Rakesh Jhunjhunwala

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Rakesh Jhunjhunwala
Rj in office.jpg
Jhunjhunwala at his office in 2004
Born(1960-07-05)5 July 1960
Hyderabad, Andhra Pradesh
(Now in Telangana, India)[1]
Died14 August 2022(2022-08-14) (aged 62)
Mumbai, Maharashtra, India
EducationChartered Accountant
Alma mater
OccupationBusinessman, investor, stock trader
Spouse(s)Rekha Jhunjhunwala[2]
Children3

Rakesh Jhunjhunwala (5 July 1960 – 14 August 2022) was an Indian billionaire business magnate, stock trader, and investor. He began investing in 1985 with a capital of ₹5,000, with his first major profit in 1986. At the time of his death he had an estimated net worth of $3.8 billion, making him the 438th richest person in the world.[3] He was a partner in his own asset management firm, Rare Enterprises. Besides being an active investor, he served as chairperson and director for several companies. He was also a founder of Akasa Air. He was investigated for insider trading and settled with the Securities and Exchange Board of India (SEBI) in 2021. Jhunjhunwala was often referred to as "India's Warren Buffett" or the "Big Bull of India", and was widely known for his stock market predictions and bullish outlooks.[4][5]

Early life and education

Jhunjhunwala was born on 5 July 1960[6] and grew up in a Rajasthani Marwari family, in Mumbai. His father Radheshyam Jhunjhunwala worked as a Commissioner of Income Tax.[7] His surname indicates that his ancestors belonged to Jhunjhunu in Rajasthan.[8] He graduated from Sydenham College[9] and thereafter enrolled at the Institute of Chartered Accountants of India.[citation needed]

Career

Jhunjhunwala's interest in stock markets arose when he observed his father discussing the markets with his friends. While his father guided him on the markets, he never gave him money to invest and forbade him from asking friends for money.[citation needed] With his savings at hand, Rakesh started investing early when in college. Beginning with ₹5,000 capital in 1985, Jhunjhunwala's first big profit came in the form of ₹5 lakh in 1986.[10] Between 1986 and 1989, he earned almost ₹20–25 lakh profit.[11] By 2022, his investment had grown to ₹11,000 crores.[12] As of 2021, his biggest investment was in Titan Company which is worth ₹7,294.8 crore.[13]

He managed his own portfolio as a partner in his asset management firm, Rare Enterprises.[10][14] Besides being an active investor, Jhunjhunwala was the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. and sat on the board of directors of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries Limited, Provogue India Limited, Concord Biotech Limited, Innovasynth Technologies (I) Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited, and Tops Security Limited.[citation needed] He was also a member of the Board of Advisors of India's International Movement to Unite Nations (I.I.M.U.N.).[15]

In 2013, Jhunjhunwala bought 6 of the 12 units of Ridgeway apartments at Malabar Hill from Standard Chartered bank for ₹176 crore. Later in 2017, he bought the other 6 apartments in the building from HSBC for ₹195 crore. In 2021, he commenced the construction of his new 70,000 square feet 13-storey home after the demolition of the old building.[16]

In 2021, he co-founded Akasa Air, a low-cost airline in India,[17] with former Jet Airways CEO Vinay Dubey. The new airline has 2 aircraft, with additional order for 70 more aircraft, and as of August 2022, flies to 3 cities.[18]

Controversy

Jhunjhunwala was investigated for insider trading.[19] As of July 2021, the SEBI had settled the issue after a total payment of ₹35 crore from Jhunjhunwala and his associates. Jhunjhunwala paid ₹18.5 crore and his wife paid ₹3.2 crores.[20]

Philanthropy

Jhunjhunwala, whose net worth stands at $5.8 billion as at the time of his death, had plans to donate a quarter of his wealth to charity. His philanthropic portfolio included health care as well as education-related initiatives, supporting organizations such St Jude, Agastya International Foundation, Ashoka University, Friends of Tribals Society and Olympic Gold Quest. He was also active in efforts to construct an eye hospital in Navi Mumbai.[12]

In popular culture

Similar to the Fake Steve Jobs blog, there is a popular parody blog called The Secret Journal of Rakesh Jhunjhunwala that humorously parodies the investor's life. On 7 June 2012, the authors were revealed by The Economic Times to be two people: For the first year, Mark Fidelman (a Forbes columnist[21]) and for the remaining years, writer Aditya Magal.[22]

In the web series Scam 1992, actor Kavin Dave played a role based on Jhunjhunwala.[23]

Death

On 14 August 2022, Jhunjhunwala felt ill and was rushed to Breach Candy Hospital in Mumbai,[24] and died at approximately 6:30 a.m. Doctors later reported that he suffered from kidney-related problems and acute multiple organ failure.[25][26] Indian Prime Minister Narendra Modi shared his condolences stating, "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."[27]

Personal life

Rakesh Jhunjhunwala married Rekha Jhunjhunwala on 22 February 1987. The couple had three children together. Their daughter Nishtha was born on 30 June 2004. Their twin sons Aryaman and Aryaveer were born on 2 March 2009.[2]

