Hillhouse-backed Ascentium India acquires PR Bhuta advisory division

Ascentium India, the Singapore-headquartered corporate services group formerly known as InCorp India, has acquired the consulting and advisory division of Mumbai-based chartered accountancy firm PR Bhuta & Co. The target, founded in 1979, advises on foreign exchange rules, international tax and transfer pricing, NRI taxation and cross-border structuring. Terms were not disclosed.

Founder and principal advisor Pankaj Bhuta and partner Harshal Bhuta join Ascentium India with the division. Pankaj Bhuta said clients would keep working with the same team while gaining access to Ascentium's wider capabilities. Chief executive Manish Modi said the deal lets the firm offer a more integrated cross-border service instead of clients coordinating advice across several advisers.

The purchase is part of a buy-and-build push by Ascentium, which is backed by Hillhouse Investment. The group has added four Indian firms in about two years, including a 2025 merger with Amita Desai & Co., the acquisition of Ken & Co. and the January 2026 purchase of tax services business TMSL. InCorp Global, founded in 2015, passed from EQT to TA Associates in 2021 and to Hillhouse in 2024.