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28 September 2022

Business Insider Bangladesh

India’s billionaire investor Rakesh Jhunjhunwala dies

UNB || BusinessInsider

Published: 14:06, 14 August 2022  
India’s billionaire investor Rakesh Jhunjhunwala dies

Photo: Collected

India's first billionaire investor Rakesh Jhunjhunwala, who started his investing career with 100 US dollars, died at a hospital in Mumbai on Sunday morning. He was 62.

Jhunjhunwala was rushed to Mumbai's Breach Candy Hospital around 7am (local time) after he complained of severe chest pain. However, he was declared dead on arrival, family sources told the local media.

The ace investor's demise comes a week after he launched India's newest passenger airline, Akasa Air.

Popularly called "India's Warren Buffett" and the "Big Bull", Jhunjhunwala's net worth was estimated to be some 5.8 billion US dollars. A qualified chartered accountant, he was ranked the 36th richest billionaire in India.

Indian Prime Minister Narendra Modi took to Twitter to condole his untimely death.

"Jhunjhunwala 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," he wrote.

The son of an income tax officer, Jhunjhunwala embarked on his investment career at the age of 25. He later founded his own investment firm, Rare Enterprises.

He is survived by his wife Rekha and three children.

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