Ashish Singh, partner and managing director, Bain Consulting India (part of Bain & Co, the global business consulting firm), who had been hopping between the US and India, has finally decided to make India his base. 
 
A plush office has been set up in Gurgaon for 70-odd employees. Singh, having co-founded Bain's software, media and entertainment, and pharmaceutical practices, was recently named one of the top 25 business consultants for 2006 by Consulting magazine. He tells Business Standard about Bain and the role of private equity. 
 
What is the expertise area of Bain & Co internationally? 
 
Bain & Co has a very tight focus on results and we excel in the turning around of companies. The firm was founded in 1973 on the principle that Bain & Co consultants must measure their success by their clients' financial results, and it has lived up to this.  

Besides, Bain & Co has worked with over 2,700 multinationals, private equity firms and other corporations. It works with clients over several stages—from the deal-screening due deligence to companies' going public, to their turning around. 
 
Our fee models are also unique—we charge according to the success a company achieves, so we have things like "success fee" instead of straight cash fee and equity in lieu of cash. 
 
Why has India suddenly become important to Bain & Co? 
 
Well, today there is no MNC which does not have an India strategy. India has become an enormous success story for several of them, and the potential is still huge. 
 
While Bain & Co has been working in India for several years, it thought of setting up a full-fledged office only recently in order to make the most of the opportunity. The Indian consulting market is also second largest in Asia in terms of growth rate. 
 
There was a major rush of private equity in 2000-02 but then there was a lull. Is it in revival mode now? 
 
Yes, the Indian private equity market has become hot again. And not just international ones, Indian venture capital firms like ICICI Venture, ChrysCapital and several others are performing very well. 
 
From FMCGs to hardcore manufacturing, private equity is happening everywhere. There is an immense requirement of private equity for growth capital, as also to retire high-cost debt. 
 
So where do you see major action happening? 
 
The financial sector and infrastructure, followed by healthcare—especially hospital development and pharma—auto components and engineering. 
 
And of course, IT and ITES. With increased M&A activity, there is also an increased role for private equity.