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Plus the billing rate differential is too wide for it to make any money for the partnership. On average London bills at £1000/hr, Singapore at £650 and you won't be able to bill more than £200 in Mumbai - dragging down PEP.
The firms will come... eventually. India is a macro story and they'd want a part of the pie - but the regs need to settle and fees need to catch up. Will be interesting to see who's the first to bite the bullet. My bet is on Links.