New Delhi, June 10 -- A series of investments by three Mauritius funds boosted the valuation of Rajesh Mehta-owned Elest Pvt. Ltd to Rs.50,000 crore in a short span of three years, even as the private company behind the battery venture of the billionaire's Rajesh Exports reports no operating revenue. Moreover, while two of the three funds share the same office address in Mauritius, executives of the same valuation firm valued Elest in different years.

An investment of Rs.1,250 crore by the three funds over three years explains the steep valuation of Elest, a company that has no operations but has agreed to supply land, machinery and technology for ACC Energy Storage Pvt. Ltd, the battery business of publicly listed Rajesh Exports. The tr...