Noted Investor Rakesh Jhunjhunwala Dies at 62

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By: TNI Team
Updated: 14 August, 2022 12:31 pm IST

BENGALURU: Prominent investor and business magnate Rakesh Jhunjhunwala passed away in Mumbai on Sunday morning at the age of 62. Known as India’s Warren Buffet, he was suffering from a host of health issues, including kidney ailments, and had been discharged from the hospital a few weeks ago.

Jhunjhunwala had an estimated net worth of $5.5 billion as of July 2022 and was ranked the 36th richest person in India, according to Forbes magazine. He was also the chairman of Hungama Media and Aptech, and served as a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.

Born on July 5, 1960, Jhunjhunwala grew up in Mumbai where his father worked as a Commissioner of Income Tax. Later, he graduated from Sydenham College and then enrolled at the Institute of Chartered Accountants of India.

He took the plunge into the stock market when he was still in college and later became one of the most high-profile stock traders. Last week, Jhunjhunwala launched India’s newest airline ‘Akasa Air’ as a promoter.

Prime Minister Narendra Modi took to Twitter to express his condolences to Jhunjhunwala’s family and admirers.

“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,” he tweeted.

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