations in partnership with MapmyIndia. MapmyIndia cofounder and CMD Rakesh Verma said, "We are now setting up an AI-driven data analytics and consulting company ClarityX which is independent of MapmyIndia." He added the company is expects to clock revenue of Rs 50 crore in the first year of operation.
Cushman & Wakefield launches advisory platform to help firms set up capability centres
Global property consultant Cushman & Wakefield on Wednesday announced the launch of an integrated advisory platform to help multi-national companies set up Global Capability Centres (GCCs) in India, Philippines and some other countries. At present, there are around 1,600 GCCs operational in India and the number is expected to rise exponentially to more than 2,400 by 2030.
Sanctions scare for Indian firm for business ties with Russia
ET has learnt that no final decision has been taken yet by Japan to sanction the Indian firm and that the step is currently under consideration. The people did not name the Indian company.
Karnataka extends exemption for startups, tech firms from labour regulations for five years
The State Government has extended the exemption for IT/ITES companies from the Industrial Employment (Standing Orders) Act for five more years, benefiting about 18 lakh employees in 8785 IT/BT companies. The exemption aims to address concerns of arbitrary termination, harassment, and promote growth in the technology sector.
How India's new brain power adds to its economic brawn
India is transitioning from being the telemarketing voice of MNCs to their intellectual hub with the rise of GCCs. These fully owned and integrated hubs are driving growth, innovation, and value creation by leveraging India's talent pool. With a projected doubling of GDP share by 2030, GCCs are transforming India's economy and IT landscape, attracting global companies seeking tech talent and cost efficiency.
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India-Pakistan clash could fetch $4,800 a second as cricket makes US push
India vs Pakistan: Global firms are splurging on advertising for the India-Pakistan cricket match in the US. The big encounter is set to take place in New York's Nassau County International Cricket Stadium on June 9, part of the ICC Men’s T20 World Cup, targeting the South Asian diaspora.
Global capability centres go big on hiring gig employees
India's multinational hubs are increasingly turning to hiring contingent workers to meet immediate talent needs while remaining cautious about permanent recruitment due to a bearish global outlook. There has been a significant rise in demand for gig employees in the last six months, with an expected increase of up to 70,000 gig workers in the next six months. This trend allows companies to create a balanced workforce that is agile and cost-effective, with access to specialized skills.
India Inc doubles down on getting the gender mix right
Naina Lal Kidwai, chairperson of Rothschild & Co, who is also on the board of directors of Biocon and UPL, said one of the big factors fuelling this change is ESG reporting. Companies, especially the larger ones, are seeking ratings from global firms like Moody’s where one of the questions being asked is around diversity and inclusion. Indian companies also need to disclose Business Responsibility and Sustainability reporting besides adhering to integrated reporting where ESG etc, is being integrated into annual reports.
Yellen says India and China hindering 'Pillar 1' tax deal
U.S. Treasury Secretary Janet Yellen told Reuters in an interview on the sidelines of a G7 finance leaders meeting in Italy that China also has been "all but absent" in the negotiations to finalize "Pillar 1" of the OECD corporate tax deal reached in principle in 2021 that involves 140 countries.
Apple supplier Foxconn among firms asked to cut power use in Vietnam
The request for energy-saving measures, which two other industry sources said was sent to multiple manufacturers, is precautionary and aimed at averting a repeat of last summer when power shortage led to over a billion dollars in lost output.
India overtakes Australia, Japan and Singapore in data centre capacity, gets $40 billion funds
India has emerged as the data center leader in the Asia-Pacific region (excluding China), surpassing countries like Singapore, Australia, South Korea, Japan, and Hong Kong in installed capacity. With 950 MW of installed capacity and an expected addition of another 850 MW by 2026, India is set to solidify its position in the data center business. The country's favorable market conditions are attracting multinational corporations seeking to expand their digital services. Investments in India's data center industry have exceeded $40 billion between 2018 and 2023, with significant commitments from global and domestic investors.
South side story: Can attractive sops turn Chennai into a hub for GCCs?
Can a slew of attractive sops from the state government and a competitive workforce turn Chennai into a hub for GCCs, positioning the state as a healthy alternative to Bengaluru and Hyderabad? In addition to banks and automotive firms, manufacturing, pharma, tech and product companies in the fintech space are considering setting up GCCs in Chennai.
Groww's reverse flip to India; investors bet on gaming studios
Happy Thursday! Fintech startup Groww has completed the process of domiciling itself to India from the US. This and more in today’s ETtech Morning Dispatch.
Axis Bank brings expats to India in push to woo global firms
Axis Bank Ltd. aims to boost its global business by hiring Asian expatriates, targeting mid-sized companies from countries like South Korea, Japan, US, Germany, Italy, and France. Facing challenges with South Korean and Japanese firms due to language barriers, the bank has recruited expatriates to facilitate connections and expand its corporate banking division.
