Enabling Smarter, Faster and Successful Transactions

Manish Saigal is a Managing Director with Alvarez & Marsal in Mumbai and leads the firm’s Business Transformation Services practice in India. He advises on strategy, market entry, commercial and operational diligence, and post-merger integration offerings for A&M in India.

He brings more than 17 years of rich experience in strategy, operations, private equity (PE) and M&A consulting. He specializes in market entry strategy, business planning, commercial and operational diligence, integration and separation advisory and bid advisory for PPP projects.

Mr. Saigal has advised clients within leading global and Indian corporate, PE firms, government and public-sector companies on strategic, operational and policy-related matters. He also brings deep industry experience in transport and logistics, consumer and engineering sectors.

Before A&M, he spent 11 years with KPMG India, where he most recently served as Partner in their Transactions and Restructuring group. There, Mr. Saigal also led the Strategy and CDD practice. He served as the national leader for their transport and logistics sector.

Earlier, he served with KPMG’s business performance group and led some of the leading transactions and consulting assignments in India. Examples of these deals involved: a leading ethnic women's wear retail company, a diversified logistics company; an automotive company, a supply-chain integration for a pharmaceutical firm, a long-term strategy and business plan for Mumbai Port, and a balanced score-card design and implementation for a global oil and gas company.

Before that, Mr. Saigal worked with Arthur Andersen’s business consulting practice for almost four years, focusing on strategy and operations areas for clients in the auto, logistics, consumer products, power utilities and pharmaceutical sectors. He started his career with Asian Paints, a leading paint company in India as part of its supply chain and corporate planning team.

Mr. Saigal has also served on such high-profile industry committees as Dr. Rakesh Mohan’s national task force on integrated multimodal logistics framework, the steering committee for the CII National Logistics Summit, and the CII national committee for ports.

Mr. Saigal is a B.Tech and rank holder from Indian Institute of Technology – Kanpur in 1996 and completed an executive management program at IIM Ahmedabad. He has authored several thought leadership articles on emerging trends in transportation and logistics.

Bhavik Hathi is a Managing Director with Alvarez & Marsal's Global Transaction Advisory Group in Mumbai, and serves as the practice’s Co-Head in India. He brings 16 years of experience in advising clients in transactions and audit. His primary areas of concentration are financial, commercial and operational due diligence.

Mr. Hathi has worked with clients across a range of industries, including financial services, real estate, logistics, retail, consumer and aviation. He has been involved in numerous transactions providing for private equity clients in India as well as corporates in sectors such as NBFC, microfinance, housing finance, exchanges, brokerage, banking, logistics, retail and consumer.

Additionally, Mr. Hathi has led integrated due diligence teams providing financial, commercial and/or operational due diligence services to numerous clients such as TPG Capital, TPG Growth, Warburg Pincus, Blackstone, GIC, Temasek, Morgan Stanley, CDC and Olympus Capital.

Prior to joining A&M, Mr. Hathi spent 14 years with EY, where he most recently served as Director. At EY, he worked on numerous cross border and private equity transactions for clients such as KKR, Carlyle, Blackstone, Waburg Pincus, Apax Partners, Baring Asia, WL Ross, ICICI Ventures, IDFC Private Equity, L&T Finance, Reliance Capital, GE Capital, T Rowe Price, Axis Bank and Kotak Group.

Mr. Hathi earned a bachelor's degree in commerce and accounting from the University of Mumbai. He is qualified as a Chartered Accountant through the Institute of Chartered Accountants of India. An Indian national, Mr. Bhavik is fluent in English, Hindi and Gujarati.  

Kaustav Ganguli is a Managing Director with Alvarez & Marsal and leads the healthcare practice in India. He has more than 15 years of experience in consulting and industry across the healthcare, life sciences, education and business services sectors.

Mr. Ganguli has advised on 70+ engagements across the healthcare value chain, spanning hospitals, single specialty models, primary care, home care, day care, urgent care, diagnostics, pharmacy, health IT, health education, medical equipment and devices and health insurance. He has also advised on transactions in the healthcare provider space, including multi-specialty hospital chains and single specialty and outreach formats such as primary care, dialysis, IVF, day care, urgent care, mother and child care and diagnostics.

