TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
TheFinanceStory
No Result
View All Result
  • Login
  • Register
Book 1:1 session with industry experts!
  TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
The finance story
No Result
View All Result
  • Login
  • Register
Book 1:1 session with industry experts!
The Finance Story
No Result
View All Result

KPMG India CEO confirms: “Ownership change complete….wrt Project Himalaya”

Rumours are KPMG US, KPMG UK, KPMG India is set to merge its advisory arms — unifying consulting, risk, tech advisory, and deal advisory practices— with India as the delivery HQ.On June 12, 2025, KPMG India CEO Yezdi Nagporewalla announced the completion of an ownership change dubbed Project Himalaya. This move, rumored since 2024, merges KPMG’s US, UK, and India advisory arms, positioning India as the global delivery hub and signaling a major global shakeup.

The Finance Story by The Finance Story
Published date: 17th June, 2025
Last edited date: 28th June, 2025
SHARE (0)
KPMG India CEO Yezdi Nagporewalla made an announcement: “Ownership change is complete — this is w.r.t Project Himalaya!”
Share on FacebookShare on Twitter
  • June 12, 2025 — KPMG India CEO Yezdi Nagporewalla just made it official: “Ownership change is complete — w.r.t Project Himalaya!”
  • This announcement has sent ripples through India’s consulting ecosystem.
  • Could this confirm the 2023 rumours? That KPMG US, KPMG UK, and KPMG India are merging their advisory arms, with India positioned as the global delivery hub?
  • Details? Still hush-hush. But here’s what insiders are buzzing/speculating…

What is Project Himalaya?

The first public hint came in November 2023 when The Economic Times reported

“KPMG US, UK, India is set to merge its advisory arms — unifying consulting, risk, tech advisory, and deal advisory practices— with India as the delivery HQ.”

This implied a radical shift: a shared global advisory platform co-owned by the three countries, powered from India?

In April 2024, CEO Yezdi Nagporewalla said cautiously,

“We’re aligning three advisory practices to benefit India’s talent and insights, better serving cross-border clients.”

Most shrugged it off…Assuming this was just another ambitious Big Four experiment — like EY’s Project Everest — destined to remain on paper.

The industry blog Going Concern dismissed the Economic Times report as a “dubious rumour,” arguing that a full US–UK–India advisory merger seemed unlikely given KPMG’s complex global setup.

Then…

On Thursday afternoon, an unexpected internal memo arrived from KPMG India CEO Yezdi Nagporewalla.

“It is a significant milestone we have reached in our Collective Strategy efforts to optimize our KPMG delivery model.

Earlier today (Thursday, 12th June 2025), I informed our Partners about this development, which many of you may have heard referred to as Project Himalaya.

I am thrilled to announce that an ownership change has been completed….”

The memo quietly confirmed: A completed “ownership change” that will:

  • Enhance how we serve clients using India-based capabilities
  • Create more growth opportunities for our people in India
  • Strengthen global collaboration across member firms
  • No immediate changes to your day-to-day work
  • The transition will happen gradually and in phases

Quite unclear, but at least after months of whispers, we know – Project Himalaya is real, and it’s here.

Industry speculation…

It’s still early days, and much of it is unfolding behind closed doors.

Even Partners and Directors don’t know much about it, except the top few!

Here’s what industry insiders are saying (or speculating):

For years, KPMG India teams (advisory/consulting teams) have powered global work — quietly, in the background through intermediaries like KPMG Global Services (KGS).

In the old model:

  • KPMG India billed KGS (which it partially owned)
  • KGS billed KPMG US or UK
  • Each entity took a margin, complicating billing and slowing delivery

Under Project Himalaya (as industry insiders speculate):

  • The need for intermediary entities is removed
  • KPMG can offer clients “globally competitive pricing”
  • Access to India’s advisory talent becomes frictionless

It’s a win for global clients — and a bigger win for consultants in India:

  • More international assignments
  • Simpler engagement structures
  • And possibly, equity in the global advisory business for Indian partners

Also read: Big 4 India gets bigger: Revenue surged to ₹38,800Cr & to surpass ₹45,000 crore

What Project Himalaya could (potentially) unlock 

  • Unifying advisory services across US, UK, and India into one seamless, co-owned global platform—breaking down long-standing silos
  • Put India on par with the biggest global consulting players
  • Unify 50,000+ professionals across advisory functions (as per Economic Times)
  • Generate $1Bn+ in advisory revenue from only India-based delivery teams
  • Position India as the global delivery hub
  • New growth and equity opportunities for Indian partners, giving them a direct stake in the global advisory business for the first time

One interesting piece…

KPMG India owned a 33% stake in this global delivery powerhouse, KGS, alongside KPMG US and UK.

But in April 2025, KPMG India exited KGS, selling its entire stake to the US and UK firms.

Insiders say KGS — now fully owned by the US and UK firms — may eventually get absorbed into the “new unified advisory structure”.

Here’s a quiet but telling sign from the ground: Previously, KPMG India and KGS employees were unable to access both workspaces with a single access card. This changed when the office environments were integrated.

Why India?

US and UK bring revenue and client relationships, but India has what no other KPMG firm does:

  • Deep talent bench (Among the three regions, India leads in headcount by far)
  • Specialised capabilities (AI, Cyber, Tech, Risk)
  • Scalable delivery infrastructure

India already powers much of the advisory work for US/UK clients, with innovation hubs and AI labs in place.

