Rajesh Exports began as a family-owned jewellery trading business and over the decades transformed into a gold refiner, manufacturer, and exporter. It ranks among India's largest companies by revenue, with operations spanning from refining to retailing gold.
Acquisition and Growth
The company's profile rose significantly after it acquired Valcambi SA, a Swiss precious metals refinery, in 2015 for $400 million. At its peak, Rajesh Exports had a market capitalisation of nearly Rs 25,000 crore and no major borrowings from banks.
SEBI Investigation
However, the Securities and Exchange Board of India (SEBI) has now raised questions about the company's financial practices, alleging potential accounting fraud. The regulator's probe has cast a shadow over the gold giant's credibility.
Rajesh Exports has denied any wrongdoing, asserting that its financial statements are accurate and compliant with regulations. The outcome of the SEBI investigation could have significant implications for the company and the broader gold industry in India.
