NEW DELHI — Rakesh Jhunjhunwala, known as India’s Warren Buffett and a seasoned stock market investor, passed away on Sunday in Mumbai, according to the Press Trust of India news agency. He was 62.
Prime Minister Narendra Modi decided to honour the business magnate, whose estimated net worth was $5.8 billion.
“Rakesh Jhunjhunwala had unbreakable strength. He leaves behind an immeasurable contribution to the financial world and was full of life, wit, and insight. Modi tweeted his condolences to the Jhunjhunwala family as well.
Even though the exact reason for his death isn’t known yet, local news reports say he had a lot of health problems.
Jhunjhunwala, a chartered accountant from Rajasthan in northern India, started out with just 5,000 rupees ($63) to invest in the stock market while he was still in college. Later, he founded and ran the asset management company RARE Enterprises. With investments in some of the biggest enterprises in India, he progressively increased his net worth and emerged as one of the wealthiest people there.
He assisted in the establishment of his most recent endeavour, the budget airline Akasa Air, which had its inaugural flight last week. According to local media, Jhunjhunwala was spotted at the launch in a wheelchair.
The airline expressed its “deep sadness” at the man’s passing. The airline stated in a statement, “We at Akasa cannot express our gratitude to Mr. Jhunjhunwala enough for being an early believer in us and for placing his confidence and faith in us to develop a world-class airline.”
Jhunjhunwala, also known as the “Big Bull” of the nation’s Bombay Stock Exchange, was renowned for taking chances with his investments and the market.
In response, Nirmala Sitharaman, the minister of finance, referred to him in a tweet as an “investor, brave risk-taker, and master of the stock market,” calling him a “leader in his own right” who firmly believed in India’s strength and development.
Even though the economy around the world is bad, Jhunjhunwala said in an interview with CNBC-TV18 last week that “the Indian market will grow, but at a slower pace.”
His wife and three kids are left behind.