Calcutta: City-based chartered accountancy firm R Tulsian & Company has acquired Dubai-based Algebra Bookkeeping. The acquisition comes at a time the United Arab Emirates has implemented a VAT regime from January this year.

Rohit Tulsian, founding partner of R Tulsian and Co, said the indirect tax regime had opened up a business opportunity in West Asia.

"This takeover will help create synergy to benefit the existing and potential clients of both R Tulsian and Algebra. We plan to support our Dubai operations from our strongholds in India and transfer expertise in technology, knowledge and human capital," said Tulsian.

The company has worked out an expansion plan for the business in West Asia as well.

"We have aggressive plans for growth in the next two years by setting up offices in Oman, Bahrain, Kuwait and Qatar," said managing partner Shashwat Tulsian.

"Like Dubai, we are looking to acquire fast growing practices in these new markets as an entry strategy. For this purpose, we have earmarked a corpus of Rs 25 crore. We expect revenues from the West Asia operations to register Rs 65 crore by the end of the year and Rs 150 crore by the end of 2019," he said.

The company plans to expand its workforce for its UAE operations to 200 by the end of 2018.