14 Aug , 2022 By : Kanchan Joshi
Veteran stock market investor Rakesh Jhunjhunwala passed away in Mumbai this morning. He was 62. Akasa Air - India's newest budget carrier - was one of the business ventures of Rakesh Jhunjhunwala. The airline began commercial operations this month with a maiden flight from the financial capital of Mumbai to the city of Ahmedabad. Jhunjhunwala had teamed up with ex-Jet Airways CEO Dube and former IndiGo head Aditya Ghosh to set up Akasa.
Known as "India's Warren Buffett", Jhunjhunwala wealth was pegged at $5.8 billion, according to Forbes. Son of an income tax official officer, Jhunjhunwala started his journey in stock markets while still in college with a capital of just ?5,000.
His privately owned stock trading firm Rare Enterprises derived its name from the first two initials of his name and his wife Rekha.