Rajesh Mehta
Chairman, Rajesh ExportsBirth DetailsJune 20, 1964 | Bengaluru
NationalityIndian
EducationSt. Joseph’s School, Bangalore
Net Worth$1.57 billion (As of October 9, 2019)
Rajesh Mehta's Assets:
Rajesh Mehta's Journey so far ...
Before you go ...
Rajesh Mehta's Journey so far ...
- Born and brought up in Bangalore, Rajesh Mehta was one of the toppers at the Karnataka board's higher secondary and senior secondary school examinations. He did not pursue higher education and decided to join his father's jewellery business
- In the early eighties when the jewellery business was unorganised in India, he and his brother Prashant borrowed Rs 1200 from their eldest brother and started a silver jewellery business, which later became one of the leading wholesalers of silver jewellery in south India and also in Gujarat and Mumbai
- With the mantra to provide quality jewellery to customers at low cost, he set up a manufacturing facility in the garage of their Bangalore home. He later entered the gold wholesale business
- In 1995, Mehta led Rajesh Exports Limited (REL) in entering the capital market with a public issue. The company raised Rs 10 crore in the IPO
- In 2015, under the leadership of Mehta, Rajesh Exports acquired Valcambi, the world's largest precious metals refinery for $400 million (about Rs 2,560 crore) in an all-cash deal
- The acquisition made news as this was the first case where an Indian firm bought an overseas gold and silver refinery; the Swiss company has 60% of the world's gold-refining capacity
- Under the guidance of Mehta, REL is today the world's largest manufacturer of gold products and gold exporter; 95% of its revenues come from exports of jewellery, medallions, etc to the Middle East, Far East, the US and Europe
- REL has one of the world's largest jewellery production units in Bengaluru, and two refineries in Uttarakhand and at Balerna in Switzerland. The company has the capacity to refine 2,400 tonnes of gold per year and can manufacture 400 tonnes of gold products annually
- Under the brand name of Shubh Jewellers, Mehta set up retail jewellery showrooms across India
- From gold mining to retailing of gold jewellery, the Bengaluru-headquartered company has diversified under Mehta and refines over 35% of the world's gold. In the financial year 2018-19, it was a zero-debt company on a standalone basis
Before you go ...
- In 2016, Rajesh Exports entered the coveted Fortune 500 company list with a rank of 423
- Mehta is known to work for 14-15 hours a day
Last Updated: 26/03/2021
Rajesh Mehta News
- Will cooperate fully with fresh forensic audit, won't challenge Sebi interim order: Rajesh ExportsRajesh Exports Ltd will cooperate with a new forensic audit ordered by Sebi. The company faces allegations of inflating revenues by Rs 15.15 lakh crore. Chairman Rajesh Mehta denies impeding the audit, stating all requested documents were submitted. Sebi suspects massive revenue inflation through overseas subsidiaries.
- Rajesh Exports founder denies fund diversion in ACC Energy, says SEBI misread accounting entriesRajesh Exports Chairman Rajesh Mehta refutes SEBI's fund diversion claims. He states accounting entries were misunderstood. The company faces potential removal from the Rs 18,100 crore ACC Production-Linked Incentive scheme. SEBI's order flagged a circular fund-routing scheme. The company's participation in the battery manufacturing programme is under review.
- We don't even know where LIC's office is: Rajesh Exports chief amid regulatory heatRajesh Exports Chairman Rajesh Mehta clarified LIC's investment in his company, stating the insurer bought shares over two decades from the open market. He asserted neither promoters nor the company benefited from LIC's stake, emphasizing that ordinary retail shareholders are the ultimate gainers, regardless of LIC's potential losses or exit.
- Explained: Inside Sebi's Rs 15.15 lakh crore revenue inflation allegations against Rajesh ExportsRajesh Exports has come under intense scrutiny after Sebi accused the company and its promoter of inflating revenues, misclassifying personal transactions as corporate sales and diverting company funds. The regulator's interim findings have raised serious governance concerns, though the company has strongly denied the allegations and defended its financial reporting.
- Rajesh Exports likely to lose PLI beneficiary status, face MCA probeRajesh Exports faces potential removal from a government battery production incentive scheme. The corporate affairs ministry is considering a probe into the company's financial reporting. This follows a Securities and Exchange Board of India order flagging significant overstatement of revenues. The company's chairman stated no official communication has been received yet. The situation is developing rapidly.
- Who is Rajesh Mehta, man behind Rajesh Exports, facing SEBI ban over alleged Rs 15.15 lakh crore 'fraud' impacting LIC, others?Market regulator SEBI has taken action against Rajesh Exports and its Chairman Rajesh Mehta. The company faces allegations of significant financial misstatements and fund diversion. SEBI's order points to a pattern of non-genuine transactions and questionable accounting. This action raises serious concerns about the company's financial reporting and corporate governance practices.
- Rajesh Exports dismisses SEBI allegations, says declared revenues are correctRajesh Exports Limited has denied allegations of revenue inflation made by SEBI. The company stated that the regulator's order is interim and its declared revenues are accurate. Rajesh Exports believes there is a communication gap and is providing all necessary documents to SEBI for clarification. SEBI's investigation uncovered evidence suggesting significant revenue inflation.
