Rakesh Jhunjhunwala's 'Guru' Radhakishan Damani To Be At The Helm Of Jhunjhunwala Trust: Report

Jhunjhunwala’s firm Rare Enterprises will continue to be managed by Rakesh Jhunjhunwala's two trusted lieutenants – Utpal Seth and Amit Goela

Rakesh Jhunjhunwala.

Source : Getty

Ace investor-entrepreneur Radhakishan Damani is expected to become the main trustee of the assets owned by Rakesh Jhunjhunwala, reported by Moneycontrol on Monday.

According to the report, Jhunjhunwala, who died on August 14, considered Damani as his 'guru' and trusted friend. Along with Damani, Kalpraj Dharamshi and Amal Parikh will be the other two trustees.

Jhunjhunwala’s firm Rare Enterprises will continue to be managed by his two trusted lieutenants – Utpal Seth and Amit Goela. Sheth was helping Jhunjhunwala on the investment side and has been mainly focussing on private equity investments over the past few years, while Goela was his right hand man on the trading side and was also managing a trading book for the firm independently, the report mentioned.

On the other hand, Damani, according to Forbes, will become the 48th richest person in India as his wealth is expected to touch $5.8 billion. His listed holdings value around Rs 30,000 crore at current prices.

Damani has holdings worth Rs 1.8 lakh crore. His retail company, Avenue Supermart, runs the D-mart chain of stores across the country.

According to the Moneycontrol report, the 68-year-old Damani will now have a final say in all the listed investments of Jhunjhunwala.

Jhunjhunwala before his death is said to have 'meticulously' planned everything about his wealth, asking Berjis Desai to put together his will. Jhunjhunwala's wife, Rekha Jhunjhunwala, will also take a 'larger role' in Rare's management, the report mentioned.

Titan, which was known as the ‘Trade of the century’, was considered to be his biggest investment. Jhunjhunwala bought the company's stocks at an average price of Rs 3 per share in 2002-03. Currently, one share of the company costs over Rs 2,400, making Jhunjhunwala’s Titan portfolio worth Rs 11,000 crore.

He also bet large on Star Health, Metro Brands, Tata Motors, and Crisil. In 2021, Jhunjhunwala made a capital commitment towards Akasa Air, which he co-founded with Vinay Dube and Aditya Ghosh, and held a 40 per cent stake in the airlines.