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Biocon and Grant Thornton India started working together in 2005. At that time the company had just completed a very successful IPO and was also looking to changing their internal auditor from a local to an international Firm.

Kiran Mazumdar shaw states, "When we first met with Grant Thornton India we were looking for a change in our internal auditors. They clearly explained to us the merits of good enterprise risk management and a customized service offering, which would involve the development of a risk charter to be used to create a cost effective business oriented internal audit function.