Billionaire investor Rakesh Jhunjhunwala, CEO, Uncommon Enterprises.
Hemant Mishra | Mint | Hindustan Instances | Getty Photos
Inventory investor Rakesh Jhunjhunwala, dubbed India’s Warren Buffett with an estimated web value of $6 billion, died early on Sunday at age 62, his household stated.
A chartered accountant by career from the desert state of Rajasthan, Jhunjhunwala began dabbling in shares whereas in faculty and went on to handle a inventory buying and selling agency, RARE Enterprises.
“Rakesh-ji handed away surrounded by his household and shut aides,” a member of the family instructed Reuters, utilizing a time period for respect.
The reason for dying was not instantly introduced. The promoter of India’s latest airline, the extremely low-cost Akasa Air, Jhunjhunwala appeared days in the past at its public launch. He’s survived by his spouse and three youngsters.
Jhunjhunwala’s wonderful communication expertise helped small buyers perceive the inventory market, stated businessmen and bankers based mostly in India’s monetary capital, Mumbai, who had interacted with him for over 30 years. His insights on the financial system and firms made him a preferred TV movie star.
Jhunjhunwala’s bets embrace plenty of firms run by Tata Group, considered one of India’s largest conglomerates. These embrace Tata Motors, watch maker Titan, Tata Communications and Indian Inns Co , which runs the Taj motels.
Different investments embrace Indiabulls Housing Finance, Star Well being Insurance coverage and Federal Financial institution Main politicians and enterprise leaders mourned his dying on social media.
“Rakesh Jhunjhunwala was indomitable,” Prime Minister Narendra Modi wrote on Twitter. “Energetic, witty and insightful, he leaves behind an indelible contribution to the monetary world. He was additionally very keen about India’s progress. His passing away is saddening. My condolences to his household and admirers.” Modi ended with “Om Shanti”, an invocation of peace.
Uday Kotak, the chief govt of Kotak Mahindra and a buddy from college days, stated Jhunjhunwala had “believed inventory India was undervalued” and that he was proper. “Amazingly sharp in understanding monetary markets,” Kotak tweeted. “We spoke often, extra so throughout COVID. Will miss you Rakesh!”