Five years ago, restructuring was 40% of the A&M India business, and currently it is at 20%. Services like performance improvement for corporates and private equity are now 40% of the local business, and the transaction practice too – including operational and commercial due diligence – is growing at a healthy clip,” said Vikram Uttam Singh, country leader for A&M India.


India will be a landing spot for more opportunities as the European and North American markets are looking for alternatives to China and also exploring newer growth avenues after the pandemic shock, said Luis de Lucio, managing director of Alvarez and Marsal’s emerging markets.

As more corporate and private equity funds enter or scale up their businesses in India, the global leader of Alvarez and Marsal (A&M) said there is a strong case to grow the professional services firm’s India practice. “We want to build a business that is much more significant in India. I think the market is there for us,” he said. “We are very excited and optimistic about what we see in India. We have always thought of India as one of our key strategic markets for future growth.”

In India, A&M has 330 employees, with offices in Mumbai, New Delhi and Bengaluru, and has been hiring aggressively even as it pivots from a restructuring specialist to a firm that offers broader services like tax, i-banking, investigations and consulting. Lucio said A&M is uniquely positioned in India as it has a proposition that’s well suited for the market – a blend of consulting and operations experience.

Globally, the firm is well known for marquee restructuring and wind-down assignments like Arthur Andersen and Lehman Brothers, and in India too, it has undertaken some major turnaround assignments, like Essar Steel and IL&FS. Lucio said the restructuring business has been slow not only in India but in most geographies, including the US and Europe, and the only markets where they are seeing growth are China and Hong Kong.

“When there’s liquidity awash, a lot of the decisions to restructure get delayed. It hides a lot of inefficiency. There’s no pressure on boards or management to make tough decisions,” said Lucio. “Banks get taken out fairly easily. But that’s changing. We’re sitting here at a moment in time where that begins to change.”

As A&M diversifies its services globally and in India, it looks at its business as 30% distress structuring, 40% private equity-related work, and 30% transaction and investigation-related services.

“Restructuring is a very local and very cyclical business. We enter new markets with our restructuring services, but then we diversify,” said Lucio. “Today, the engine of growth for us is our private equity relationships, transforming corporations, taking divisions of corporations, and improving them through very hands-on, very direct participation.”

Five years ago, restructuring was 40% of the A&M India business, and currently it is at 20%.