by Rupam Jain and Mr. Sriram
BOMBAY (Reuters) – Investor Rakesh Jhunjhunwala, dubbed the “Warren Buffett of India” whose fortune is estimated at six billion dollars, died early on Sunday at the age of 62, according to his family.
Originally a simple accountant, originally from the state of Rajasthan, Rakesh Jhunjhunwala had started investing in the stock market while he was at university. He then went on to run a stockbroking firm, RARE Enterprises.
“Rakesh-ji passed away surrounded by his family and close associates,” a family member told Reuters, using respectful language.
The cause of death was not immediately announced.
Promoter of the brand new Indian airline, the ultra low-cost Akasa Air, Rakesh Jhunjhunwala appeared a few days ago during its public launch.
He had notably invested in companies belonging to the Tata group, one of India’s largest conglomerates. These include Tata Motors, watchmaker Titan, Tata Communications and Indian Hotels Co, which runs Taj hotels.
Other investments include Indiabulls Housing Finance, Star Health Insurance and Federal Bank.
(Report Rupam Jain and Mr. Sriram in Bombay, Mrinmay Dey in Bangalore, French version Jean-Michel Bélot)
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