Rakesh Jhunjhunwala planned 'smooth transition' to sustain his legacy: Rare Enterprises

Rakesh Jhunjhunwala passed away aged 62 on August 14, 2022.

Following the demise of Rakesh Jhunjhunwala on August 14, Rare Enterprises, the asset management firm which he led, said the ace investor had planned a "smooth transition" to sustain his legacy.

"True to his nature and unerring eye for detail, he had planned and meticulously executed a smooth transition to sustain and enhance his legacy," the firm said in a statement.

"Rakesh Jhunjhunwala, a true nationalist, lived a life committed to the India story. His unwavering belief in Indian entrepreneurs and enterprise will certainly outlive him," it added.

Jhunjhunwala, 62, died in the early hours of the day after suffering from a cardiac arrest. He had also been reeling under kidney-related ailments and ischemic heart disease.

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The veteran trader-cum-investor had a net worth of around $5.8 billion, and as per the Forbes' 2021 list, he was 36th richest billionaire in India. He is survived by his wife Rekha and three children.

Rare Enterprises, while condoling the death of Jhunjhunwala, said the organisation remains committed to his goals.

"On this day, as India enters her 76th year of independence, we pledge ourselves to fulfill his dreams and vision. We are confident that our investee companies will continue to prosper and conquer new heights," it said.

Also Read | Rakesh Jhunjhunwala: The king is dead, long live the king

The 'Big Bull of Dalal Street', as Jhunjhunwala was prominently referred to, was seen in public last week when Akasa Air, the airline he co-founded, commenced operations.

Jhunjhunwala's demise was condoled by leading voices in India's political and business circles. "Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world," Prime Minister Narendra Modi tweeted.

Tata Group Chairman Emeritus Ratan Tata said Jhunjhunwala will "always be remembered for his acute understanding of the stock exchanges of India".

"He will also be remembered for his jovial personality, his kindness, and his far sightedness. My heartfelt condolences go out to his family which has to share the burden of this great loss," Tata added.