Billionaire Investor With Midas Contact Reaps Windfall From His Private Investments

Rakesh Jhunjhunwala

Vikas Knot/ Forbes India

This memoir is half of Forbes' protection of India’s Richest 2021. Scrutinize the fat listing right here.

The nation’s rising stock market appears to be like to have stoked maverick investor Rakesh Jhunjhunwala’s flee for meals for threat. His most sleek wager is on a sector ravaged by Covid-19: In July, Jhunjhunwala unveiled plans to invest $35 million for a 40% stake in Akasa, a proposed extremely-low-stamp airline. Identified as India’s Warren Buffett, Jhunjhunwala, 61, who began investing in 1985 with a mere $100, saw his acquire price extra than double to $5.5 billion.

Jhunjhunwala trades on his hang account thru his firm Uncommon Enterprises—a establish coined from the first two letters of his establish and that of his wife Rekha—and got his legendary Midas contact by picking successful stocks equivalent to peep-and-jewelry maker Titan Firm. But he’s only in the near previous begun reaping a windfall from his private equity investments.

Forbes Asia

As an instance, Jhunjhunwala’s 11% stake in Nazara Technologies, a Mumbai-essentially based mostly mobile gaming company, which he got in December 2017 for 1.8 billion rupees ($25 million), is now price shut to $100 million after its March IPO.

Up next are favorite sneakers retailer Metro Brands and properly being insurer Superstar Properly being & Allied Insurance, which are both expecting regulatory approvals for their respective IPOs. “Backing unlisted companies has helped me perceive the processes and challenges of growing companies,” says Jhunjhunwala.

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