Rakesh Jhunjhunwala, ‘India’s Warren Buffett’, dies at 62

Stock investor Rakesh Jhunjhunwala with an estimated net worth of US$6 billion, died early on Sunday at age 62, his family said

Jhunjhunwala died just a week after he launched the country’s newest airline, the ultra low-cost Akasa Air

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Published: 2:06pm, 14 Aug 2022Updated: 8:42am, 15 Aug 2022

Indian billionaire stock investor Rakesh Jhunjhunwala, dubbed India’s Warren Buffett with an estimated net worth of US$6 billion, died early on Sunday at age 62, his family said.

A chartered accountant by profession from the desert state of Rajasthan, Jhunjhunwala started dabbling in stocks while in college and went on to manage a stock trading firm, RARE Enterprises.

“Rakesh-ji passed away surrounded by his family and close aides,” a family member told Reuters, using a term for respect for a man.

The cause of death was not immediately announced.

The promoter of India’s newest airline, the ultra low-cost Akasa Air, Jhunjhunwala appeared days ago at its public launch. He is survived by his wife and three children.

Akasa Air made its maiden flight on August 7, backed by billionaire stock investor Rakesh Jhunjhunwala. Photo: AFP

Jhunjhunwala had invested US$35 million for an estimated 40 per cent stake in Akasa Air which made its maiden flight in the Asian country’s crowded aviation market last Sunday.