• Contact Us|





Middle East

Brazil China France United Arab Emirates
Canada India Germany  
USA Japan Greece  
  Singapore Italy  
  Taiwan Kazakhstan  
  Thailand Netherlands  
    United Kingdom  



Our Key People


Varun Gupta, Managing Director - Southeast Asia

Varun is the managing director responsible for overall management of operations in India, including technical direction and client management on complex engagements. He has more than 19 years of experience in valuation and financial advisory services.

Varun earned his MBA from the Indian Institute of Management. Prior to joining American Appraisal, Varun worked with Deloitte, leading a team of 70 professionals in providing valuation services to US-based clients in relation to valuation of investments, purchase price allocation and impairment testing under US GAAP and IFRS. He has also worked with PwC’s Financial Advisory Services practice in India, focusing on valuation and project finance.

Phone: +91 22 6623 1000


Abhishek Pandey, Director - National Management

Abhishek is a part of national management at American Appraisal India. As part of national management, he is responsible for overseeing key engagements, relationships and strategic initiatives for the Indian operations.

Abhishek has provided a range of financial advisory engagements to clients for purposes including financing, project finance, mergers and acquisitions, negotiations, settlement of disputes, accounting and tax reporting and strategic assessment. He has also helped companies develop business strategies for expansion and pricing, and in evaluating possible financial strategies.

Abhishek has been speaker at conferences organised by forums such as ASSOCHAM on valuation related topics. Abhishek’s prior work experience include stints with Deloitte and Grant Thornton. Abhishek is an MBA from INSEAD (France).

  +91 22 6623 1000





Santosh N, Director

Santosh is a part of national management of India office. He is responsible for overseeing key engagements, relationships and strategic initiatives for the Indian operations.

Santosh has more than 15 years of experience in valuation and financial advisory services. In the last 15 years, Santosh has managed and has provided a range of financial advisory services including Due Diligence, Valuation, IFRS & USGAAP assignments, Business Plan Review, M&A, Internal Audit, Accounting Assistance and Risk Advisory services.

He was heading the Financial Instrument Valuation practice in American Appraisal India earlier and used to chair the Complex Financial Instruments Valuation committee in AA, a global initiative taken by the firm to grow this particular service line. He was South India Valuation leader in Deloitte and was part of the founding team in Grant Thornton Bangalore.

He has been a speaker at several seminars/ workshops, including those organized by the Institute of Chartered Accountants of India (ICAI). Was an International Key Note speaker in a conference on Business Valuation organized by RICS in London. Santosh’s prior work experience includes stints with Grant Thornton and Deloitte.

  +91 99 4536 6221


Sanjay Ray, Director

Sanjay is a director and leads the tangible asset valuation team in India and Singapore. He has managed and executed a range of tangible asset valuation engagements involving plant and machinery and real property across various industries in Asia Pacific Region.

Sanjay has more than 14 years of experience in engineering and valuation services. He has provided valuation services to various clients related to IFRS, US GAAP, SFRS, IGAAP and other applicable standards, impairment testing, taxation and insurance and for strategic decision-making purposes. He has performed many site visits in India and Asia Pacific countries related to valuations.

Prior to joining American Appraisal, Sanjay worked with Deloitte, leading a team of 10 professionals in providing valuation services to US-based clients in relation to valuation of tangible assets under US GAAP. He also assisted with developing and implementing a standard PPE valuation model across the firm.

Before Deloitte, Sanjay was part of ICICI Lombard General Insurance Co. Ltd., a leading general insurance company in India, and Larsen & Toubro Ltd. a leading engineering and construction company in India.

+91 22 6623 1000

Aviral Jain, Director

Aviral is a director responsible for the overall management of the North India practice.

He is a financial advisory professional with about a decade of experience in valuation and corporate finance.  His experience includes valuation of business enterprises, intangible assets including intellectual property, and financial instruments.  He has performed numerous valuations for business transactions, disputes & litigation, financial reporting under IFRS and USGAAP, and tax purposes.  He has also advised clients on several domestic and cross-border acquisitions and transactions involving private placement of equity.

He has managed valuation assignments such as swap ratio determination, portfolio valuation, equity valuation, valuation of financial instruments (such as complex convertible instruments, ESOPs and other hedging instruments), purchase price allocation and impairment assessment.

Prior work experience includes stints with Deloitte FAS and KPMG Corporate Finance.  At KPMG, he was responsible for management of the firm’s valuation practice in North India.

  +91 11 4357 3979

Umakanta Panigrahi, Director

Umakanta is a director at American Appraisal. In his current capacity, he is responsible for the overall financial valuation practice in Mumbai.

