Billionaire Investor & Akasa Air Owner Rakesh Jhunjhunwala Passes Away At 62

Mumbai: Stockbroker and billionaire investor Rakesh Jhunjhunwala, often referred to as India’s Warren Buffet, passed away in Mumbai on Sunday morning. He was 62.

Breach Candy Hospital CEO N Santhanam told The Indian Express that Jhunjhunwala was brought dead to the hospital at 6:45 am. Jhunjhunwala was suffering from diabetes and kidney ailments.

Prime Minister Narendra Modi condoled his death. “Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers,” Modi tweeted.

The billionaire investor, also known as the Big Bull of Dalal Street, was the promoter of Akasa Air, Star Health & Allied Insurance.

He was reported to have a net worth of around $5.5 billion, according to Forbes.

After graduating from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountants of India and married Rekha Jhunjunwala, who is also a stock market investor.

Many people questioned his decision to start an airline when aviation was not doing well, to which he replied, “I say I’m prepared for failure.”