His key healthcare assignments include: commercial and operations diligence and advising on a transaction in a large GCC-based healthcare chain; market assessment and business plan development for an online university in Kuwait; formulating strategy for entry into healthcare for one of the largest corporate groups in India, involving detailed evaluation of 47 different healthcare business models across various segments; concept evaluation and business planning for diabetes care for one of the largest healthcare service providers in India; advising one of the largest medical device companies in the world on several strategic aspects viz. partnership opportunities, distribution model and PPP opportunities for their business in India; growth strategy and business modeling for a player offering an integrated POC diagnostics solution; India entry strategy and business planning for several foreign healthcare players – leading healthcare service provider from Japan, large global healthcare service provider from Malaysia, health insurance company from South Africa, healthcare IT and analytics company from Europe, primary care players from the U.S. and the U.K., diagnostics company from Japan; assisting one of the largest healthcare foundations in the Asia-Pacific region in their foray into medical education and training; healthcare training market entry strategy development for a large medical equipment player in India; advising one of the most prestigious healthcare groups in India in developing the concept and business plan for a healthcare knowledge park with elements of delivery, education and research; and, leading a commercial and operations diligence project across eight countries for potential acquisition of an international medical technology player by a PE-investee Indian medical technology company.

He earned a bachelor’s degree in instrumentation engineering from Jadavpur University, India, and an MBA from SP Jain Institute of Management and Research, India.

Rishav Jain is a Managing Director with Alvarez & Marsal in Mumbai. He leads the consumer internet, consumer, retail and agribusiness sector for A&M. With more than 12 years of business advisory experience, Mr. Jain focuses on commercial and operational due diligence, growth strategy formulation, performance improvement (especially commercial excellence and customer service enhancement), market entry, business planning and business transformation in India, South Asia, Southeast Asia, Africa and the Middle East.

Mr. Jain has worked with large private equity clients, including Blackstone, KKR, TPG, Temasek, Warburg Pincus, and with global/domestic corporates, including Coca-Cola, Carrefour, Abbott Nutrition, Unilever, Fonterra, FrieslandCampina, McDonalds, Future Group. He has also worked with multilateral agencies such as WWF, FICCI and MPOC.

Mr. Jain has delivered 100+ commercial and operational due diligence engagements across early-stage minority investment to buyouts. He has assisted multiple private equity funds in investment evaluation of a wide variety of targets ranging from start-ups to scaled-up divisions of large global consumer companies. These investment evaluations involved assessing the opportunity attractiveness, the company’s right to win, future profitability and returns outlook, and its operational capability to deliver the returns.

Mr. Jain has advised domestic corporates, start-ups and multi-national corporations (MNCs) on boardroom strategic initiatives and on-ground performance improvement initiatives. These projects largely involved sales and distribution enhancement, service enhancement and future growth readiness related initiatives. Mr. Jain has also advised many multi-lateral/impact agencies in developing impact models and go-to-market strategies.

Prior to joining A&M, Mr. Jain worked with KPMG India Pvt Ltd, advising global and domestic private equity funds, large corporate players and multi-national agencies.

Mr. Jain earned an MBA from SP Jain Institute of Management and Research, Mumbai.

Amith Karan leads the Private Equity Performance Improvement (PEPI) practice in India. He brings 19 years of line operations, interim management and advisory experience.

Ashish Bansal is a Managing Director with Alvarez and Marsal’s Global Transaction Advisory Group in Delhi, and serves as the practice’s Co-Head in India.

Mr. Bansal brings more than 19 years of experience in transactions. His primary area of concentration is financial due diligence in an integrated approach with commercial, operational and ESG diligence.

Mr. Bansal has advised private equity funds and corporate buyers on buy- and sell-side and on domestic and cross-border transactions. He has worked across a range of sectors, including healthcare, life sciences, auto components and diversified industrials, consumer and retail.

Prior to joining A&M, Mr. Bansal was at KPMG India for over 19 years in their Deal Advisory practice, specializing in transaction services, where he most recently served as a Partner. He was also the sector head for healthcare and life sciences for Deal Advisory and in the past led their M&A Consulting team.

Mr. Bansal earned a bachelor’s degree in commerce from Delhi University. He is a member of the Institute of Chartered Accountants of India.