One of the most successful investors in India, Rakesh Jhunjhunwala left the world on August 14, 2022, at the age of 62. Today is his first death anniversary. However, his legacy lives and will endure for generations to come.
Jhunjhunwala, often referred as the ‘big bull’ of Dalal Street, began investing in 1985 with a capital of Rs 5,000 (with his first major profit in 1986). However, when he died, he had an estimated net worth of US$5.8 billion. Widely known for his stock market predictions and bullish outlooks, Jhunjhunwala was a partner in his own asset management firm, Rare Enterprises.
Some of the biggest stocks in his portfolio – Titan Company, Star Health, Metro Brand, Tata Motors, CRISIL, Fortis, Indian Hotels Company and Federal Bank. His wife Rekha Jhunjhunwala now handles his portfolio.
Padma Shri awardee
Growing up in a Rajasthani Marwari family in Mumbai, the ace investor was posthumously awarded the Padma Shri this year. At Rashtrapati Bhavan, the award was conferred by President Droupadi Murmu in a ceremonial event.
Education – Chartered Accountant
Frequently referred to as Warren Buffett of India, he graduated from Sydenham College. After that, he enrolled at the Institute of Chartered Accountants of India.
Jhunjhunwala’s investment in Akasa Air
Jhunjhunwala, in July 2021, invested in Akasa Air (US$400 million for a 40 percent stake in the airline). Before his demise, he had raised his stake in the airline to 46 percent becoming the largest stakeholder in the company.
“In Loving Memory of Rakesh Jhunjhunwala,” Akasa Air on Monday tweeted, “Today, we honour and remember the life of a visionary, a trailblazer, and the true titan, that was the late Mr. Rakesh Jhunjhunwala. As we mark the anniversary of his passing, we reflect on the indelible mark he has left on India’s progress and his enduring impact on generations to come.”
“Mr. Jhunjhunwala was a true believer in India’s potential and saw Akasa Air serving the nation by building the transportation links to support India’s ongoing economic transformation. He seeded the ability that enables Akasa to deliver on our ambitious roadmap. We cannot thank him enough for being an early believer and for putting his faith in us to build a world-class airline.” it added.