Rakesh Jhunjhunwala, ‘India’s Warren Buffet’, dies aged 62

Equity investor Rakesh Jhunjhunwala, dubbed India’s Warren Buffett with an estimated net worth of $6 billion, died early Sunday at the age of 62, his family said.

Jhunjhunwala, a chartered accountant from the desert state of Rajasthan, began investing in equities while at university and later ran a stock trading firm, RARE Enterprises.

“Rakesh-ji died surrounded by his family and close associates,” a family member told Reuters, using an expression of respect.

The cause of death was not immediately disclosed.

The promoter of India’s newest airline, ultra-low-cost carrier Akasa Air, Jhunjhunwala appeared at their public launch days ago. He leaves behind his wife and three children.

Ambulance leaves Breach Candy Hospital carrying Rakesh Jhunjhunwala in Mumbai on August 14, 2022.
An ambulance leaves Breach Candy Hospital carrying Rakesh Jhunjhunwala in Mumbai on August 14, 2022.
AFP via Getty Images

Jhunjhunwala’s excellent communication skills helped retail investors understand the stock market, said businessmen and bankers from India’s financial capital, Mumbai, who have worked with him for over 30 years. His insight into business and business made him a popular TV star.

Jhunjhunwala’s betting includes a number of companies run by the Tata Group, one of India’s largest conglomerates. These include Tata Motors, watchmaker Titan, Tata Communications and Indian Hotels Co, which operates the Taj hotels.

Other investments include Indiabulls Housing Finance, Star Health Insurance and Federal Bank.

Media cameras are seen outside the Breach Candy hospital where Rakesh Jhunjhunwala was admitted on August 14, 2022 in Mumbai.
Media cameras are seen outside the Breach Candy hospital where Rakesh Jhunjhunwala was admitted on August 14, 2022 in Mumbai.
AFP via Getty Images

Major politicians and business leaders mourned his death on social media.

“Rakesh Jhunjhunwala was indomitable,” Prime Minister Narendra Modi wrote on Twitter.

“Full of life, witty and insightful, he leaves an indelible contribution to the world of finance. He was also very passionate about India’s progress. His passing is sad. My condolences go out to his family and admirers.”

Modi ended with “Om Shanti,” an invocation to peace.

Uday Kotak, the managing director of Kotak Mahindra and a friend from school, said Jhunjhunwala “believed that India’s stock was undervalued” and he was right.

“Amazingly keen on understanding financial markets,” Kotak tweeted. “We spoke regularly, especially during COVID. Will miss you Rakesh!”

https://nypost.com/2022/08/14/rakesh-jhunjhunwala-indias-warren-buffet-dies-at-62/ Rakesh Jhunjhunwala, ‘India’s Warren Buffet’, dies aged 62

JACLYN DIAZ

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