He has over 10 years of experience in financial advisory services including valuation, equity research, credit research and other advisory services. Umakanta has managed a range of valuation and consulting services including business valuation, portfolio valuation, intellectual property valuation, purchase price allocation and impairment assessment, financial instrument valuations and other IFRS & USGAAP related engagements.

He has also advised several clients on swap ratio determination, corporate finance, business plan development & review, exit strategies and dispute consulting.

Umakanta has managed and executed a range of financial advisory engagements for energy, utilities, infrastructure, private equity, insurance & financial services healthcare, telecom, media & entertainment, retail and IT & ITES industries for mergers & acquisitions, accounting & tax reporting, transfer pricing, litigation and strategic purposes.

His specialization includes valuation of complex financial instrument (such as complex convertible instruments, earn-out & contingent payments, cross-currency interest rate swaps, options and other hedging instruments). He has also advised several companies on distress debt transaction, earn-out structuring and ESOP structuring.

Prior to joining American Appraisal, Umakanta worked with Deloitte.

Phone: +91 22 6623 1000


Rishi Aswani, Director

Rishi is a Director in the Mumbai office and leads the Portfolio Valuation services at American Appraisal India for the alternative investment community. He is also part of the Corporate Finance team.

Rishi has over 12 years of financial advisory experience within both consulting and fund environments. He has assisted Fortune 100 corporations and private equity and hedge fund clients in valuing businesses, financial instruments, tangible and intangible assets across a broad spectrum of industries. Prior to joining the firm, Rishi provided Apollo Global Management, a $160bn investment firm, a range of internal advisory services for its credit funds domiciled in the United States, India and Singapore.

Rishi also has valuation advisory experience with the Avista Houlihan Lokey partnership in India, and Duff & Phelps in its New York Office. At Avista Houlihan Lokey, Rishi led the financial advisory services strategy and business development across India and Southeast Asia, and held a concurrent execution role on various midmarket domestic and cross‐border sell‐side and capital raising mandates. In his previous stint at Duff & Phelps, Rishi advised Boards of Directors, CFOs and Controllers with a variety of valuations for transaction, financial reporting and tax purposes including purchase price allocations, impairment testing, transfers of intellectual property and other intangible assets, fairness opinions on mergers and acquisitions, and quarterly mark‐to‐market analyses for portfolio investments for hedge funds and private equity funds.

Rishi has also been a speaker on valuation-related topics at forums such as ASSOCHAM in India.

  +91 22 6623 1000


Kapil Bellubi, Director

Kapil is a vice president in the financial valuation practice. He has more than eight years of experience in corporate restructurings, business modelling, business intelligence and transaction support through valuation analysis. Kapil also has significant experience in financial modelling, business plan creation and development, strategy development and commercial due diligence. In addition, he has extensive experience in executing business enterprise valuations, high-court merger valuations and purchase price allocation exercises for various regulatory purposes including IFRS, SFAS, IGAAP and Income Tax.

As part of his role in India, Kapil is responsible for the overall management of the South India practice and also drives several national level marketing initiatives including Brand Valuations in the Indian Premier League and Celebrity Brand Valuations, both of which received significant media attention.

Prior to joining American Appraisal, Kapil worked with Grant Thornton and KPMG. At KPMG, he drove the urban transportation initiative with a focus on rail-based systems (metro, mono, LRT). As part of his role, he performed pre-feasibility analysis, provided bid support to inbound and outbound clients and developed complex financial models for proposed projects. In addition, Kapil co-authored a thought leadership in this sector aimed at understanding the issues in the sector and most likely routes to successful project implementation.

  +91 80 6569 6344


Ujjwal Ganguly, Vice President

Ujjwal is a vice president responsible for overall project management of the financial advisory services related to fixed/tangible asset within American Appraisal India operation.

Ujjwal has over 12 years of experience in valuation and engineering services. He has executed and managed a range of engagements including real estate valuation, plant & machinery valuation, fixed asset management, construction cost/claim assessment/analysis. He has worked across varied industries like Industrial Metals & Mining, Oil & Gas , Oil equipment, Petrochemicals, Aerospace & Defense, Alternative Energy, Automobiles & Parts, Chemicals, Electronic & Electrical Equipment, Health Care Equipment & Services, Pharmaceuticals & Biotechnology, Real Estate Investment Trusts, Construction Industries, etc. Ujjwal has provided his services for various purposes related to financial reporting (under IFRS, USGAAP, IGAAP, etc.), federal & state tax reporting, Insurance, Dispute/ Litigation, Technical Due Diligence, Strategic Decision Making and many more.

Prior to joining American Appraisal, Ujjwal served as Senior Analyst at Deloitte Financial Advisor Service and Senior Engineer, execution and monitoring, at Shapoorji Pallonji & Co. Ltd. in India. His overall responsibilities included tangible asset valuation, construction advisory, planning & monitoring, vendor management, etc.

  +91 11 43573979