Who is Radhakishan Damani, the one who may handle Rakesh Jhunjhunwala Trust?

By Gargi Chaudhry | First Published Aug 23, 2022, 11:00 AM IST

To lead the Rakesh Jhunjhunwala Trust and serve as the primary trustee of the estate of ace investor Rakesh Jhunjhunwala is Radhakishan Damani, a dependable friend, mentor, and businessman. Rakesh Jhunjhunwala, who passed away on August 14, is said to have 'meticulously' planned everything about his wealth as he had been sick for over 8 months

Radhakishan Damani, trusted friend, mentor, and ace investor-entrepreneur to be at the helm of Rakesh Jhunjhunwala trust and be the main trustee of ace investor Rakesh Jhunjhunwala’s estate. The other trustees are Jhunjhunwala confidantes Kalpraj Dharamshi and Amal Parikh.

The management of Jhunjhunwala's company, Rare Enterprises, will continue to be handled by Utpal Seth and Amit Goela, two of his most dependable aides. Utpal Sheth has been primarily concentrating on private equity investments for the past several years while assisting Jhunjhunwala with his investments. Amit Goela served as his right-hand man in the trading department and autonomously oversaw a trading book for the company.

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According to media reports, Rakesh Jhunjhunwala, who passed away on August 14, left his wife and three children the majority of his assets, which included stakes in listed and unregistered companies.

Jhunjhunwala’s estate was estimated at $5.8 billion, according to Forbes, pegging him as the 48th richest person in India. The value of his listed holdings amounts to nearly Rs 30,000 crore at current prices. According to sources, the trustee, Radhakishan Damani, will have the final say in the main publicly listed investments of Jhunjhunwala.

After Damani's grocery business Avenue Supermart went public in March 2017, seasoned investor Damani was crowned the retail king of India. Damani also has shares in a variety of businesses, including the cement manufacturer India Cements and the tobacco company VST Industries.

According to reports, Damani openly owns 14 equities with a net value of more than Rs 163,395.2 crore as of July 25, 2022. The two equities in his portfolio that he has invested the most in are VST Industries and India Cements, in addition to Avenue Supermarts. With a wealth of $21.2 billion, Damani is listed at the 64th spot on the Bloomberg Billionaires Index.

In 1954, Damani was born into a Marwari family in India. Shivkishanji Damani, his father, also worked in the stock market. Damani began studying for his B.Com. at the University of Mumbai but left early to launch his own company. He quit his ball bearings company after his father's untimely passing to work with his brother Gopikishan, who was already in the stock broking industry.

Jhunjhunwala’s biggest stakes include his storied investment in Titan (10,946 crore), Star Health (Rs 7,056 crore), Metro Brands (Rs 3,166 crore), Tata Motors (Rs 1,707 crore) and Crisil (Rs 1,308 crore).

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