With margin pressures mounting, consolidating delivery in India isn’t just smart — it’s strategic.

KPMG has been actively consolidating its member firms…

  • May 2024: KPMG UK and KPMG Switzerland merged to form a $4.4 billion entity, creating a single legal and financial unit.
  • August 2024: KPMG Saudi Levant (Saudi Arabia, Jordan, Lebanon, Iraq) merged with KPMG Lower Gulf (UAE, Oman).
  • March 2025: A confidential strategy presentation revealed that KPMG plans to reduce over 100 separate “economic units” to just 32 by 2026.

Wrapping up…

Yes—KPMG is actively doing something major.

Project Himalaya is real, ambitious, and reshaping KPMG’s advisory network. It’s different from Grant Thornton’s PE-backed global platform, but still a potent strategic shift.

Another fact, KPMG is the smallest of the Big Four (by global revenue and headcount), but it’s outperforming PwC, Deloitte, and EY in revenue growth rate.

Based on data, FY 2023:

Firm Global Revenue (approx.) Employees (approx.)
Deloitte $64.9 billion 457,000+
PwC $53.1 billion 364,000+
EY $49.4 billion 395,000+
KPMG $36.4 billion  273,000+

FY 2024

Firm Global Revenue (FY2024) Workforce (Approx.)
Deloitte $67.2B 457,000+
PwC $55.4B 364,000+
EY $51.2B 395,000+
KPMG $38.4B (highest revenue growth 5.4%) 273,000+

But that’s exactly why Project Himalaya is interesting — If KPMG merges its UK, US, and India advisory arms and uses India as the powerhouse, it could punch above its weight.

Till then? The industry will be watching.

The Finance Story

The Finance Story

Recommended for you

CA Firms Kirtane & Pandit, Guru & Jana, SSKM unite to build India’s Next Big Global Consulting Firm
InPractice

CA Firms Kirtane & Pandit, Guru & Jana, SSKM unite to build India’s Next Big Global Consulting Firm

3rd July, 2025 | 5 mins read
EY India Rajiv Memani to lead new India-Africa super region
Big 4

EY India Rajiv Memani now Regional Managing Partner for India-Africa region

1st July, 2025 | 5 mins read
Dinesh Kanabar’s Dhruva Advisors opens new Dubai office
InPractice

Dinesh Kanabar’s Dhruva just opened a new Dubai office

26th June, 2025 | 2 mins read
Kirtane & Pandit enters 70th year: From a modest Pune CA firm to 900+ professionals
InPractice

Kirtane & Pandit enters 70th year: From a modest Pune CA firm to 900+ professionals

20th June, 2025 | 4 mins read
ICAI’s says Partners can sign only 60 Tax Audits annually
InPractice

ICAI says Partners can sign only 60 Tax Audits annually

19th June, 2025 | 3 mins read
EY leader quits after spotting an opportunity. In 4 years hits $12Mn revenue
Audit Outsourcing

EY leader quits after spotting an opportunity. In 4 years hits $12Mn revenue

10th June, 2025 | 7 mins read
Next Post
PwC overhauls U.S. Advisory arm - Big push for Managed Services

PwC US revamped advisory division. Plans thousands new hires!

Start conversation Cancel reply

Your email address will not be published. Required fields are marked *

1:1 career advice platform

  • Manager

    Investment Banking (Front Office) at HDFC Bank.

  • Finance Director

    at Procter & Gamble (P&G)

  • Strategic Program & Ops Manager

    Risk and Internal Audit at Accenture

  • Vice President

    at Alcazar Capital

  • Manager ACR

    Accounting, Compliance and Reporting at EY

  • Senior Accountant

    at BDO Canada LLP

  • Regional Financial Coordinator and Project Manager

    at TotalEnergies

  • Accounts Manager

    at Sterling Perfumes Industries LLC (Fakhruddin Holdings)

BOOK 1:1 CALL

1:1 career advice platform

  • Manager ACR

    Accounting, Compliance and Reporting at EY

  • Senior Accountant

    at BDO Canada LLP

  • Regional Financial Coordinator and Project Manager

    at TotalEnergies

  • Accounts Manager

    at Sterling Perfumes Industries LLC (Fakhruddin Holdings)

BOOK 1:1 CALL
The Finance Story

The Finance Story empowers finance professionals—CFOs, consultants, accountants, tax experts, and bankers—to navigate critical market shifts, industry disruptions, and emerging technologies & trends.

How? We spotlight key opportunities in India and globally, equipping finance professionals with the insights and strategies to drive business growth, optimize decision-making, and position their companies at the forefront

Quick Links

  • Finance
  • Partners
  • Privacy and Policy
  • Terms of use

Follow us

  • /TheFinanceStory
  • @TheFinanceStory
  • /TheFinanceStory
  • @thefinancestory_com
  • TheFinanceStory

© 2022. The Finance Story. All Rights Reserved.

No Result
View All Result
  • TFS Gulf
  • Entrepreneur Story
  • Finance Leaders
  • Videos
  • Login
  • Sign Up

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies to personalize your experience. By continuing to visit this website you agree to our use of cookies.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Book 1:1 call with industry expert