Meet RK Damani, Rakesh Jhunjhunwala’s ‘Guru’, Who Is Likely To Be Main Trustee of His Estate


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

Rakesh Jhunjhunwala who died on August 14 has left his assets, including investments in listed and unlisted firms, mainly to his wife and three children, moneycontrol.com reported.

Further, sources close to Jhunjhunwala told moneycontrol.com said the investor had planned everything meticulously as he had been ailing for the past eight months. “His wife Rekha Jhunjhunwala also hails from a business family and understands finance. She and his brother will also take a larger role in the firm’s management,” sources told the news outlet.

Met on the Streets of Bombay Stock Exchange – The Eternal Friendship Between  Two Bulls

Jhunjhunwala, considered Damani as his ‘guru’. “You don’t know how close we are. But we stay separately and have no partnerships,” Jhunjhunwala had said in a TV interview a few years ago.

For the ‘Big Bull’, Damani was the ideal friend, philosopher, and guide whom he happened to meet one day on the street outside the Bombay Stock Exchange, as BSE was known then, in 1987-88.

“One of the reasons why I say that life is God’s grace and elders blessing for all is because nobody introduced him to Radhakishan Damani. We met on the streets of the Bombay Stock Exchange,” he had said.

“For example, he taught me that there is nobody bigger than your parents in your life,” the late investor had said while praising Damani’s patience, views and practical ideas.

When Jhunjhunwala had turned 50, the otherwise reclusive Damani was seen in a video saying: “He gives so much respect to me that it puts me in embarrassing situations so many times.”

Who is Radhakrishan Damani?

According to Forbes, Damani 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. The 68-year-old will now have a final say in all his listed investments.

Veteran investor Damani became India’s retail king after the March 2017 IPO of his supermarket chain Avenue Supermart. Damani also holds stakes in a range of companies, from tobacco firm VST Industries to cement producer India Cements.

Damani publicly holds 14 stocks with a net worth of over Rs 163,395.2 crore as of July 25, 2022, according to trendlyne.com. Besides Avenue Supermarts – VST Industries and India Cements are the most invested stocks among others in his portfolio list.

Damani was born in 1954 into an Indian Marwari family. His father Shivkishanji Damani was also engaged in the stock market business. Damani started his graduation from the University of Mumbai to pursue B.Com but dropped out to start his own business.

After the untimely death of his father, he left his ball bearings business to join his brother Gopikishan who was already part of the stock broking business.

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