Indian billionaire business magnate, investor, and philanthropist Rakesh Junjunwala passed away on Aug. 14 following a heart attack. He was admitted into Breach Candy Hospital, Mumbai, after his cardiac arrest. Junjunwala was suffering from multiple health issues including heart and kidney problems and diabetes and passed away due to health complications.
Nicknamed the “Warren Buffet of India”, Junjunwala was a self-made man. He was born on 5 July 1960 in Mumbai. His father worked as Commissioner of Income Tax and it was due to his father that Junjunwala first developed an interest in the stock market.
Junjunwala began investing when he was a college student. Professionally qualified as a chartered accountant, Junjunwala’s first big break as an investor was a profit of 500,000 rupees that he earned in 1986. His initial capital consisted entirely of his saving of rupees 5,000, and he mostly worked as a short seller in the early 1990s.Through his sharp and practical outlook on investing, “The Big Bull of India” was the 36th richest billionaire in India, with a net worth of 5.8 billion dollars by 2022. His portfolio includes several companies like Star Health, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies and Tata Motors. Junjunwala’s most celebrated investment, however, was Titan co. His share of stocks from the watch and jewellery-making company has been valued at over 110,000 rupees.
Junjunwala was a man of many hats. He created his own asset management company- Rare Enterprises (Named after the first two initials of his name and the name of his wife, Rekha Junjunwala) where he worked as a partner. Jhunjhunwala was the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. and sat on the board of directors of several other companies. He also founded Akasa Air, a low-cost airline headquartered in Mumbai, Maharashtra, India.
Known as an “incorrigible India optimist”, Junjunwalaused to donate 25 per cent of his annual income towards charity, focusing particularly on the education sector.
His demise is greatly mourned. Prime Minister Narendra Modi expressed his condolences in a tweet saying, “RakeshJhunjhunwala 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.”
