'N Chandrasekaran helped me become a rich man': Rakesh Jhunjhunwala

Rakesh Jhunjhunwala earned his first big hit in 1986 when he bought 5,000 shares of Tata Tea at Rs 43 which rose to Rs 143 within three months earning him profit.

Billionaire investor Rakesh Jhunjhunwala, who died early on Sunday morning because of a kidney ailment, was an outspoken admirer of N Chandrasekaran’s stewardship of the Tata Group.

And although the group formed a massive part of his portfolio, the 62-year-old had said that ever since Chandrasekaran took over the Tata Group, Jhunjhunwala became "extremely bullish".

"It is a coincidence. I buy shares of companies… But, ever since Mr Chandra took over and I understood him and what he’s trying to do, I got extremely bullish," he told ET Now.

"And I think… the first stage is always uncertain. Now that we’ve passed that stage, we want to catch speed.”

Read more: Rakesh Jhunjhunwala on death, weather and market: 'Nobody can predict it'

Rakesh Jhunjhunwala also said that he found Chandrasekaran to be an exemplary thinker, one who understands governance, technology, temperament, and humility. “I think, the house of Tatas is blessed by God,” he told the publication.

The primary reason for Jhunjhunwala’s belief in the Tata Group was the change in strategy which Chandrasekaran introduced in almost all the businesses. The Tata Sons chairman made the group companies emphasise on consumers first, and focused on cash flows rather than profit, he said.

“He (Chandrasekaran) has helped me become a rich man,” Rakesh Jhunjhunwala had told ET Now, “for which I will ever remain thankful.”

Last year, the billionaire investor had also said that the market is still underestimating the profitability and returns the group would deliver and predicted Tata Motors to be the surprise outperformer in the group.

In this year's April-June quarter, however, Rakesh Jhunjhunwala sold 30 lakh shares Tata Motors when its share prices fell 4.85 per cent.

Read more: Days before Rakesh Jhunjhunwala’s death, interview had sparked concerns about his health on social media

On Sunday, Chandrasekaran extended his condolences to Jhunjhunwala's family.

"Rakesh Jhunjhunwala believed in India and the sheer potential of the country. This conviction led him to consistently make bold decisions throughout his life and career," the Tata Sons chairman said.

"He had tremendous regard for the Tata Group. Mr. Jhunjhunwala’s passing is an irreparable loss and we extend our deep condolences to his family and friends."