Ex-KPMG Deputy CEO’s Dhruva Advisors Marks 10 Years: Setting a Gold Standard in Tax Consulting

How it all started

A Chartered Accountant by qualification, Dinesh was Deputy CEO at Ratan S Mama (RSM & Co).

In 2007, RSM merged with PwC and Dinesh joined the Big 4 – Heading Tax and Regulatory Practice.

He later joined KPMG and was the Deputy CEO from 2010 onwards.

Somewhere in September 2014, Dinesh Kanabar made up his mind, and in an official statement when moving out of KPMG as a Deputy CEO mentioned,

“I have had fruitful and fulfilling innings at KPMG India and was fortunate to be a part of a dynamic team…But now, I will be moving out to start my venture.”

And so, after a four-year stint with KPMG, he started Dhruva Advisors…When he was well in his 50s.

Since then Dinesh Kanabar’s Dhruva has set a gold standard in Tax consulting.

Dhruva Advisors celebrates its 10th anniversary…

This November, Dhruva Advisors celebrated 10 incredible years of excellence.

The grand celebration was attended by over 200 prominent figures, including Mukesh Ambani, N. Chandrasekaran, Abhishek Lodha, V. Vaidyanathan, Dilip Shanghvi, and Sajjan Jindal!

Dinesh Kanabar, in a CNBC TV-18 interview, reflected on Dhruva’s remarkable 10-year journey:

*”We started with a vision to build a conflict-free tax and regulatory advisory practice, a challenge many large organizations face.

Ten years ago, I couldn’t have imagined how much of this dream would come to life.

It’s been an incredible journey – working on landmark mergers, cross-border evaluations, tax litigation, succession planning, and even government advocacy. Truly, a very satisfying decade.”*

Deepak Parekh, Former Chairman of HDFC, attending Dhruva’s 10th-anniversary celebration, remarked,

“I have known Dinesh Kanabar for decades, years before he started Dhruva.

When he came to see me before starting Dhruva I told him, ‘You will gain overnight success,’ Because of the amount of goodwill and relationships he had built over the years.

And he has done the same in the last ten years.

It was due to his previous assignments with Arthur Andersen and similar organizations that all the clients gravitated toward him. He has the resilience, persuasion, and exceptional talent to deliver. ”

Let us look at Dhruva’s over the years

• From 2017 to 2021, Dhruva Advisors was honoured as the “India Tax Firm of the Year” at the ITR Asia Tax Awards.
• In 2020, Dinesh Kanabar himself was named “Asia Tax Practice Leader of the Year.
• Notably, they advised on two landmark transactions – the HDFC-HDFC Bank merger, creating a financial giant, and the PVR-INOX merger, shaping a movie exhibition powerhouse.
• Serves as a Director on the boards of some of India’s most prestigious organizations, including Jio Platforms Limited (RIL Group) and Adani Green Energy Limited.

Dhruva has a network of over 10 strategically located offices in key regions across India, along with offices in Dubai, Abu Dhabi, and Singapore.

• Mumbai,
• Ahmedabad,
• Bengaluru,
• Delhi / NCR,
• New Delhi,
• Pune,
• Kolkata,
• Dhruva Consultants (Dubai),
• Dhruva Consultants (Abu Dhabi),
• NeoDhruva Consultants (Singapore)

Growth in the Middle East

• When Dhruva set up its presence in Dubai in 2017, it started with just one partner and five ambitious individuals.
• Fast forward to today, and it has grown into a powerhouse of over 115 members, including 8 partners and associate partners, with offices in both Dubai and Abu Dhabi.
• Initially, their UAE team was predominantly Indian, but as they listened to the call for greater diversity.
• Today, nearly 25% of the team hails from diverse backgrounds, cultures, and countries, bringing a wealth of perspectives to the table.

