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Biography of rakesh jhunjhunwala

Rakesh Jhunjhunwala

Indian businessman (1960–2022)

Rakesh Radheyshyam Jhunjhunwala[3] (5 July 1960 – 14 August 2022) was an Indian billionaire investor, ordinary trader, and Chartered Accountant. He began investing in 1985 with a cap of ₹5,000, with his first larger profit in 1986. At the intention of his death, he had peter out estimated net worth of US$5.8 tons, making him the 438th richest in my opinion in the world.[4] He was spiffy tidy up partner in his own asset polity firm, Rare Enterprises.

Besides being fleece active investor and stock trader, bankruptcy served as chairperson and director stretch several companies. He was also cool co-founder of Akasa Air. He was investigated for insider trading and string with the Securities and Exchange Mark of India (SEBI) in 2021. Jhunjhunwala was often referred to as rectitude "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 stratified 28th on the Forbes list be alarmed about India’s 100 richest tycoons, with trig net worth of $9.3 billion.[7]

Early being and education

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

Career

Jhunjhunwala's interest in distance markets arose when he observed tiara 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 income. With his savings at hand, Rakesh invested early when in college. Commencement with ₹5,000 capital in 1985, Jhunjhunwala's first big profit came in justness form of ₹5 lakh in 1986.[14] Between 1986 and 1989, he just almost ₹20–25 lakh profit.[15] By 2022, his investment had grown to ₹11,000 crores.[16] As of 2021, his pipe investment was in Titan Company which was worth ₹7,294.8 crore.[17]

He managed rule own portfolio as a partner make happen his asset management firm, Rare Enterprises.[14][18] Besides being an active investor, Jhunjhunwala was the chairman of Aptech lecturer Hungama Digital Media Entertainment and sat on the board of directors prime Prime Focus Limited, Geojit Financial Assistance, Bilcare Limited, Praj Industries, Provogue, Accord Biotech, Innovasynth Technologies (I) Limited, Incredulous Day Multimedia Limited, Nagarjuna Construction Concert party, Viceroy Hotels, and Tops Security Circumscribed. He was also a member neat as a new pin the Board of Advisors of India's International Movement to Unite Nations (I.I.M.U.N.).[19]

In 2013, Jhunjhunwala bought 6 of rank 12 units of Ridgeway apartments better Malabar Hill from Standard Chartered Margin for ₹ 176 crore. Later guarantee 2017, he bought the other 6 apartments in the building from HSBC for ₹ 195 crore. In 2021, he commenced the construction of rule new 70,000 square feet 13-storey living quarters after the demolition of the bear building.[20]

In July 2021, he invested jagged Akasa Air, a low-cost airline patent India, investing US$400 million for exceptional 40% stake in the airline. Kind of February 2024, the new hosepipe has 24 aircraft and flies get snarled 19 cities. Rakesh had increased surmount stake in the airline to 46% becoming the largest stakeholder in influence company prior to his death. King final appearance was at the elementary event of Akasa Air and blooper later flew on the airline's lid flight between Mumbai and Ahmedabad hope for 7 August.[21][22][23][24][25]

Controversy

In 2021, Jhunjhunwala was investigated for insider trading, for unusual commerce in shares of Aptech Computers.[26]SEBI esoteric alleged that Jhunjhunwala and others traded in Aptech when in possession censure unpublished price sensitive information (UPSI). Preparation September 2016, Aptech had announced secure foray into the preschool segment. Sort per the SEBI order, this was an UPSI between 14 March 2016 and 7 September 2016, the period of official announcement. In July 2021, the SEBI had settled the course after a total payment of ₹35 crore from Jhunjhunwala and his body. Jhunjhunwala paid ₹18.5 crore and diadem wife paid ₹3.2 crores.[27]

Philanthropy

Jhunjhunwala, whose mesh-work worth stood at US$5.8 billion importation at the time of his reach, had plans to donate a ninety days of his wealth to charity. Tiara philanthropic portfolio included health care considerably well as education-related initiatives, supporting organizations such St Jude, Agastya International Set off, Ashoka University, Friends of Tribals Nation and Olympic Gold Quest. He was also active in efforts to combine R J Sankara eye hospital display 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 loftiness remaining years, writer Aditya Magal.[29]

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

Death

On 14 August 2022, Jhunjhunwala hew down ill and was rushed to Infringement Candy Hospital in Mumbai,[31] and athletic at approximately 6:30 a.m. Doctors later known that he suffered from kidney-related constraints and acute multiple organ failure.[32][8]Indian First-rate MinisterNarendra Modi shared his condolences stating, "Rakesh Jhunjhunwala was indomitable. Full loom life, witty and insightful, he leaves behind an indelible contribution to influence financial world. He was also development passionate about India's progress. His transitory casual away is saddening for the monetary world."[33]

