Sanjay Ray



Managing Director

Sanjay is a managing director in the Valuation Advisory Services practice of Kroll in India. With over 18 years of experience, he provided valuation services to clients in the Asia pacific region, advising on financial reporting under various standards including IFRS, Ind AS, IGAAP, SFRS, USGAAP, PSAK etc. He has performed many site visits in India and Asia Pacific countries related to tangible asset valuations.

Prior to his role at American Appraisal, which was acquired by Kroll (formerly Duff & Phelps) in 2015, Sanjay worked at Deloitte, leading a team of 10 staff in providing valuation services to U.S.-based clients. Before Deloitte, Sanjay worked with ICICI bank and Larsen & Toubro.  

Sanjay has managed a range of tangible and fixed asset valuation engagements, including plant and machinery and real estate assets valuation. He has worked within  various industries, including steel, power, oil and gas, petrochemicals, pharmaceuticals, cement, mechanical manufacturing, copper, aluminum, plastics and polymer, automobile and textiles, among others.

Sanjay holds a Bachelor of Engineering in Mechanical and a post graduate diploma in business management. His professional accreditations include: Accredited Senior Appraiser in Machinery and Equipment, American Society of Appraisers; Member of the Royal Institution of Chartered Surveyors; Member of the Institution of Engineers of India; Chartered Engineer; and Fellow Member of the Institution of Valuers, India. He is also certified as an Approved Valuer.


Valuation of businesses, assets and alternative investments for financial reporting, tax and other purposes.

Valuation Services

When companies require an objective and independent assessment of value, they look to Kroll.

Business Combinations / Purchase Price Allocation

Kroll’s expertise and independence have made us a leading provider of valuation services for business combinations.