The estate of Rakesh Jhunjhunwala is expected to have Radhakishan Damani as its primary trustee, according to a news article from Monday. The other trustees are Jhunjhunwala confidantes Kalpraj Dharamshi and Amal Parikh.
According to the report, Utpal Seth and Amit Goela will continue to lead his company Rare Enterprises.
Jhunjhunwala passed away on August 14 at the age of 62, leaving his wife and three children the majority of his assets, which included interests in both publicly and privately traded companies. He had renal illness that had been present for a while.
Forbes estimates that he had a $5.8 billion net worth. His listed interests are currently worth close to Rs 30,000 crore. He made multiple multi-bagger stock investments throughout his time spent trading equities. The renowned investor owned 4.4 billion Titan Company Ltd. shares, which he acquired in 2002–2003 for an average price of Rs 3. The price is presently Rs 2,422.40.
According to the story, which cited sources, Damani, the creator of the retail chain DMart, will have the last word about the company’s primary publicly traded interests.
Jhunjhunwala, who was sometimes referred to as the ‘Warren Buffett of India’, had an intrinsic belief in India’s economic story and was constantly looking for a solid investment. This would also account for his $35 million investment in Akasa Air last year, in which he had a share of almost 40%.
Many in the industry think it was an attempt to build a legacy in terms of developing a brand or a company, much like his mentor Damani.
The renowned investor, who entered the stock market in 1985 with only Rs 5,000 in his bank account, has dabbled in the entertainment business, becoming a producer of the 2012 Hindi film ‘English Vinglish’ and two more films, ‘Shamitabh’ and ‘Ki & Ka’ afterwards.
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