Investor and Akasa air founder Rakesh Jhunjhunwala died on Sunday in Mumbai, ANI reported. He was 62.
Jhunjhunwala, who was suffering from diabetes and a kidney ailment, was brought to Mumbai’s Breach Candy Hospital at 6.45 am, The Indian Express reported.
With an estimated net worth of $5.8 billion, Jhunjhunwala was the 36th richest billionaire in India, according to Forbes. He was also known as “India’s Warren Buffett”.
Jhunjhunwala started dealing with the stock markets while still in college with a capital of Rs 5,000. He ran his own stock trading firm Rare Enterprises. Some of his largest holdings include Titan, Star Health, Tata Motors and Metro Brands.
Earlier this year, Jhunjhunwala teamed up with former Jet Airways Chief Executive Officer Vinay Dube and former IndiGo chief Aditya Ghosh to launch India’s newest budget carrier – Akasa Air. The domestic airline began commercial operations last week.
Jhunjhunwala also served as the chairperson of Hungama Media and Aptech and was part of the board of directors of firms such as Viceroy Hotels, Concord Biotech, Provogue India and Geojit Financial Services, according to PTI.
Prime Minister Narendra Modi said that Junjhunwala was indomitable, full of life and insightful and that his contribution to the financial sector is unforgettable.
Several politicians, journalists, activists, entrepreneurs and other notable personalities expressed grief about Jhunjhunwala’s death.