Big 4's dominance: Local companies call for level playing field
Indian auditing firms are pushing for fair competition with multinational counterparts, expressing concerns over the Big Four's increasing dominance and alleged manipulation of regulatory loopholes. The Institute of Chartered Accountants of India (ICAI) recently investigated affiliates of EY, Deloitte, PwC, and KPMG, where the firms were able to obtain court stays against disciplinary actions by the ICAI disciplinary committee after years of scrutiny, according to local rivals.
Midcap IT companies buck the trend to add more employees
Mid-sized IT firms showed workforce growth in fiscal 2024, contrasting major Indian IT firms' decline. Demand rose for tech services from domestic and global sectors. Automation may impact headcount. Mid-tier firms excel in engineering services with strong growth.
Delhi Court stays ICAI move to bar EY affiliate firms, partners
Delhi High Court issued stay order against ICAI regarding actions on EY affiliate firms. Partners barred, fines imposed, partnerships terminated, retired partners affected. Investigation into Big Four ongoing, violation of Chartered Accountants Act cited, email IDs linkage issue addressed.
Foreign lands turn hunting ground for CXO search companies
Global CEO and CXO searches by Indian companies and MNCs focus on specialist roles in high-tech sectors like automotive and pharmaceuticals, emphasizing expertise in data centers, cloud computing, and EV technologies. Returning Indians are sought for their industry knowledge.
ICAI charges 3 EY India affiliates with professional misconduct
The Institute of Chartered Accountants of India (ICAI) has found three EY India affiliate entities guilty of professional misconduct and reprimanded two partners for breaches of the Chartered Accountants Act. The entities were charged for their dealings with global EY network firms not regulated in India, including paying referral fees and using their names for publicity, which is against the guidelines of the Act. The order, issued on Thursday, is the first such action against a Big Four accounting firm in India.
Capria Ventures announces final close of India Opportunity Fund at Rs 153 crore
Capria Ventures concluded the Rs 153 crore fundraising for the India Opportunity Fund. The fund, which had invested in Awign in February last year, will return more than 20% of the invested capital to its limited partners or sponsors in funds.
Top law firms rule in favour of smaller cities; plan to hire local talent in Nashik, Pune, Indore, Jaipur & Chandigarh
Indian law firms are expanding beyond metros, focusing on smaller centres like Nashik, Indore, Chandigarh, Jaipur, Pune, Ahmedabad, and Kochi. These firms believe that physical offices in these areas are crucial for their growing corporate and private client portfolios, as well as for cost arbitrage and client retention. Global captives of multinationals, companies in the automobile, electronics, renewable, and real estate sectors are also considering expanding their operations in these areas.
Tech jobs dwindle with India's top IT firms cutting workforce by 64,000
With Infosys predicting a meagre 1% to 3% annual revenue growth and Wipro predicting a likely 1.5% revenue decline in the June quarter with a remote probability of a 0.5% increase, the picture for the current fiscal year is similarly dismal. For recent engineering graduates looking for work in the field, these developments are concerning.
Big Four set for another wave of partner poachings
Recruitments come at a time when the Big Four firms are strengthening service lines, scaling up advisory practices and filling replacement hiring. Deloitte's actions exemplify this trend, hiring over 50 lateral partners in the past year, with nearly half from rival firms, particularly bolstering cyber, risk, financial services, and tech divisions
India-based leaders steer the wheels of global tech
Technology and banking giants such as IBM, Accenture, SAP and Goldman Sachs among others have several new reporting and controlling positions based out of India, industry experts said.
Penalty for unfair trade practices to be linked to global turnover
The CCI regulations followed a notification issued by the ministry of corporate affairs stipulating March 6 as the date for implementing the relevant provisions of the Competition (Amendment) Act 2023 that deal with the new monetary penalty regime.
How an ex-MD of multinational firm lost Rs 4.8 crore to online fraudsters
A 67-year-old former managing director in Thane falls victim to an online fraud, losing Rs 4.80 crore. Fraudsters pose as central agency officials, accuse him of drug trafficking, coerce bank details, siphon off money. Investigation underway by Thane police.
GCCs pay premium to hire top talent
This is giving the GCCs a clear edge in wooing top leadership talent vis-à-vis the others in the tech cohort. At GCCs, professionals with 18-25 years of experience get Rs 1.6-2.0 crore for the CTO role, Rs 1.5-2.0 crore for the CFO and Rs 1.5-1.8 crore for the chief HR officer. Packages vary based on the pedigree of talent, size and stage of the company and the criticality of the role.
Non-US multinationals set to join GCC gold rush in India
ANSR, a company that helps Fortune 500 enterprises build, scale, and run GCCs, said at least 125 of the Fortune 500 enterprises have their GCCs in India among multiple MNCs across the globe. Currently 70% of GCC based in India are US and Canadian companies.
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