Stock financial investor Rakesh Jhunjhunwala, who is entitled India’s Warren Buffett with an estimated net worth of $6 billion, has passed on. He died early hours of Sunday August 14 at age 62, according to his family.
A chartered accountant by profession from the desert territory of Rajasthan, Jhunjhunwala began fiddling with stocks while in school and proceeded to manage a stock trading firm, RARE Enterprises.
“Rakesh-ji passed away surrounded by his family and close aides,” a family member revealed, using a term for respect.
The cause of his passing has not been revealed at this point. The promoter of India’s newest airline, the ultra low-cost Akasa Air, Jhunjhunwala appeared days ago at its public launch. He is survived by his wife and three children.
Jhunjhunwala assisted little financial backers with figuring out the securities exchange more. According to businessmen and bankers based in India’s financial capital, Mumbai, Jhunjhunwala is very skilled in communications, with had over 30 years experience in the business. And his insights on the economy and companies made him a popular TV celebrity.
Jhunjhunwala’s bets include various organizations run by Tata Group, one of India’s biggest conglomerates. These incorporate Tata Motors, watch maker Titan, Tata Communications and Indian Hotels Co , which runs the Taj hotels.
Other investments incorporate Indiabulls Housing Finance, Star Health Insurance and Federal Bank Major lawmakers and business leaders grieved his passing on social media.
Meanwhile, India’s Prime Minister Narendra Modi eulogized the Billionaire:
“Rakesh Jhunjhunwala was indomitable,” Prime Minister Narendra Modi wrote on Twitter. “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.” Modi ended with “Om Shanti”, an invocation of peace.