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Thursday, March 23, 2023

Rakesh Jhunjhunwala Dies At 62, Week After 1st Flight Of His Akasa Air

Billionaire investor Rakesh Jhunjhunwala, known as India’s Warren Buffett, has died. he was 62 years old.

The veteran stock market investor is a self-made trader who has invested in several established and start-up companies, including the nation’s newest airline, Akasa Air, stocks for long-term investment. Known for picking, Jhunjhunwala is one of his most famous investors. India’s influential market voice.

His equity investments in the world’s second most populous country still emerge as a major source of household savings, accounting for less than 5% of wealth, but the South Asian country’s equity There is a fever in retail investment in the market.

India has attracted nearly 58 million new retail investors since the pandemic hit in early 2020, surpassing South Korea’s population.

Modi confirmed Junjunwala’s death in a post on Twitter. He said investors were “irrepressible” and left “an indelible contribution to the financial world”.

Jhunjhunwala was instrumental in the IPO of several privately held companies, including Star Health and Allied Insurance Co. Ltd. Gaming company Nazara Technologies Ltd. His latest venture was Akasa, which began operations earlier this month.

READ: ‘Big Bull’ Posts Double-Digit Profits Annually In India Services Ltd
, one of the largest brokerage firms in India. “It’s very rare. Some of his big investments have been made in the last few years, when he was nearing his 60s and not doing well.”

$100s to billions

He is juggling investments in the market, he said in an interview. After graduating with honors from Sydenham College of Commerce and Industry in Mumbai, he borrowed his $100 from his brother-in-law in 1985 and began buying his shares at the age of 25.

Acquisition of Titan Ltd. Stocks were one of his most profitable investments. In the early 2000s, he was struggling with work problems, relying primarily on the Tata Group, which made watches. Jhunjhunwala, along with his wife, owned about a 4% stake in Titan, now India’s largest jewelry company, as of his June. Since the beginning of 2005 his stock has risen more than 26,000%.

“Rakesh Jhunjhunwala believed in India and the true potential of this country,” said N Chandrasekaran, his chairman of the Tata Sons, in a statement. “That belief has consistently driven him to make bold decisions throughout his life and career.” He said he was a “bold risk-taker” with a firm belief in his ability to do so. Uday Kotak, Asia’s richest banker who owned Kotak Mahindra Bank Ltdx

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