Thursday, February 29, 2024

Damani is main trustee of Jhunjhunwala’s estate: Report

R. Damani

Ace investor Radhakishan Damani who was late investor and “Big Bull’ Rakesh Jhunjhunwala’s long-time friend and guru, is likely to head his estate as the main trustee. 

Damani is the promoter of Avenue Supermarkets. The other trustees include Kalpraj Dharamshi and Amal Parikh. 

With a wealth of $21.2 billion, Damani is listed at the 64th spot on the Bloomberg Billionaires Index. He will have the final say in the main publicly listed investments of Jhunjhunwala, according to sources.

Dubbed as India’s Warren Buffet, Jhunjhunwala passed away on August 14 following a sudden cardiac arrest. The ‘Big Bull’ left behind his holdings worth over Rs 30,000 crore in close to three-dozen listed firms. He also had investments in several unlisted firms like Akasa Air, India’s newest airline, of which he was the co-founder.

The assets, including investments, are mainly left to his wife and children. Berjis Desai, also the former managing partner of J Sagar Associates, is understood to have put together the will, according to a Moneycontrol report.

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