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Time of India

Ex-KPMG deals co-head Manish Aggarwal joins Deloitte

Former KPMG co-head of deal advisory Manish Aggarwal has joined rival Deloitte in a senior leadership role. Aggarwal has advised on high profile deals including most recently Abu Dhabi Investment Authority 's ( ADIA 's) Rs. 6300 crore investment in GMR Airports and KKR 's Rs. 9000 crore purchase of PNC Infratech's road portfolio. He was also leading the IDBI Bank privatization deal while at KPMG, the first banking privatization that is being attempted in India. Deloitte has been investing in the deals business over the past two years in a major way. It is said to be eyeing opportunities in areas like infrastructure, government and financial services. The drivers for growth opportunities in these segments are either regulatory changes or aspirational economic growth that India is targeting that will necessitate large investments. These investments would also necessitate innovative financing solutions such as private credit to fund large acquisitions and private equity buyouts which the firm wants to be able to provide. Aggarwal will lead the firm's foray in these segments with an integrated deal and consulting opportunities approach. Earlier Deloitte had hired Rohit Berry and Vivek Gupta; both from KPMG. Berry is the president of strategy, risk and transactions. Aggarwal confirmed the development in a post on a professional networking platform on Tuesday. ET reported on 21 November last year about Aggarwal's exit from KPMG. In the past, Aggarwal was a director at CRISIL Infrastructure Advisory where he led multiple reforms, policy advisory, strategic advisory-related engagements with different stakeholders. He started his career with Industrial Development Bank of India (IDBI) as part of the project finance vertical. Deloitte has been looking to scale up its presence in mergers and acquisitions. It was amongst advisors on Siemens's sale of its windmill unit Siemens Gamesa in India in March. The unit was sold to a consortium of TPG, MAVCO and Prashant Jain. In the same month, it was also credited with advising on ONGC and NTPC 's $2.2 billion purchase of Ayana Renewable Power.