Who is the most underrated Indian ever?

Jun 11, 2022By Warren Antao

WORLD’S LARGEST GOLD COMPANY

Rajesh Exports Limited (REL) is the world's largest gold company and world's only fully integrated entity across the entire value chain of gold from mining till its own retail brand. Rajesh Exports processes about 35% of gold produced in the world. The company is the largest refiner of gold in the world with a total capacity to refine 2400 tons of precious metals per annum. Rajesh Exports ltd. is also the largest manufacturer of gold products in the world. Across its various manufacturing facilities Rajesh Exports has a total installed capacity to manufacture 400 tons of world class gold products per annum including the finest plain and studded jewellery medallions and coins. The company exports its products to various countries around the world and also supplies its products to bullion banks central banks wholesale jewellery trade and retail jewellery trade. Rajesh Exports has set up 81 retail jewellery showrooms under the brand name of SHUBH Jewelers. Rajesh Exports has set up the world's finest R&D facilities in Switzerland and in India for developing new designs and for evolving innovative manufacturing process for manufacture of world class gold products. Rajesh Exports Limited was incorporated on 1st February 1995.

Rajesh Mehta, founder and executive chairman of Rajesh Exports Ltd

Mehta has amassed a personal fortune of $1.88 billion after starting his company Rajesh Exports in 1989, along with his elder brother Prashant Mehta, 54, who is managing director of the company. What started off as a gold export business—in the years that India was under The Gold (Control) Act of 1968—has grown manifold to include mining, refining and retailing of the precious metal. In July 2015, Mehta bought the Valcambi gold refinery in Switzerland, one of the largest gold refineries in the world, in an-all cash deal for $400 million. Even after the big-ticket acquisition, Rajesh Exports has cash reserves and surplus of $405 million.

The Valcambi acquisition, while bolstering Rajesh Exports’ consolidated turnover by Rs 1 lakh crore, has also added to Mehta’s ballooning personal wealth. In the 2015 Forbes India Rich List, he ranked 65th, with a personal wealth of $1.7 billion, rising 23 places since the previous year.

DOWN TO EARTH

But Mehta is shy of flaunting his wealth. He prefers to travel in the ubiquitous multi-purpose vehicle Toyota Innova—a popular car in the taxi industry—rather than a bullet-proof Mercedes-Benz or Rolls-Royce. He also prefers regular commercial flights to a private jet. “I don’t want to buy something just for the purpose of showing off. The day a private jet becomes an absolutely necessity, without which I cannot survive, only then will I look at it,” he says.

This man is India’s most underrated businessman.

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