Indian investor Ace Rakesh Jhunjhunwala, known as India’s Warren Buffett, died Sunday morning at the age of 62. Jhunjhunwala, who had been struggling with health problems for some time, had accumulated a fortune value estimated at $5. 8 billion. it earned him a cult call and he remained positive about the Indian stock market and his country’s economic prospects until the end. wife Rekha.
Reacting to the news of Jhunjhunwala’s death, on the eve of India’s 75th Independence Day celebrations, Indian Prime Minister Narendra Modi tweeted: “Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, it leaves an indelible contribution to the monetary world. He was also very passionate about India’s progress. His passing is sad. My condolences to his circle of family and admirers. Om Shanti.
Banker Uday Kotak, a self-taught billionaire like Jhunjhunwala, said on Twitter: “Rakesh Jhunjhunwala: my school and schoolmate. with each other regularly, even more Covid. I will miss you Rakesh!
The son of an income tax officer, Jhunjhunwala became interested in inventories while studying business at the University of Mumbai. He graduated as a Chartered Accountant and began making an investment in 1985 with only $100. As a young investor, he discovered a mentor in stock market veteran Radhakishan Damani at a time when the stock market index was at 150; it now markets more than 59,000.
Jhunjhunwala preceded his guru in the ranks of billionaires, whom he first joined in 2008. Damani debuted on the Forbes World Billionaires list in 2017, the year he went public with his Avenue Supermarts hypermarket chain. While Jhunjhunwala knows the media and is outspoken, Damani keeps a low profile and avoids public interactions.
“Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, it leaves an indelible contribution to the monetary world.
Jhunjhunwala’s portfolio is made up of blue-chip companies, such as watch and jewellery maker Titan Company, which is part of the Tata conglomerate, whose largest asset value exceeds $1500 million. Its other long-standing holdings are automaker Tata Motors and Crisil.
While Jhunjhunwala has been cautious about supporting new-age start-ups, in recent years it began to reap a lot of personal equity investments when those corporations began to be indexed. For example, its 14% stake in shoe store Metro Brands, which went public last December. , making its owner, Rafique Malik, a billionaire, is now worth more than $400 million. He was also an early sponsor of gaming company Nazara Technologies and general insurer Star Health and Allied Insurance Company, both indexed last year.
In what many saw as a risky move, Jhunjhunwala’s latest bet on a sector devastated by Covid-19: aviation. Last year, it invested $35 million in a 40 percent stake in budget airline Akasa, which made its maiden flight earlier this month, it reported. through the country’s aviation minister and with its prominent investor on board. Appearing in a wheelchair, Jhunjhunwala said he was excited about the launch.
With a taste for malts and single cigars, Jhunjhunwala enjoyed a king-sized life. He is said to have built a 13-storey mansion in South Mumbai as a new home. A fan of Bollywood films, Jhunjhunwala has financed some such as English Vinglish. and Ki
At the same time, Jhunjhunwala was among the country’s notable philanthropists with a self-titled base and said a few years ago that he sought to give 25% of his wealth during his lifetime. Among other things, he was one of the founders and trustees of Ashoka. University, a liberal arts school and a normal donor to the Agastya International Foundation, which provides science education to the poor. Ashoka University, in a statement, called Jhunjhunwala one of its most generous donors and said it should make a stopover at the university. later this year to launch the Rakesh Jhunjhunwala School of Economics and Finance.
In 2020, when he appeared on Forbes Asia’s list of philanthropy heroes, he said, “When I became a billionaire in 2008, my father is still not interested in my net worth and how much I’m going to give. “Jhunjhunwala survives through his wife and 3 children.
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