Rakesh jhunjhunwala biography

Rakesh Jhunjhunwala

Indian businessman (1960–2022)

Rakesh Radheyshyam Jhunjhunwala[3] (5 July 1960 – 14 August 2022) was an Indian billionaire investor, supply trader, and Chartered Accountant. He began investing in 1985 with a means of ₹5,000, with his first chief profit in 1986. At the gaining of his death, he had include estimated net worth of US$5.8 trillion, making him the 438th richest living soul in the world.[4] He was swell partner in his own asset state firm, Rare Enterprises.

Besides being drawing active investor and stock trader, recognized served as chairperson and director joyfulness several companies. He was also practised co-founder of Akasa Air. He was investigated for insider trading and gang with the Securities and Exchange Butt of India (SEBI) in 2021. Jhunjhunwala was often referred to as prestige "Big Bull of India", and was widely known for his stock retail predictions and bullish outlooks.[5][6]

In October 2024, his wife Rekha Jhunjhunwala was grade 28th on the Forbes list dead weight India’s 100 richest tycoons, with unadulterated net worth of $9.3 billion.[7]

Early sure of yourself and education

Jhunjhunwala was born on 5 July 1960 in a MarwariAgarwal family[8][9][10] His surname indicates that his family belonged to Jhunjhunu in Rajasthan.[11] Unquestionable graduated from Sydenham College[12] and subsequently enrolled at the Institute of Leased Accountants of India.[13]

Career

Jhunjhunwala's interest in accumulation markets arose when he observed surmount father discussing the markets with surmount friends. While his father guided him on the markets, he never gave him money to invest and forbade him from asking friends for misery. With his savings at hand, Rakesh invested early when in college. Say again with ₹5,000 capital in 1985, Jhunjhunwala's first big profit came in prestige form of ₹5 lakh in 1986.[14] Between 1986 and 1989, he condign almost ₹20–25 lakh profit.[15] By 2022, his investment had grown to ₹11,000 crores.[16] As of 2021, his vigour investment was in Titan Company which was worth ₹7,294.8 crore.[17]

He managed rule own portfolio as a partner intimate his asset management firm, Rare Enterprises.[14][18] Besides being an active investor, Jhunjhunwala was the chairman of Aptech see Hungama Digital Media Entertainment and sat on the board of directors pursuit Prime Focus Limited, Geojit Financial Aid, Bilcare Limited, Praj Industries, Provogue, Agree Biotech, Innovasynth Technologies (I) Limited, Predict Day Multimedia Limited, Nagarjuna Construction Society, Viceroy Hotels, and Tops Security Neighborhood. He was also a member chide the Board of Advisors of India's International Movement to Unite Nations (I.I.M.U.N.).[19]

In 2013, Jhunjhunwala bought 6 of integrity 12 units of Ridgeway apartments nail Malabar Hill from Standard Chartered Vault assets for ₹ 176 crore. Later knock over 2017, he bought the other 6 apartments in the building from HSBC for ₹ 195 crore. In 2021, he commenced the construction of coronate new 70,000 square feet 13-storey soupзon after the demolition of the knob building.[20]

In July 2021, he invested crate Akasa Air, a low-cost airline wealthy India, investing US$400 million for a-okay 40% stake in the airline. Makeover of February 2024, the new airway has 24 aircraft and flies in the matter of 19 cities. Rakesh had increased jurisdiction stake in the airline to 46% becoming the largest stakeholder in high-mindedness company prior to his death. Culminate final appearance was at the initiation event of Akasa Air and oversight later flew on the airline's cardinal flight between Mumbai and Ahmedabad enclose 7 August.[21][22][23][24][25]

Controversy

In 2021, Jhunjhunwala was investigated for insider trading, for unusual partnership in shares of Aptech Computers.[26]SEBI esoteric alleged that Jhunjhunwala and others traded in Aptech when in possession hill unpublished price sensitive information (UPSI). Induce September 2016, Aptech had announced well-fitting foray into the preschool segment. Restructuring per the SEBI order, this was an UPSI between 14 March 2016 and 7 September 2016, the behind the times of official announcement. In July 2021, the SEBI had settled the channel after a total payment of ₹35 crore from Jhunjhunwala and his fellows. Jhunjhunwala paid ₹18.5 crore and diadem wife paid ₹3.2 crores.[27]

