Rajesh Exports’ electric vehicle battery arm, ACC Energy, has engaged Bengaluru-based auditing firm PV Ramana Reddy & Co, according to documents reviewed by livemint.com. Another EV battery business linked to the group, Elest Pvt. Ltd, which is 90% owned by promoter Rajesh Mehta, appointed Price Waterhouse Chartered Accountants LLP (PwC) for auditing. This development is part of a complex audit and financial reporting structure involving multiple firms, including KPMG Switzerland’s arm Global Gold Refineries AG (GGR).
The audit arrangements reveal a layered approach to financial oversight within Rajesh Exports’ battery ventures. ACC Energy’s choice of PV Ramana Reddy & Co contrasts with Elest Pvt. Ltd’s engagement of PwC, highlighting distinct audit strategies for related entities. KPMG Switzerland issued a limited-purpose, non-statutory opinion for GGR, which was likely used in preparing the consolidated financial statements of the Rajesh Exports group. These details emerged from an investigation into the company’s audit paper trail by livemint.com.
This audit setup underscores the complexity of financial governance in conglomerates with diversified interests like Rajesh Exports, which is expanding into the electric vehicle battery sector. The involvement of multiple reputed audit firms, including KPMG, PwC, and regional auditors, reflects the regulatory and compliance challenges faced by companies operating across geographies and sectors. Such arrangements are critical for ensuring transparency and adherence to accounting standards in India’s growing EV market.
The audit disclosures coincide with broader scrutiny of Rajesh Exports’ financial practices and governance. The company’s consolidated financial statements, incorporating inputs from these audits, remain under close observation by market participants and regulators. The detailed audit trail was reported by livemint.com on June 29, 2026.