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Wednesday, October 5, 2022

Billionaire Rakesh Jhunjhunwala, popularly known as India’s Warren Buffet, has passed away.

Photo D’Archivo: Rakesh Jhunjhunwala. Reuters/Shailesh Andrade/File photo

Billionaire investor Rakesh Jhunjhunwala, known as “India’s Warren Buffett” for his successful stock bets, died on Sunday at the age of 62, one of his companies confirmed.

A public accountant who went public at the age of 25, Jhunjhunwala formed a wealth management firm rare enterpriseIt has invested in companies in the telecommunications, hospitality and financial services sectors.

He had an estimated net worth of $5.8 billion at the time of his death, according to Forbes, which called Jhunjhunwala “an investor with a Midas touch”. His latest venture, a low-cost airline called Akasa Air, began operations in India last week.

“We are deeply saddened by the untimely demise of Rakesh Jhunjhunwala this morning,” Akasa Air said in a statement on Sunday.

The cause of death was not immediately released. A member of Jhunjhunwala’s family told Reuters that the investor “He passed away surrounded by his family and close associates”, He is survived by wife Rekha Jhunjhunwala and three children.

People Are Seen Outside The Residence Of Late Indian Billionaire Rakesh Jhunjhunwala After His Death Today In Mumbai, India, August 14, 2022.  Reuters/Francis Mascarenhas

People are seen outside the residence of late Indian billionaire Rakesh Jhunjhunwala after his death today in Mumbai, India, August 14, 2022. Reuters/Francis Mascarenhas

Local media reported that Jhunjhunwala was unwell and had come in a wheelchair to Akasa Air’s launch event last Sunday.

Indian politicians and business leaders condoled the death of Jhunjhunwala. Many praised his efforts to educate people about stock trading, as well as his optimism about India and its economy.

“Rakesh Jhunjhunwala was indomitable,” said Indian Prime Minister Narendra Modi. “Full of life, witty and insightful, he leaves an indelible contribution to the financial world. He was also very passionate about India’s progress.”

India’s Finance Minister Nirmala Sitharaman wrote on Twitter, “Investor, fearless risk taker, excellent understanding of the stock market, articulate in communication, a leader in his own right.”

In a 2021 interview with India’s Economic Times, Jhunjhunwala expressed confidence in India’s ability to outperform China, the world’s second largest economy. “You can call me dumb, you can call me anything, I can’t live to see this, but I can tell you one thing that India will overtake China in the next 25 years,” he said.

According To Forbes, His Estimated Net Worth At The Time Of His Death Was $5.8 Billion, Which Made Jhunjhunwala

He had an estimated net worth of $5.8 billion at the time of his death, according to Forbes, which called Jhunjhunwala “an investor with a Midas touch”. His latest venture, a low-cost airline called Akasa Air, began operations in India last week. Reuters/Vivek Prakash/File photo

Jhunjhunwala” believed that the valuation of Indian equities was undervalued. You are right,” wrote Uday Kotak, a billionaire banker from India, who said he went to school with Jhunjhunwala and described him as “incredibly keen to understand financial markets”.

Jhunjhunwala was born in July 1960 and grew up in Mumbai. He completed his graduation at the University of Mumbai and later graduated from the Institute of Chartered Accountants of India.

According to the Financial Express, his father was the commissioner of the Income Tax Department of the Government of India and used to advise Jhunjhunwala on investments. According to Forbes, Jhunjhunwala invested just $100 in the stock market as a 25-year-old student, eventually turning it into a multi-million dollar portfolio.

He was also a fan of Indian films and co-produced three Bollywood films between 2012 and 2016.

Indian market commentator Ajay Bagga told the BBC that Jhunjhunwala “embodied the history of India”: “a middle-class young man rising through the ranks to make such a huge fortune.”

World Nation News Desk
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