Billionaire Rakesh Jhunjhunwala, known as ‘India’s Warren Buffett,’ dies at 62

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

A chartered accountant who took up stock trading at 25, Jhunjhunwala founded asset management firm Rare Enterprises, which invested in companies in the telecom, hospitality and financial services sectors.

He had a net worth of approx $5.8 billion At the time of his death, according to Forbes, who called Jhunjhunwala “an investor with the Midas touch”. His latest venture, a low-cost airline sky airStarted working 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, praising the businessman’s “indomitable spirit” and passion “for every Indian”.

The cause of death was not immediately available. Family members of Jhunjhunwala told Reuters The investor “passed away surrounded by his family and close aides.” He is survived by wife Rekha Jhunjhunwala and three children.

Local media reported that Jhunjhunwala in poor health And was Seen in a wheelchair At Akasa Air’s launch event last Sunday.

Jhunjhunwala’s death was mourned by Indian politicians and business leaders. His efforts to educate people about share trading as well as his enthusiasm for India and its economy were praised by many.

“Rakesh Jhunjhunwala was irrepressible,” Indian Prime Minister Narendra Modi said “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.”

“Investor, bold risk taker, adept understanding of stock market, clear in communication – a leader in his own right,” Finance Minister of India Nirmala Sitharaman wrote on Twitter.

In 2021 the interview Jhunjhunwala with Economic Times of India expressed confidence in India’s ability to overtake China as the world’s second largest economy. “You can call me stupid, you can call me anything, I may not live to see it but I can tell you one thing – India will overtake China in the next 25 years,” he said.

Jhunjhunwa believed that “stock India was undervalued. He is right,” wrote Uday Kotak, a billionaire banker in India who said he did Went to school with Jhunjhunwala and described him as someone “incredibly sharp in understanding financial markets”.

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

His father was the Commissioner of the Income Tax Department of the Government of India and gave jhunzhunwala Investment advice, according to Financial Express. Jhunjhunwala only invested $100 in the stock market As a 25-year-old student — and eventually grew into a multibillion-dollar portfolio — according to Forbes.

He was also an Indian film enthusiast and co-produced three Bollywood films between 2012 and 2016.

Indian market commentator Ajay Bagga told the BBC jhunzhunwala “The story of India portrayed” – “A young middle-class boy goes on to create such a huge fortune.”

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