Why is PwC putting 40,000 consultants under one roof in India?

• The proposed venture will launch with 40,000 employees and PwC India in operating control.
• PwC India expects its business to rise from $1.3 billion to about $2 billion on day one.
• The firm aims to grow the new platform fivefold in three years.

India has long been a major delivery center for global consulting firms. PwC now wants to take that relationship a step further.

PwC India and PwC US are planning a joint venture that will bring PwC India’s consulting business together with PwC US’s India-based acceleration centers, creating a new consulting platform with about 40,000 employees at launch.

The proposed venture, subject to regulatory approvals including clearance from the Competition Commission of India, will operate as a separate consulting-focused entity within PwC India.

PwC US will hold a 50.1 per cent stake and PwC India 49.9 per cent. Despite the slightly larger US ownership, operating control of the venture, including the US-run acceleration centers in India, will rest with PwC India. Sanjeev Krishan, chairperson of PwC India, will become CEO of the new entity.

The deal brings together capabilities that have so far operated through separate structures. PwC India’s consulting business covers management, technology and risk consulting, while PwC US contributes its India-based advisory and acceleration-center capabilities.

The combined platform will work across strategy and transformation, technology, engineering and artificial intelligence, while also expanding managed services.

That gives the venture a distinctly global focus. It is designed to serve clients in India, the US and other markets, including US-headquartered companies that operate Global Capability Centers in India.

Why India matters more to the consulting business

The move reflects a broader shift in how global companies use India.

India is no longer simply a lower-cost destination for back-office work. Its large pool of technology and engineering talent, growing domestic market and expanding role as a base for Global Capability Centers have made it increasingly important to how multinational companies build and operate businesses.

PwC is betting that putting its consulting capabilities together in India will allow it to serve that demand at a much larger scale.

The numbers show the ambition.

PwC India currently has around 33,000 employees. Adding the acceleration-center workforce will take the new platform to roughly 40,000 people from launch.

The firm is targeting fivefold growth in three years, significantly more aggressive than the threefold growth over five years outlined in its Vision 2030.

The transaction is also expected to increase PwC India’s business from about $1.3 billion to around $2 billion on day one, subject to approvals.

Paul Griggs, PwC US senior partner and CEO, said the combination was aimed at breaking down the separation between markets, capabilities and delivery.

“The firms that win will be the ones that stop thinking about markets, capabilities, and delivery as separate pieces. That's what makes this combination so powerful,” Griggs said.

He said the venture would bring PwC’s advisory talent in India together with PwC US as 'one team', giving clients access to greater expertise and scale.

For PwC India, the deal also changes the firm's role inside the wider global network.

“This brings together strengths that used to sit in different places, allowing us to better serve clients across the world by combining the might of PwC’s global consulting capabilities with the best talent from India,” Krishan said.

The combination is expected to give Indian clients greater access to global capabilities, while multinational and Global Capability Center clients could receive more integrated support.

It could also allow PwC to invest more heavily in AI, technology and managed services as the way companies consume consulting services changes.

The proposed structure does not absorb PwC India’s entire business. Its audit, tax and deals practices, along with certain government advisory work, will remain outside the joint venture.

The financial terms have not been disclosed.

The agreement is expected to close in the first half of calendar year 2027, subject to regulatory approvals and other closing conditions. Until then, PwC India and PwC US will continue operating through their existing structures.

If approved, the venture will do more than create another large consulting business in India. It will put a 40,000-person operation at the center of PwC’s attempt to connect its global clients, technology capabilities and Indian talent through a single platform.