- Wednesday, March 12, 2025
By: Shubham Ghosh
Radhakishan Damani, one of Rakesh Jhunjhunwala’s trusted friends and an ace investor, is likely to become the main trustee of the estate of the latter who passed away in Mumbai on August 14, said one report.
Damani is a well-known stock market trader-turned-entrepreneur who entered the big league with his retail company Avenue Supermart which runs the DMart chain of stores.
Moneycontrol News said Jhunjhunwala’s firm Rare Enterprises will be managed by Utpal Sheth and Amita Goel, two of his trusted lieutenants. While Sheth helped Jhunjhunwala about the investments and has focused mainly on private equity investments over the past few years, Goela was more into trading and was also independently managing a trading book for Jhunjhunwala’s company.
Among the late investors’ other trustees are Kalpraj Dharamshi and Amal Parikh.
Jhunjhunwala, who was referred to as ‘India’s Warren Buffet’, has left his assets — including investments in companies, both listed and unlisted — to his wife and three children mainly.
The will has reportedly been put together by Berjis Desai, a former managing partner of Indian law firm J Sagar Associates.
Sources close to Jhunjhunwala told Moneycontrol that he had planned things meticulously as he had been ailing for the past many months.
“His wife Rekha Jhunjhunwala also hails from a business family and understands finance. She and his brother will also take a larger role in the firm’s management,” said informed sources.
The sources also said that Damani, will have the final say in Jhunjhunwala main publicly listed investments, the report added.
Jhunjhunwala has been one of the most sensational success names in India’s equity markets, growing Rs 5,000 in 1986 to over $5 billion in 2022, a compounded annual growth of 55 per cent in three-and-half decades.