- LIC shares slip after Sebi's crackdown on Rajesh Exports. What's the connection?Regulator Sebi has issued an interim order against Rajesh Exports and its promoter, Rajesh Mehta. The company faces allegations of significant financial irregularities and non-cooperation. Sebi's findings suggest a large portion of reported revenue may have been inflated. This development has led to a decline in Rajesh Exports' shares and impacted LIC's stock.
- Rajesh Exports: Sebi finds 97-99% revenue inflation, bars promoter from tradingRajesh Exports and promoter Rajesh Mehta face regulatory action after Sebi alleged large-scale financial misrepresentation and possible revenue inflation of 97-99%. The regulator has barred Mehta from trading in company securities and ordered a fresh forensic audit.
- BCM Group acquires five star property The Golden Palms Resorts and SpaBCM Group bought The Golden Palms Resorts and Spa in Bengaluru, aiming to turn it into a prime site for weddings and MICE events. The 15-acre luxury hotel will undergo upgrades, including adding over 50 rooms and partnering with a top international hotel operator, according to managing director Rajesh Mehta.
- Rajesh Exports readies investment for EV entry, in talks with states for display fabRajesh Exports moved higher in the global jewellery supply chain with the acquisition of Swiss refiner Valcambi in July 2015, taking its total capacity to 2,400 tonnes per year.
- Rajesh Exports readies investment for EV entry, in talks with states for display fabAccording to a recent government release, Rajesh Exports was among four companies — Ola Electric, Hyundai, and a Reliance company are the others —to win incentives under an Rs 18,100-crore central scheme to advance battery cell production in the country.
- Rajesh Exports bags Rs 745 crore order from GermanyDuring the pandemic, the company has very cautiously handled the business and ensured that it does not suffer any losses, and posted profits, he said. "The growth from quarter to quarter is improving and we would be able to post an impressive top line and bottom line in the coming quarters," he added.
- Rajesh Exports surges 4% on winning export order worth Rs 929 croreIn a filing to BSE, the company said the order was for gold and diamond studded jewellery and medallions and was to be completed by March 2017.
- Super Fight League appoints Rajesh Mehta as COOAs the COO of the inaugural Mixed Martial Arts league to be hosted in India in January 2017, Mehta will be guiding all the functions like branding & marketing, operations and alliances.
- Staying grounded: This family-run business joins Fortune 500 club, celebrates with simple south Indian mealLast year, the firm made news by acquiring the world’s largest precious metals refinery, in an all-cash deal.
- US Fed action could take the shine off gold prices, demandGold trade is eagerly awaiting the US central bank's rate action as it will have a major impact on the metal's price and, therefore, demand.
- Gold Monetisation Scheme receives a warm welcomeIt would allow people to deposit gold with banks and redeem it at the end of the tenure at the price prevailing then.
- Rajesh exports hits new high on asset buy buzzThe share has climbed 76% this month after Rajesh Exports informed the stock exchanges of its board having approved the asset’s acquisition at $250-500 million.
- Municipal Corporation of Delhi mulls over online voting experimentIn the run-up to 2017 municipal elections, an online voting exercise is on the cards, which will save a lost of expenditure incurred on manning polling booths.
- Rajesh Exports closing on $250-500 mn acquisition in EuropeRajesh Exports' board today approved acquisition deals worth around $250-500 million in Europe, as part of plans to strengthen the domestic and global presence of the company in gold business.
- Kalyan group owner is the wealthiest jeweller in IndiaHe opened his first jewellery shop in Thrissur in 1993 with only $100,000, and his business has now expanded to 32 showrooms across South India.
- Rajesh Exports in talks to pick up stake in Swiss gold refinery Valcambi for Rs 2,500 croreIn the fiscal year through March 2015, India’s gold imports were $34.3 billion, second only to crude and petroleum products’ net imports of $82.2 billion.
- Why Indians are increasingly buying low carat gold jewellery for non-investment purposesLow-carat gold jewellery is finding takers amongst the youth and working professionals, albeit more as a style statement and less as an investment.
- Lifting of 80:20 rule floods market with gold, prices downAs a result, import of gold has come down in December, bringing relief to the Narendra Modi government which was worried over the widening CAD.
- Wild gold swings hit consumer demand, fox wedding plannersAlong with drop in consumer demand, supplies too slowed as importers await further clarity on licences under which they can import from DGFT & RBI
- Semi-purified gold bars may find a passage to IndiaRefining of impure gold may spawn a new line of business; jewellers may also look at setting up refineries to ensure a steady supply of the metal.
- Jewellers brace up for Akshaya Tritiya, stock up gold to meet sales hikeJewellers across the country are offering discounts on branded jewellery and making charges and have tied up with banks to offer EMI facility.
- Buyers rush to jewellery shops as investors look to 'safer' real estateGold purchases had shot up and the trend may continue. But on the balance, the fall in demand from investors will offset the surge in retail sales.
- Rajesh Exports bags export order worth Rs 432 cr from UAE"REL's most skillful and quality craftsmanship will surely play a major role to bag more export orders in the near future.
- Jewellery major Rajesh Exports clocks 64.2% jump in PAT in FY12Rajesh Exports Ltd has clocked a net profit of Rs 407.15 crore in FY12, which is higher by 64.2% compared to FY11.
- Retail foray has driven profit growth: Rajesh ExportsDuring the quarter we have achieved a net profit of more than 95 crore which was about 47 crore during the last corresponding quarter, says Rajesh Exports.
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