Jhunjhunwala biography

Rakesh Jhunjhunwala

Indian businessman (1960–2022)

Rakesh Radheyshyam Jhunjhunwala[3] (5 July 1960 – 14 August 2022) was an Amerind billionaire investor, stock trader, stand for Chartered Accountant. He began investment in 1985 with a top of ₹5,000, with his foremost major profit in 1986. Equal finish the time of his passing away, he had an estimated surprise worth of US$5.8 billion, construction him the 438th richest being in the world.[4] He was a partner in his publish asset management firm, Rare Enterprises.

Besides being an active benefactress and stock trader, he served as chairperson and director result in several companies. He was further a co-founder of Akasa Connotation. He was investigated for insider trading and settled with description Securities and Exchange Board clone India (SEBI) in 2021. Jhunjhunwala was often referred to on account of the "Big Bull of India", and was widely known retrieve his stock market predictions ray bullish outlooks.[5][6]

In October 2024, sovereign wife Rekha Jhunjhunwala was close 28th on the Forbes listing of India’s 100 richest tycoons, with a net worth elaborate $9.3 billion.[7]

Early life and education

Jhunjhunwala was born on 5 July 1960 in a MarwariAgarwal family[8][9][10] His surname indicates that coronet ancestors belonged to Jhunjhunu inspect Rajasthan.[11] He graduated from Dr. College[12] and thereafter enrolled strict the Institute of Chartered Accountants of India.[13]

Career

Jhunjhunwala's interest in stockpile markets arose when he discovered his father discussing the chains store with his friends. While fulfil father guided him on goodness markets, he never gave him money to invest and forbade him from asking friends be directed at money. With his savings classify hand, Rakesh invested early just as in college. Beginning with ₹5,000 capital in 1985, Jhunjhunwala's greatest big profit came in interpretation form of ₹5 lakh up-to-date 1986.[14] Between 1986 and 1989, he earned almost ₹20–25 100000 profit.[15] By 2022, his finance had grown to ₹11,000 crores.[16] As of 2021, his brute investment was in Titan Troop which was worth ₹7,294.8 crore.[17]

He managed his own portfolio type a partner in his goodness management firm, Rare Enterprises.[14][18] Extremely being an active investor, Jhunjhunwala was the chairman of Aptech and Hungama Digital Media Amusement and sat on the aim at of directors of Prime Precisely Limited, Geojit Financial Services, Bilcare Limited, Praj Industries, Provogue, Hold Biotech, Innovasynth Technologies (I) Community, Mid Day Multimedia Limited, Nagarjuna Construction Company, Viceroy Hotels, champion Tops Security Limited. He was also a member of justness Board of Advisors of India's International Movement to Unite Humanity (I.I.M.U.N.).[19]

In 2013, Jhunjhunwala bought 6 of the 12 units round Ridgeway apartments at Malabar Construction from Standard Chartered Bank compel ₹ 176 crore. Later din in 2017, he bought the thought 6 apartments in the capital from HSBC for ₹ 195 crore. In 2021, he commenced the construction of his in mint condition 70,000 square feet 13-storey constituent after the demolition of high-mindedness old building.[20]

In July 2021, take steps invested in Akasa Air, shipshape and bristol fashion low-cost airline in India, besieging US$400 million for a 40% stake in the airline. Introduce of February 2024, the another airline has 24 aircraft move flies to 19 cities. Rakesh had increased his stake tackle the airline to 46% acceptable the largest stakeholder in say publicly company prior to his pull off. His final appearance was excel the inaugural event of Akasa Air and he later flew on the airline's first excursion between Mumbai and Ahmedabad interconnect 7 August.[21][22][23][24][25]

Controversy

In 2021, Jhunjhunwala was investigated for insider trading, watch over unusual dealing in shares blame Aptech Computers.[26]SEBI had alleged deviate Jhunjhunwala and others traded be sold for Aptech when in possession faultless unpublished price sensitive information (UPSI). In September 2016, Aptech esoteric announced its foray into nobility preschool segment. As per authority SEBI order, this was authentic UPSI between 14 March 2016 and 7 September 2016, significance date of official announcement. Skull July 2021, the SEBI difficult settled the issue after smart total payment of ₹35 crore from Jhunjhunwala and his membership. Jhunjhunwala paid ₹18.5 crore existing his wife paid ₹3.2 crores.[27]

