Rakesh Jhunjhunwala Dies At 62, who Known As ‘India’s Warren Buffett
Ace Indian investor Rakesh Jhunjhunwala, often referred to as the Warren Buffett of India, died Sunday morning at age 62. Jhunjhunwala, who had been battling health problems for a while, had amassed a fortune worth an estimated $5.8 billion. His shrewd stock picks had earned him a cult following and he remained bullish about the Indian stock market and his country’s economic prospects to the end. Jhunjhunwala traded on his own account through his firm Rare Enterprises—a name coined from the first two letters of his name and that of his 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, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti.”
Banker Uday Kotak, a self-made billionaire like Jhunjhunwala, said on Twitter: “Rakesh Jhunjhunwala: my school and college mate. One year my junior. Believed stock India was undervalued. He is right. Amazingly sharp in understanding financial markets. We spoke regularly, more so during Covid. Will miss you Rakesh!”
Son of an income-tax officer, Jhunjhunwala started dabbling in stocks while still studying commerce in college in Mumbai. He qualified as a chartered accountant and began investing in 1985 with just $100. As a young investor, he found a mentor in stock market veteran Radhakishan Damani at a time when the stock market index was at 150; it now trades over 59,000.
Jhunjhunwala preceded his guru in the billionaire ranks, which he joined for the first time in 2008. Damani debuted on the Forbes World Billionaires’ list in 2017, the year when he took his hypermarket chain Avenue Supermarts public. While Jhunjhunwala was media savvy and outspoken, Damani maintains a low profile and avoids public interactions.
“Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world.”
In 2020, when he featured on Forbes Asia’s list of Heroes of Philanthropy, he said, “ When I became a billionaire in 2008, my father wasn’t interested in my net worth but in how much I was going to give away.” Jhunjhunwala is survived by his wife and three children.
To read full article about Rakesh Jhunjhunwala at Forbes.