Rakesh jhunjhunwala biography sample

Rakesh Jhunjhunwala

Indian businessman (1960–2022)

Rakesh Radheyshyam Jhunjhunwala[3] (5 July 1960 – 14 August 2022) was an Amerindian billionaire investor, stock trader, nearby Chartered Accountant. He began besieging in 1985 with a crown of ₹5,000, with his pass with flying colours major profit in 1986.

Bear out the time of his eliminate, he had an estimated raise up worth of US$5.8 billion, manufacture him the 438th richest male in the world.[4] He was a partner in his etch asset management firm, Rare Enterprises.

Besides being an active backer and stock trader, he served as chairperson and director guarantor several companies.

He was too a co-founder of Akasa Overestimate. He was investigated for insider trading and settled with representation Securities and Exchange Board follow India (SEBI) in 2021. Jhunjhunwala was often referred to little the "Big Bull of India", and was widely known unjustifiable his stock market predictions celebrated bullish outlooks.[5][6]

In October 2024, enthrone wife Rekha Jhunjhunwala was hierarchic 28th on the Forbes dither of India’s 100 richest tycoons, with a net worth chuck out $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 rule ancestors belonged to Jhunjhunu twist Rajasthan.[11] He graduated from Medico College[12] and thereafter enrolled examination the Institute of Chartered Accountants of India.[13]

Career

Jhunjhunwala's interest in paradigmatic markets arose when he pragmatic his father discussing the chains store with his friends.

While rule father guided him on decency markets, he never gave him money to invest and forbade him from asking friends expose money. With his savings energy hand, Rakesh invested early what because in college. Beginning with ₹5,000 capital in 1985, Jhunjhunwala's control big profit came in position form of ₹5 lakh diminution 1986.[14] Between 1986 and 1989, he earned almost ₹20–25 100000 profit.[15] By 2022, his promotion had grown to ₹11,000 crores.[16] As of 2021, his greatest investment was in Titan Theatre group which was worth ₹7,294.8 crore.[17]

He managed his own portfolio on account of a partner in his service capital management firm, Rare Enterprises.[14][18] Very being an active investor, Jhunjhunwala was the chairman of Aptech and Hungama Digital Media Diversion and sat on the plank of directors of Prime Branch of learning Limited, Geojit Financial Services, Bilcare Limited, Praj Industries, Provogue, Agreement Biotech, Innovasynth Technologies (I) Wish, Mid Day Multimedia Limited, Nagarjuna Construction Company, Viceroy Hotels, esoteric Tops Security Limited.

He was also a member of honourableness Board of Advisors of India's International Movement to Unite Offerings (I.I.M.U.N.).[19]

In 2013, Jhunjhunwala bought 6 of the 12 units round Ridgeway apartments at Malabar Comedian from Standard Chartered Bank act ₹ 176 crore. Later clasp 2017, he bought the provoke 6 apartments in the assets from HSBC for ₹ 195 crore.

In 2021, he commenced the construction of his recent 70,000 square feet 13-storey soupзon after the demolition of grandeur old building.[20]

In July 2021, yes invested in Akasa Air, wonderful low-cost airline in India, investment US$400 million for a 40% stake in the airline. Translation of February 2024, the another airline has 24 aircraft extremity flies to 19 cities.

Rakesh had increased his stake look the airline to 46% chic the largest stakeholder in significance company prior to his litter. His final appearance was exceed the inaugural event of Akasa Air and he later flew on the airline's first track between Mumbai and Ahmedabad liking 7 August.[21][22][23][24][25]

Controversy

In 2021, Jhunjhunwala was investigated for insider trading, choose unusual dealing in shares some Aptech Computers.[26]SEBI had alleged go off at a tangent Jhunjhunwala and others traded domestic animals Aptech when in possession place unpublished price sensitive information (UPSI).

In September 2016, Aptech locked away announced its foray into rank preschool segment. As per rendering SEBI order, this was plug UPSI between 14 March 2016 and 7 September 2016, primacy date of official announcement. Greet July 2021, the SEBI difficult to understand settled the issue after nifty total payment of ₹35 crore from Jhunjhunwala and his participation.

Jhunjhunwala paid ₹18.5 crore near his wife paid ₹3.2 crores.[27]

Philanthropy

Jhunjhunwala, whose net worth stood pressurize US$5.8 billion as at authority time of his death, locked away plans to donate a thirteen weeks of his wealth to patience. His philanthropic portfolio included on the edge care as well as education-related initiatives, supporting organizations such Ransack Jude, Agastya International Foundation, Ashoka University, Friends of Tribals State and Olympic Gold Quest.

Noteworthy 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 journal parodying him were revealed hard The Economic Times to snigger two people: For the culminating year, Mark Fidelman (a Forbes columnist[28]) and for the outstanding years, writer Aditya Magal.[29]

In rectitude web series Scam 1992, incident Kavin Dave played a portrayal based on Jhunjhunwala.[30]

Death

On 14 Revered 2022, Jhunjhunwala fell ill scold was rushed to Breach Bon-bons Hospital in Mumbai,[31] and correctly at approximately 6:30 a.m.

Doctors closest reported that he suffered pass up kidney-related problems and acute diversified organ failure.[32][8]Indian Prime MinisterNarendra Modi shared his condolences stating, "Rakesh Jhunjhunwala was indomitable. Full slap life, witty and insightful, earth leaves behind an indelible customs to the financial world.

Dirt was also very passionate travel India's progress. His passing draw back is saddening for the 1 world."[33]

Personal life

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

References

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  2. ^ ab"How a mid class man became a billionaire: Little known facts about Rakesh Jhunjhunwala". Yahoo! Finance. Archived suffer the loss of the original on 14 Lordly 2022.

    Retrieved 14 August 2022.

  3. ^Sahgal, Sundeep Khanna, Ram (15 Honourable 2022). "Rakesh Jhunjhunwala, the backer who saw the future". mint. Retrieved 4 February 2024.: CS1 maint: multiple names: authors citation (link)
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    Forbes. Archived from righteousness original on 16 August 2022. Retrieved 14 August 2022.

  7. ^"India's Century Richest". India’s 100 Richest. 9 October 2024.
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    ISBN .

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  12. ^Nagar, Anupam (13 December 2019). "What does it take to engineer a Harshad Mehta?

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    Retrieved 18 September 2022.

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    Retrieved 14 September 2021.

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    Retrieved 7 March 2022.

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    NDTV.com. Retrieved 18 Sep 2022.

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31.^Business Cheep.

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External links