References

  1. ^ "I am thinking of making a film: Rakesh Jhunjhunwala". The Economic Times. 9 November 2010. Archived from the original on 7 July 2022. Retrieved 7 July 2022.
  2. ^ a b "How a middle class man became a billionaire: Little known facts about Rakesh Jhunjhunwala". Yahoo Finance. Archived from the original on 14 August 2022. Retrieved 14 August 2022.
  3. ^ "Rakesh Jhunjhunwala". Forbes. Archived from the original on 16 August 2022. Retrieved 14 August 2022.
  4. ^ "Rakesh Jhunjhunwala: Tributes for India's 'stock market king' who died at 62". BBC News. 14 August 2022. Archived from the original on 14 August 2022. Retrieved 14 August 2022.
  5. ^ Karmali, Naazneen. "Billionaire Investor Rakesh Jhunjhunwala, Known As 'India's Warren Buffett,' Dies At 62". Forbes. Archived from the original on 16 August 2022. Retrieved 14 August 2022.
  6. ^ "Five lesser known facts about stock market expert Rakesh Jhunjhunwala". India Today. 5 July 2021. Archived from the original on 7 July 2021. Retrieved 9 July 2021.
  7. ^ Geoff Hiscock (2008). India's Global Wealth Club: The Stunning Rise of Its Billionaires and Their Secrets of Success. John Wiley & Sons. pp. 251–. ISBN 978-0-470-82238-8.
  8. ^ Sarkar, Kanishka (4 August 2021). "Rakesh Jhunjhunwala's Akasa Air gets NOC from Aviation Ministry, aims flight take off by 2021 end". www.cnbctv18.com. CNBC TV18. Archived from the original on 21 September 2021. Retrieved 14 September 2021.
  9. ^ Nagar, Anupam (13 December 2019). "What does it take to make a Harshad Mehta? Not just Titan & Tata Tea". The Economic Times. Archived from the original on 7 August 2020. Retrieved 7 April 2020.
  10. ^ a b Jain, Surbhi (3 July 2021). "Rakesh Jhunjhunwala birthday today: Rs 5,000 investment to now Rs 34,000 cr; journey from 'bear' to 'big bull'". The Financial Express. Archived from the original on 14 September 2021. Retrieved 14 September 2021.
  11. ^ "The journey of Rakesh Jhunjhunwala". The Economic Times. Archived from the original on 14 August 2022. Retrieved 14 August 2022.
  12. ^ a b "WHO IS RAKESH JHUNJHUNWALA?". Business Standard India. Archived from the original on 7 March 2022. Retrieved 7 March 2022.
  13. ^ "Rakesh Jhunjhunwala Cuts Stake In Titan Company In June 2021 Quarter". Moneycontrol. 15 July 2021. Archived from the original on 8 September 2021. Retrieved 9 September 2021.
  14. ^ "Jhunjhunwala's Rare Enterprises to invest in Syska LED". ETRetail.com. The Economic Times. 31 August 2021. Archived from the original on 14 September 2021. Retrieved 14 September 2021.
  15. ^ "I.I.M.U.N. | Board of Advisors". new.iimun.in. Archived from the original on 17 July 2021. Retrieved 17 July 2021.
  16. ^ "How Rakesh Jhunjhunwala built his 13-floor home in Mumbai". Moneycontrol. Archived from the original on 22 March 2022. Retrieved 22 March 2022.
  17. ^ "Rakesh Jhunjhunwala-promoted Akasa Air Gets No-objection Certificate From Civil Aviation Ministry, DGCA: Reports". Moneycontrol.com. 4 August 2021. Archived from the original on 6 August 2021. Retrieved 14 August 2021.
  18. ^ "WHAT IS AKASA AIR?". Business Standard India. Archived from the original on 4 July 2022. Retrieved 4 July 2022.
  19. ^ "SEBI sends Rakesh Jhunjhunwala, family notices in Aptech insider trading case: Report – Money Control". Archived from the original on 16 August 2022. Retrieved 23 April 2021.
  20. ^ "SEBI settles insider trading case with Rakesh Jhunjhunwala". Archived from the original on 14 August 2022. Retrieved 14 August 2022 – via The Hindu Business Line.
  21. ^ Fidelman, Mark. "Mark Fidelman -Socialized and Mobilized". forbes.com. Archived from the original on 15 November 2012. Retrieved 17 November 2012.
  22. ^ Sruthijith KK (7 June 2012). "How parody blogger Aditya Magal impressed Rakesh Jhunjhunwala". The Economic Times. Archived from the original on 6 January 2017. Retrieved 29 November 2013.
  23. ^ "Real to Reel: Actor Kavin Dave on playing the 'king of stock market' in Scam 1992". FilmFare. 24 October 2020. Archived from the original on 18 June 2021. Retrieved 14 August 2022.
  24. ^ "Big Bull Bows Out | Rakesh Jhunjhunwala passes away". Moneycontrol. Archived from the original on 14 August 2022. Retrieved 14 August 2022.
  25. ^ "Rakesh Jhunjhunwala Death News LIVE Updates: Rakesh Jhunjhunwala passes away at 62". The Economic Times. Archived from the original on 14 August 2022. Retrieved 14 August 2022.
  26. ^ "Five lesser known facts about stock market expert Rakesh Jhunjhunwala". India Today. 5 July 2021. Archived from the original on 7 July 2021. Retrieved 9 July 2021.
  27. ^ Agarwal, Nikhil. "Ace investor Rakesh Jhunjhunwala passes away at 62". The Economic Times. Archived from the original on 14 August 2022. Retrieved 14 August 2022.

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