Billionaire known as 'Warren Buffet of India' passes away

Stock investor Rakesh Jhunjhunwala, dubbed India's Warren Buffett with an estimated net worth of $6 billion, died on Aug. 14 at the age of 62, his family said.

"Rakesh-ji passed away in the presence of his family and close aides," a family member told Reuters , using a respectful name.

The cause of death was not immediately announced. Just a few days ago, Mr. Jhunjhunwala was still appearing in public. He lives with his wife and three children.

A professional accountant from Rajasthan, Mr. Jhunjhunwala started studying securities while in college and later managed a securities trading company called RARE Enterprises.

Jhunjhunwala's excellent communication skills have helped small investors understand the stock market, entrepreneurs and bankers based in the financial hub Mumbai of India, who have been in contact with him over 30 years. year said. His insights into the economy and companies have made him a television celebrity.

Mr. Jhunjhunwala is involved in several companies run by Tata Group, one of India's largest conglomerates. These include Tata Motors, the watch maker Titan, Tata Communications and Indian Hotels, which operates the Taj hotels.

Other investments include Indiabulls Housing Finance, Star Health Insurance and Federal Bank of India.

Many major politicians and business leaders have mourned his death on social media.

"Rakesh Jhunjhunwala is an indomitable man. Full of life, wit and insight, he has left indelible contributions to the world of finance. He is also passionate about the advancement of India. India. His passing is very sad. My condolences to his family and admirers," Prime Minister Narendra Modi wrote on Twitter.

Uday Kotak, CEO of Kotak Mahindra and a school friend, said Mr Jhunjhunwala had "believed that Indian stocks were undervalued" and he was right.

“He is very sharp in his understanding of financial markets. We talked often, and even more so during Covid-19. I will miss you, Rakesh!" Kotak wrote on Twitter.