Rakesh Jhunjhunwala, who built a fortune from an initial investment of €60, had reportedly been in ill health for some time. Until his death, he was a huge supporter of India’s economic prospects.
Stock market investor and billionaire Rakesh Jhunjhunwala, nicknamed India’s own Warren Buffet, died Sunday in Mumbai, his family said. He was 62.
“Rakesh-ji passed away surrounded by his family and close aides,” a family member told Reuters news agency.
Jhunjhunwala had built up an estimated net worth of $6 billion ($6.1 billion), thanks in part to significant holdings in more than 30 Indian blue chip stocks.
The cause of death was not immediately announced, although local media said he had suffered from various health issues.
The “Big Bull of Dalal Street” — the Wall Street of Mumbai — started his career as a chartered accountant from the desert state of Rajasthan.
He started dabbling in stocks while in college, starting off with a capital of just 5,000 rupees (€61, $63), and went on to manage the asset management firm, RARE Enterprises.
As Jhunjhunwala’s net worth steadily rose, he became one of India’s richest men with investments in some of the country’s biggest companies, including those run by Tata Group, one of India’s largest conglomerates.
These include Tata Motors, watchmaker Titan, Tata Communications and Indian Hotels Co, which runs the Taj hotels.
Other investments include Indiabulls Housing Finance, Star Health Insurance and Federal Bank.
