Mumbai: Billionaire business magnate and stock market investor Rakesh Jhunjhunwala passed away in Mumbai on Sunday morning. He was 62.
Jhunjhunwala was not keeping well for the past few days and breathed his last today at 6.45 am at Breach Candy Hospital in Mumbai. He was discharged from the hospital two-three weeks ago.
He recently ventured into the aviation industry with Akasa Air which took flight on August 7.
A lot of people questioned why he planned to start an airline when aviation was not doing well, to which he replied, “I say I’m prepared for failure.”
Born on July 5, 2060, Jhunjhunwala grew up in Mumbai.
He was India’s 36th richest person in 2021 and 438th richest man in the world, so far in 2022, according to Forbes.
Jhunjhunwala, apart from being an investor, was the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd.
His portfolio includes companies like Star Health, Titan, Rallis India, Escorts, Canara Bank, Indian Hotels Company, Agro Tech Foods, Nazara Technologies, Tata Motors. Overall, he had a stake in 47 companies at the end of the June quarter.
He was also an advisor to India’s International Movement to Unite Nations.
After graduating from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountants of India and married Rekha Jhunjunwala, who is also a stock market investor.
Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises.
He was always bullish about India’s stock market and whatever stocks he purchased mostly turned into a multibagger.
Prime Minister Narendra Modi expressed grief over the passing away of Rakesh Jhunjhunwala.