Billionaire Indian investor Rakesh Jhunjhunwala, dubbed “India’s Warren Buffett” by the Indian media, has died at the age of 62, his office said today.
Indian Prime Minister Narendra Modi called him “indomitable” and expressed grief over his death on Twitter, as did other Indian officials.
Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti. pic.twitter.com/DR2uIiiUb7
— Narendra Modi (@narendramodi) August 14, 2022
The “Big Bull of Dalal Street” – Mumbai’s Wall Street – had a fortune estimated at $6 billion, according to Reuters, and significant stakes in about three dozen of India’s major companies.
He recently invested $35 million for 40% of the low-cost airline Akasa Air, which made its first flight today.
“Full of life, full of wit and acumen, he leaves behind an indelible legacy in the world of finance,” said Prime Minister Modi.
Junjunwala’s office confirmed to AFP that he had died this morning, without releasing further details.
“Rakesh-ji left surrounded by his family and close associates,” a family member told Reuters, using a respectful address.
The cause of his death has not yet been announced. Indian television reported that Rakesh Jhunjhunwala was rushed to a Mumbai hospital around 6:45 a.m. after suffering a cardiac arrest. He was pronounced dead on arrival at the hospital.
Source: Capital
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