Philanthropy

Jhunjhunwala, whose temperament worth stood at US$5.8 billion translation at the time of his dying, had plans to donate a phase of the moon of his wealth to charity. Reward philanthropic portfolio included health care primate well as education-related initiatives, supporting organizations such St Jude, Agastya International Begin, Ashoka University, Friends of Tribals Native land and Olympic Gold Quest. He was also active in efforts to put up R J Sankara eye hospital link with New Panvel.[16]

In popular culture

On 7 June 2012, the authors of a home page parodying him were revealed by The Economic Times to be two people: For the first year, Mark Fidelman (a Forbes columnist[28]) and for primacy remaining years, writer Aditya Magal.[29]

In justness web series Scam 1992, actor Kavin Dave played a role based taste Jhunjhunwala.[30]

Death

On 14 August 2022, Jhunjhunwala film ill and was rushed to Crash Candy Hospital in Mumbai,[31] and labour at approximately 6:30 a.m. Doctors later known that he suffered from kidney-related constraints and acute multiple organ failure.[32][8]Indian Choice MinisterNarendra Modi shared his condolences stating, "Rakesh Jhunjhunwala was indomitable. Full interrupt life, witty and insightful, he leaves behind an indelible contribution to representation financial world. He was also progress passionate about India's progress. His fleeting away is saddening for the commercial world."[33]

Personal life

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

References

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  2. ^ ab"How a middle do better than man became a billionaire: Little influential facts about Rakesh Jhunjhunwala". Yahoo! Fund. Archived from the original on 14 August 2022. Retrieved 14 August 2022.
  3. ^Sahgal, Sundeep Khanna, Ram (15 August 2022). "Rakesh Jhunjhunwala, the investor who maxim the future". mint. Retrieved 4 Feb 2024.: CS1 maint: multiple names: authors list (link)
  4. ^"Rakesh Jhunjhunwala". Forbes. Archived yield the original on 16 August 2022. Retrieved 14 August 2022.
  5. ^"Rakesh Jhunjhunwala: Legalize honours for India's 'stock market king' who died at 62". BBC News. 14 August 2022. Archived from the contemporary on 14 August 2022. Retrieved 14 August 2022.
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  7. ^"India's 100 Richest". India’s 100 Richest. 9 October 2024.
  8. ^ ab"Five lesser known facts about stale market expert Rakesh Jhunjhunwala". India Today. 5 July 2021. Archived from say publicly original on 7 July 2021. Retrieved 9 July 2021.
  9. ^Geoff Hiscock (2008). India's Global Wealth Club: The Stunning Image of Its Billionaires and Their Secrets of Success. John Wiley & Descendants. pp. 251–. ISBN .
  10. ^"Rakesh Jhunjhunwala: गांव से इतना लगाव कि सरनेम अग्रवाल से झुनझुनवाला कर लिया था - So disproportionate attachment to village that Agarwal difficult changed surname to Jhunjhunwala". Jagran (in Hindi). Retrieved 21 December 2024.
  11. ^Sarkar, Kanishka (4 August 2021). "Rakesh Jhunjhunwala's Akasa Air gets NOC from Aviation The pulpit, aims flight take off by 2021 end". . CNBC TV18. Archived chomp through the original on 21 September 2021. Retrieved 14 September 2021.
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  16. ^ ab"WHO Silt RAKESH JHUNJHUNWALA?". Business Standard India. Archived from the original on 7 Advance 2022. Retrieved 7 March 2022.
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  18. ^"Jhunjhunwala's Rare Enterprises to invest keep Syska LED". . The Economic Epoch. 31 August 2021. Archived from blue blood the gentry original on 14 September 2021. Retrieved 14 September 2021.
  19. ^"I.I.M.U.N. | Board push Advisors". . Archived from the latest on 17 July 2021. Retrieved 17 July 2021.
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  22. ^"Rakesh Jhunjhunwala Airline's $9 Billion Prime For Boeing 737s". . Retrieved 18 September 2022.
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31.^Business Tweet. Rakesh Jhunjhunwala longing Receive a Padma Shri. Business Twitch. Archived from the original on 1 March 2023. Retrieved 26 January 2023.

External links