 "Radhakishan Damani to be the main trustee of Jhunjhunwala's investments")
Radhakishan Damani, an ace investor, is expected to become the main trustee of the assets owned by Rakesh Jhunjhunwala. According to media reports, Jhunjhunwala, who died on August 14, considered Damani as his 'guru'. Along with Damani, Kalpraj Dharamshi and Amal Parikh will be the other two trustees.
According to Forbes, Damani will become the 48th richest person in India as his wealth is expected to touch $5.8 billion. His listed holdings value around Rs 30,000 crore at current prices. The 68-year-old will now have a final say in all his listed investments, said a Moneycontrol report on Monday.
Rare Enterprises, Jhunjhunwala's investment firm, will continue to be managed by Utpal Seth and Amit Goela. Goela had been Jhunjhunwala's right-hand man in managing the trade book of the firm, while Seth helped in his investment, mainly private equity investment.
Before his death, Jhunjhunwala is said to have 'meticulously' planned everything about his wealth, asking Berjis Desai to put together his will. Jhunjhunwala's wife, Rekha Jhunjhunwala, will also take a 'larger role' in Rare's management, the report added.
Known as the 'Trade of the century', Titan was considered to be his biggest investment. Jhunjhunwala bought the company's stocks at an average price of Rs 3 per share in 2002-03. At present, one share of the company costs over Rs 2,400, making Jhunjhunwala's Titan portfolio worth Rs 11,000 crore.
He also bet large on Star Health, Metro Brands, Tata Motors and Crisil. In 2021, Jhunjhunwala made a capital commitment towards Akasa Air, which he co-founded with Vinay Dube and Aditya Ghosh, and held a 40 per cent stake in the airlines.
Damani, Jhunjhunwala's long-time friend, has holdings worth Rs 1.8 trillion. His retail company, Avenue Supermart, runs the D-mart chain of stores across India.
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