Services offered

• Corporate Tax Advisory
• Transfer Pricing
• Succession Planning & Promoter Advisory
• Tax Controversy Management
• Indirect Tax
• Family Office Advisory
• FS, Funds & FPI Tax Advisory & Compliance
• M&A Tax
• Goods & Service Tax (GST)
• Tax Compliance
• Foreign Trade Policy

Industries served

• Aerospace & Defence,
• Automobile & Ancillary
• Agro & Chemicals,
• Conglomerates,
• Energy & Resources,
• Education,
• Financial Services,
• IT & ITes,
• Manufacturing & Real Estate,
• Pharma,
• Life Sciences & HealthCare,
• Private Equity,
• Transport,
• Telecom, and Media

At the 10-year celebration…

Mukesh Ambani, Chairman and Managing Director of Reliance Industries

“A warm congratulations to the leadership of Dinesh Bhai. I am happy to see Indians creating first-generation firms, and I am confident the second and third-generations will elevate to global heights.

In a decade he has exceeded my wildest imaginations in terms of the success Dhruva has achieved not only in India but globally.”

Abhishek Lodha, CEO of the Lodha Group

“I have known Dinesh Bhai for almost his entire journey. I first met him when he had just left his last firm and started Dhruva.

The last time we worked with him, he only had a team of 3 or 4 people and now they are one of the top advisory firms in the country.

Two things distinguish them.

One is how Mr. Kanabar remains deeply tuned in, fully aware of every detail, and always willing to roll up his sleeves when needed – a trait that truly sets him apart.

The second is, of course, the exceptional quality of the team he has built.”

Chandrasekaran, Chairman of Tata Sons

“My experience with Dhruva is all Dinesh who I know very very well. He is a trusted advisor. And anytime you need advice he is one guy you can depend on.

Dinesh is a thought leader.

And he has a collection of professionals who not only provide advisory services to corporates but they raise this issue and offer solutions to policymakers, governments, and multiple firms.”

Adar Poonawalla, Serum Institute of India

“I have known Dinesh Bhai for a long but we have only recently started working together. I think in this time where people are investing in startups, in new areas, and renewables.

We are also working with Dhruva to make our investments and handle our mergers and demergers team within our group and we believe there is a lot to do.

We are very happy to be working with Dhruva.”

Sajjan Jindal, Managing Director of JSW Steel

“I have known Dinesh way before he started Dhruva.

My CFO always believed in Dinesh Bhai. Whenever anything related to tax came up so we approached him and sort it out.

So when he decided to set up Dhruva it was a natural progression of JSW Group to move to Dhruva for all our tax issues.”

Dilip Shanghvi, Managing Director of Sun Pharmaceutical

“Dinesh can influence and impress people about what is required for business without being very aggressive.

He is very soft-spoken but always focuses on achieving objectives. His objective is to simplify the regulatory framework so that businesses can focus on their business.

We work of course with many firms. What do we find very unique about Dhruva?

While their understanding of the subject and depth of knowledge of taxation and whatever benefits the government wants to provide to you the most. But at the same time, they are very friendly, informal, and helpful in arriving at the right decision.”

Vaidyanathan, Managing Director & CEO of IDFC FIRST Bank

“What you have achieved is simply amazing.

It is very difficult to start up an entity after working in a large institution from scratch and then build it all over again with 400 employees, 3 countries, 33 Partners, and so many clients that you built from scratch, Dinesh.

I tell you, you have done a very remarkable job. We are all very proud of you.

And for an Indian entity based here to be able to build multinational footprints, throughout Singapore, Middle East is something that makes us very proud.”

Surojit Shome, CEO DBS Bank India

“I am delighted to see the growth of Dhruva over this decade. It’s only been 10 years but the impact that they have created is great to see. I want to congratulate Dinesh and his team.

Dinesh is a veteran of the industry so we have all known him for many years and it’s only really through that reputation we started talking to them. In a short time, they delivered exactly what we needed with a focused approach.”

Keki Mistry, Former Vice-Chairman & CEO at HDFC Limited

“I’ve known Dinesh for over two and a half decades, and his advice has always been well-thought-out and reliable.

About ten years ago, he approached me and said he was starting his venture, asking if there was a way we could work together.

I told him, ‘Your first contract has to be with HDFC.’ Since then, we’ve had a wonderful experience working with Dinesh over the years.”

Inspiration for First-Generation Firms

Dhruva Advisors’ journey is proof that first-generation firms can dream big and achieve even bigger.

With a clear vision, strong leadership, and a focus on building trust and delivering excellence, it’s possible to stand out, create impact, and leave a mark on the global stage.

(Source Economic Times, CNBC and Internet)