Billionaire Rakesh Jhunjhunwala Passes Away at 62: Ace investor Rakesh Jhunjhunwala passed away on Sunday morning at the age of 62, news reports claimed. The causes behind his death are still awaited. The ace investor was often called the Warren Buffett of India for his long-term investing style. Prime Minister Narendra Modi, who had met Rakesh Jhunjhunwala earlier this year, took to Twitter to express his condolences on the death of the ace investor. “Rakesh 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. His passing away is saddening. My condolences to his family and admirers. Om Shanti,” the Prime Minister said in his tweet.
The veteran investor who was also known as India’s Warren Buffet was a trader and a chartered accountant. Jhunjhunwala, who was born Born on July 5, 1960, grew up in a Rajasthani household in Bombay, where his father worked as a Commissioner of Income Tax, as per TV news channel reports. He reportedly graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India.
The billionaire investor was one of the most vocal voices when it came to investing in India. Rakesh Jhunjhunwala in his last interview with CNBC TV18 reiterated his bullish views on the domestic stock markets. He had, however, cautioned investors that they would see rather slow growth in indices compared to the recent years.
Big bull was worth more than $5.3 billion, according to Forbes. He was the 440th richest person in the world according to Forbes and 38th in India.
Rakesh Jhunjhunwala owned a long list of companies with Tata group’s Titan Company limited often touted as his favourite stock. Titan’s stock is the biggest holding in Rakesh Jhunjhunwala’s name, in terms of amount. Big bull also owned Tata Motors, Indian Hotels, Geojit Financial Services, and had recently listed his own firm Star Health and allied insurance on the stock exchanges. Rakesh Jhunjhunwala had also ventured into the aviation space this month with Akasa Air taking its first flight.
The billionaire investor ran Rare Enterprises — an asset management firm. Rakesh Jhunjhunwala completed had a bachelor’s degree in Commerce (Honours) from Sydhnem College of Commerce and Economics, Mumbai and had completed his Chartered Accountancy from the Institute of Chartered Accountants of India in 1984.