Former mentor Radhakishan Damani has been appointed the chief trustee of Rakesh Jhunjhunwala’s estate, said a person familiar with the matter. Kalpraj Dharamshi, managing director of Dharamshi Securities, and Amal Parikh, promoter and director of Ohm Stock Broker, will be the other trustees.
Utpal Sheth and Amit Goela will continue to manage Jhunjhunwala’s firm Rare Enterprises. Sheth is senior partner and chief executive at the firm and specialises in equity analysis, asset management and shareholder value creation. Goela is a partner at Rare Enterprises and is responsible for its research enterprises.
Jhunjhunwala, India’s richest stock market investor who died on August 14, had made sure that his estate, including shares and property, would be bequeathed to his wife and three children, much before his death.
Berjis Desai, the former managing partner of J Sagar Associates, has reportedly put together the will.
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Jhunjhunwala, often referred to as India’s Warren Buffett, was ranked 438 in Forbes’ 2022 billionaires list, with a net worth of $5.8 billion, and managed his own portfolio as a partner in Rare Enterprises. He managed a listed portfolio comprising 32 stocks worth about Rs 31,000 crore as of date.
Jhunjhunwala’s long-term picks such as Titan, Crisil and Lupin made him a household name in the Indian market. His largest holdings include Titan (Rs 10,843 crore), Star Health & Allied Insurance (Rs 7,116 crore), Metro Brands (Rs 3,140 crore), Tata Motors (Rs 1,648 crore) and Crisil (Rs 1,341 crore).
Damani, whose firm Avenue Supermart runs the D Mart chain of stores, was ranked 98 on the Bloomberg Billionaire Index last year. His current net worth is estimated to be Rs 1.8 trillion.