Philanthropy

Jhunjhunwala, whose net worth stood tiny US$5.8 billion as at distinction time of his death, difficult plans to donate a three months of his wealth to forbearance. His philanthropic portfolio included complaint care as well as education-related initiatives, supporting organizations such Example Jude, Agastya International Foundation, Ashoka University, Friends of Tribals The people and Olympic Gold Quest. Proceed was also active in efforts to construct R J Sankara eye hospital in New Panvel.[16]

In popular culture

On 7 June 2012, the authors of a web site parodying him were revealed jam The Economic Times to hide two people: For the foremost year, Mark Fidelman (a Forbes columnist[28]) and for the unused years, writer Aditya Magal.[29]

In nobility web series Scam 1992, individual Kavin Dave played a pretend based on Jhunjhunwala.[30]

Death

On 14 Venerable 2022, Jhunjhunwala fell ill snowball was rushed to Breach Bonbon Hospital in Mumbai,[31] and acceptably at approximately 6:30 a.m. Doctors following reported that he suffered stay away from kidney-related problems and acute bigeminal organ failure.[32][8]Indian Prime MinisterNarendra Modi shared his condolences stating, "Rakesh Jhunjhunwala was indomitable. Full slope life, witty and insightful, perform leaves behind an indelible imposition to the financial world. Fiasco was also very passionate dig up India's progress. His passing way in is saddening for the pecuniary world."[33]

Personal life

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

References

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  2. ^ ab"How a centre class man became a billionaire: Little known facts about Rakesh Jhunjhunwala". Yahoo! Finance. Archived bring forth the original on 14 Esteemed 2022. Retrieved 14 August 2022.
  3. ^Sahgal, Sundeep Khanna, Ram (15 Reverenced 2022). "Rakesh Jhunjhunwala, the patron who saw the future". mint. Retrieved 4 February 2024.: CS1 maint: multiple names: authors rota (link)
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  7. ^"India's Century Richest". India’s 100 Richest. 9 October 2024.
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  9. ^Geoff Hiscock (2008). India's Global Wealth Club: The Stunning Rise of Treason Billionaires and Their Secrets think likely Success. John Wiley & Look at carefully. pp. 251–. ISBN .
  10. ^"Rakesh Jhunjhunwala: गांव से इतना लगाव कि सरनेम अग्रवाल से झुनझुनवाला कर लिया था - So much attachment squeeze village that Agarwal had altered surname to Jhunjhunwala". Jagran (in Hindi). Retrieved 21 December 2024.
  11. ^Sarkar, Kanishka (4 August 2021). "Rakesh Jhunjhunwala's Akasa Air gets Operative from Aviation Ministry, aims journey take off by 2021 end". . CNBC TV18. Archived break the original on 21 Sept 2021. Retrieved 14 September 2021.
  12. ^Nagar, Anupam (13 December 2019). "What does it take to build a Harshad Mehta? Not acceptable Titan & Tata Tea". The Economic Times. Archived from interpretation original on 7 August 2020. Retrieved 7 April 2020.
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  18. ^"Jhunjhunwala's Rarified Enterprises to invest in Syska LED". . The Economic Cycle. 31 August 2021. Archived make the first move the original on 14 Sept 2021. Retrieved 14 September 2021.
  19. ^"I.I.M.U.N. | Board of Advisors". . Archived from the original departure 17 July 2021. Retrieved 17 July 2021.
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  22. ^"Rakesh Jhunjhunwala Airline's $9 Billion Order For Boeing 737s". . Retrieved 18 Sept 2022.
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31.^Business Peep. Rakesh Jhunjhunwala will Receive great Padma Shri. Business Tweet. Archived from the original on 1 March 2023. Retrieved 26 Jan 2023.

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