Billionaire investor Rakesh Jhunjhunwala, dubbed India’s own Warren Buffet, died in Mumbai on Sunday, his family said. He was 62 years old.
“Rakesh-ji died surrounded by his family and close aides,” a family member told Reuters news agency.
Jhunjhunwala had amassed an estimated net worth of $6 billion ($6.1 billion), thanks in part to significant stakes in more than 30 Indian blue-chip stocks.
The cause of death was not immediately announced, although local media said he had been suffering from various health problems.
Who was Rakesh Jhunjhunwala?
The “Big Bull of Dalal Street” – Mumbai’s Wall Street – began his career as an accountant in the desert state of Rajasthan.
He began dabbling in stocks while in college, starting with just 5,000 rupees (€61, $63) in capital, and went on to manage the asset management company, RARE Enterprises.
As Jhunjhunwala’s net worth steadily increased, he became one of India’s richest men with investments in some of the country’s biggest companies, including those run by the Tata Group, one of India’s largest conglomerates. ‘India.
These include Tata Motors, watchmaker Titan, Tata Communications and Indian Hotels Co, which runs the Taj hotels.
Other investments include Indiabulls Housing Finance, Star Health Insurance and Federal Bank.
Surprise support for a budget airline
Jhunjhunwala appeared last week at the launch of India’s low-cost airline Akasa Air, which he had backed to the tune of $35 million for an estimated 40% stake.
The investment came as India’s aviation sector is already crowded and the billionaire had no experience running an airline.
“We are deeply saddened,” Akasa Air said in a statement. “We at Akasa cannot thank Mr. Jhunjhunwala enough for being an early believer in us and placing his trust and faith in us to build a world-class airline.”
Akasa Air was launched last week, initially planning to fly to five Indian destinations
Modi, business leaders pay tribute
Indian Prime Minister Narendra Modi led the tributes, tweeting that the business tycoon was “indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the world of finance.”
Finance Minister Nirmala Sitharaman said Jhunjhunwala was a “leader in his own right” who strongly believed in India’s strength and growth.
Uday Kotak, the chief executive of Kotak Mahindra and a friend from school days, said Jhunjhunwala was right to believe that “Indian stocks were undervalued” and that he was “incredibly sharp in understand financial markets”.
N. Chandrasekaran, chairman of investment firm Tata Sons, said the veteran investor “believed in India and the country’s great potential. This conviction led him to make bold decisions throughout his life and career”.
“Mr Jhunjhunwala’s death is an irreparable loss and we extend our deepest condolences to his family and friends.”
Business bankers in the financial capital, who had interacted with Jhunjhunwala throughout his career, said he had great communication skills that helped small investors understand the stock market.
He is survived by his wife and three children.
mm/aw (AFP, AP, Reuters)
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