Rakesh Jhunjhunwala, India’s top stock investor and founder of Akasa Airlines, breathed his last on August 14. Building a vast empire with smart investments, Jhunjhunwala was often referred to as the Warren Buffet of India. But did you know that Jhunjhunwala was not a big fan of this surname?
With a net worth of $103 billion, Warren Buffett, known as the Oracle of Omaha, is one of the most successful investors of all time. Like Buffett, Jhunjhunwala also made money by investing in the right places. However, when Jhunjhunwala was called the buffet of India, he did not find this an “appropriate” comparison.
In a 2012 interview with Reuters, the veteran investor said, “It’s not a fair comparison. He’s way ahead in terms of wealth and success and maturity.” He said, “I am no one’s clone. I am Rakesh Jhunjhunwala. I have lived the world on my own terms. I do what I like. I enjoy what I do.”
Over time, Jhunjhunwala became a beacon for others looking to invest. Known as an investor with a Midas touch, he was followed by a large number of people trying to imitate his investment decision. People used to focus on what they have and invest accordingly. Jhunjhunwala has become one of the richest people of the country India With a net worth of $5.8 billion.
According to a Forbes report, Jhunjhunwala had arms in various organisations, but the giant’s most valuable holding was Titan, a subsidiary of the Tata group. He started diving into the financial markets when he was in college. Jhunjhunwala, the son of a government employee, made his first big profit when he bought 5,000 shares in Tata Tea in 1986. In three months, the stock was trading at three times what Jhunjhunwala had bought him. Since then, there has been no looking back.
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