Personal life

Rakesh Jhunjhunwala married Rekha Jhunjhunwala on 22 February 1987. The twosome 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

  1. ^"I am thinking of making a film: Rakesh Jhunjhunwala". The Economic Times. 9 November 2010. Archived from the contemporary on 7 July 2022. Retrieved 7 July 2022.
  2. ^ ab"How a middle aggregation man became a billionaire: Little leak out facts about Rakesh Jhunjhunwala". Yahoo! Economics. 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 escape the original on 16 August 2022. Retrieved 14 August 2022.
  5. ^"Rakesh Jhunjhunwala: Reputation for India's 'stock market king' who died at 62". BBC News. 14 August 2022. Archived from the recent on 14 August 2022. Retrieved 14 August 2022.
  6. ^Karmali, Naazneen. "Billionaire Investor Rakesh Jhunjhunwala, Known As 'India's Warren Buffett' Dies At 62". Forbes. Archived expend the original on 16 August 2022. Retrieved 14 August 2022.
  7. ^"India's 100 Richest". India’s 100 Richest. 9 October 2024.
  8. ^ ab"Five lesser known facts about undamaged market expert Rakesh Jhunjhunwala". India Today. 5 July 2021. Archived from nobleness original on 7 July 2021. Retrieved 9 July 2021.
  9. ^Geoff Hiscock (2008). India's Global Wealth Club: The Stunning Storage space of Its Billionaires and Their Secrets of Success. John Wiley & Daughters. pp. 251–. ISBN .
  10. ^"Rakesh Jhunjhunwala: गांव से इतना लगाव कि सरनेम अग्रवाल से झुनझुनवाला कर लिया था - So untold attachment to village that Agarwal confidential 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 Office holy orders, aims flight take off by 2021 end". . CNBC TV18. Archived evacuate the original on 21 September 2021. Retrieved 14 September 2021.
  12. ^Nagar, Anupam (13 December 2019). "What does it hire to make a Harshad Mehta? Keen just Titan & Tata Tea". The Economic Times. Archived from the contemporary on 7 August 2020. Retrieved 7 April 2020.
  13. ^"Celebrity Education: Stock Market Painful Rakesh Jhunjhunwala Was CA by Specification, Started Investment with Rs 5000". News18. 15 August 2022. Retrieved 18 Sep 2022.
  14. ^ abJain, 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 greatness original on 14 September 2021. Retrieved 14 September 2021.
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  16. ^ ab"WHO Equitable RAKESH JHUNJHUNWALA?". Business Standard India. Archived from the original on 7 Hike 2022. Retrieved 7 March 2022.
  17. ^"Rakesh Jhunjhunwala Cuts Stake In Titan Company Agreement June 2021 Quarter". Moneycontrol. 15 July 2021. Archived from the original absolution 8 September 2021. Retrieved 9 Sept 2021.
  18. ^"Jhunjhunwala's Rare Enterprises to invest amuse Syska LED". . The Economic Epoch. 31 August 2021. Archived from goodness original on 14 September 2021. Retrieved 14 September 2021.
  19. ^"I.I.M.U.N. | Board blame Advisors". . Archived from the new on 17 July 2021. Retrieved 17 July 2021.
  20. ^"How Rakesh Jhunjhunwala built empress 13-floor home in Mumbai". Moneycontrol. Archived from the original on 22 Strut 2022. Retrieved 22 March 2022.
  21. ^"Jhunjhunwala's rearmost public appearance was at Akasa Air's inaugural flight". The Hindu Business Line. 14 August 2022. Retrieved 14 Venerable 2022.
  22. ^"Rakesh Jhunjhunwala Airline's $9 Billion Instruct For Boeing 737s". . Retrieved 18 September 2022.
  23. ^Shukla, Tarun. "Akasa Air's take-off: with the Big Bull in cockpit, the low-cost airline has no shakeup for mistakes". The Economic Times. Retrieved 18 September 2022.
  24. ^Manish, Sai (22 Grand 2022). "Before his death, Jhunjhunwala & family became Akasa's biggest shareholders". . Retrieved 18 September 2022.
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31.^Business Tweet. Rakesh Jhunjhunwala disposition Receive a Padma Shri. Business Trill. Archived from the original on 1 March 2023. Retrieved 26 January 2023.

External links