The Secret Life of Rakesh Jhunjhunwala (Business Magnate) Biography
The Secret Life of Rakesh Jhunjhunwala (Business Magnate) Biography
Rakesh Jhunjhunwala: The Pied Piper of Indian Bourses
Introduction
Rakesh Jhunjhunwala is a prominent Indian investor, trader, and qualified Chartered Accountant, widely recognized as one of the greatest investors in the Indian market. With his keen insight and astute investment strategies, he has earned accolades such as "Investor with a Midas touch" by Forbes, "Pin-up boy of the current bull run" by India Today, and "Pied Piper of Indian bourses" by The Economic Times. In this article, we delve into the life and achievements of Rakesh Jhunjhunwala, exploring his investment prowess, business ventures, and philanthropic endeavors.
Early Life and Education
Rakesh Jhunjhunwala was born on July 5, 1960, in Mumbai, India, into a Marwari family. His father, an Income Tax Officer posted in Mumbai, instilled in him an early interest in the stock market. He completed his bachelor's degree in commerce from Sydenham College and subsequently pursued a degree in chartered accountancy from the Institute of Chartered Accountants of India, which he completed in 1985.
Investment Journey and Notable Achievements
Rakesh Jhunjhunwala's investment journey began while he was still in college. Inspired by his father's discussions about stocks, he decided to explore the world of investing. He started by investing his own money, as advised by his father, and gained a valuable lesson about the influence of global events on stock prices.
In 1985, when the Bombay Stock Exchange Index was at 150, Rakesh made his initial investment with a modest sum of Rs. 5,000. His astute decision-making and market timing led to substantial profits. Within a year, he sold 5,000 shares of Tata Tea, which he had purchased for Rs. 43 per share, at Rs. 143 per share, resulting in a profit of 5 lakh rupees.
Throughout the years, Rakesh Jhunjhunwala continued to make remarkable investment choices. In 1989, he amassed significant profits and made a shrewd bet on shares of Sesa Goa iron mining company (now Sesa Sterlite), reaping substantial rewards by selling the 400,000 shares he bought for Rs. 10 million.
Another notable investment was his acquisition of 6 crore shares of Titan Company at an average price of Rs. 3 per share. This investment, made in 2002-03, has grown substantially and is currently valued at Rs. 2100 crore.
Business Ventures and Professional Engagements
Apart from his successful investment career, Rakesh Jhunjhunwala is involved in various business ventures and holds key positions in prominent companies. He is a partner in Rare Enterprises, an asset management firm he co-founded. Additionally, he serves as the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd.
Furthermore, Rakesh Jhunjhunwala actively participates in the Indian corporate landscape as a member of the board of directors in several companies. His expertise and insights contribute significantly to the strategic decisions made by these organizations.
Philanthropy and Personal Life
Rakesh Jhunjhunwala exemplifies the qualities of a successful investor with a strong sense of social responsibility. Known for his philanthropic endeavors, he aims to donate at least 50% of his fortune to charitable organizations. He particularly emphasizes the importance of education for children from disadvantaged backgrounds and personally sponsors nearly 400 schools.
In his personal life, Rakesh Jhunjhunwala is married to Rekha Jhunjhunwala, and the couple has three children: a daughter named Nishtha and twin sons, Aryaman and Aryavir. He values his family deeply and has raised his children with the belief that wealth is not the sole determinant of a fulfilling life.
Conclusion
Rakesh Jhunjhunwala's remarkable success in the Indian investment landscape has earned him widespread acclaim and recognition. His astute investment choices, coupled with his business acumen and philanthropic efforts, have cemented his position as a true visionary. Through his contributions, he continues to inspire and impact the Indian market, leaving an indelible mark on the world of finance.
FAQs (Frequently Asked Questions)
1. What is Rakesh Jhunjhunwala known for?
Rakesh Jhunjhunwala is known for being an Indian investor and trader, often hailed as the greatest investor in the Indian market.
2. What is Rakesh Jhunjhunwala's net worth?
As of November 2017, Rakesh Jhunjhunwala's net worth was estimated to be USD 2.9 Billion, placing him at the 54th position on the Forbes list of the richest people in India.
3. What are Rakesh Jhunjhunwala's notable investments?
Rakesh Jhunjhunwala has made several notable investments, including shares of companies like Titan Company and Sesa Sterlite, which have yielded significant profits.
4. What are some of Rakesh Jhunjhunwala's business ventures?
Rakesh Jhunjhunwala is a partner in Rare Enterprises, serves as the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd., and holds positions on the boards of various Indian companies.
5. How is Rakesh Jhunjhunwala involved in philanthropy?
Rakesh Jhunjhunwala is known for his philanthropic activities, with a focus on supporting the education of children from disadvantaged backgrounds. He personally sponsors numerous schools and intends to donate a significant portion of his wealth to charitable organizations.
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