Billionaire investor Rakesh Jhunjhunwala’s last rites will be performed at Banganga crematorium, Malabar Hill in Mumbai at 5.30 pm today, as per reports.
Jhunjhunwala breathed his last today in Breach Candy Hospital in Mumbai as he was not keeping well for the past few days, as per the hospital sources.
Often referred to as ‘India’s own Warren Buffet’, the ‘Big Bull of Dalal Street’ – the Wall Street of Mumbai – had a net worth of $3.5 billion with significant holdings in more than 30 Indian blue chip stocks.
Akasa Air – India’s newest budget carrier, which was one of the business ventures of Rakesh Jhunjhunwala recently began commercial operations this month with a maiden flight from the financial capital of Mumbai to the city of Ahmedabad.
On Jhunjhunwala’s demise, Akasa Airline stated, “We are deeply saddened by the untimely demise of Rakesh Jhunjhunwala this morning … Akasa Air will honour Rakesh Jhunjhunwala’s legacy, values, and belief in us by striving to run a great airline.”
Besides, Prime Minister Narendra Modi, who termed Jhunjhunwala as ‘indomitable’ and tweeted on ace investors’ demise, other cabinet ministers and people from the industry also paid tributes to him.
Remembering the inauguration of Akasa Air that was held on August 7, Union Civil Aviation Minister Jyotiraditya Scindia said he had no idea how many difficulties Jhunjhunwala was undergoing through.
“Sh Rakesh Jhunjhunwala Ji was not only an astute businessman but also passionately invested in India’s growth story. He will be remembered for giving India its new airline Akasa Air after more than a decade. My deepest condolences to his family and loved ones,” Scindia earlier tweeted.
Union Home Minister Amit Shah said, “Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti.”
Union Defence Minister Rajnath Singh said, “Shocked by the sudden demise of seasoned Investor, Shri Rakesh Jhunjhunwala. He will be remembered for his contributions to business and industry. He was at the forefront of creating a culture of investing in Indian stock markets. Condolences to his family and many admirers.”
Commerce Minister Piyush Goyal said Jhunjhunwala was “an inspiration for wealth creation for crores.” “Deeply anguished at the demise of veteran investor Rakesh Jhunjhunwala. He was an inspiration for wealth creation for crores. My heartfelt condolences to his family, friends, and admirers. Om Shanti,” he said in a tweet.
BJP chief J.P. Nadda remembered the ace investor, and the “business magnate”, saying: “I am saddened by the terrible news of the passing away of veteran investor, business magnate, and stock trader Shri Rakesh Jhunjhunwala this morning. May the departed soul rest in eternal peace and may Prabhu Ram give strength to his family members and loved ones. Om Shanti.”
A Chartered Accountant by qualification and training, Jhunjhunwala was 62 and is survived by his wife Rekha and two children.