Ratan Tata on Sunday evening paid tribute to billionaire investor Rakesh Jhunjhunwala who died earlier during the day.
Taking to Twitter, Tata wrote, "Rakesh Jhunjhunwala, who sadly passed away this morning, 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," Ratan Tata added.
Rakesh Jhunjhunwala, who died early on Sunday morning because of a kidney ailment, is worth $5 billion. He is survived by his wife, two sons and a daughter.
He was brought dead at Breach Candy hospital in Mumbai at 6:45 am on Sunday, according to TV channel CNN IBN.
The 62-year-old was a vocal admirer of the Tata Group and it has been a very large part of Jhunjhunwala's portfolio. He had earlier 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.
Speaking to ET Now last year, Rakesh Jhunjhunwala said that it was a coincidence that the Tata Group forms a significant part of his portfolio.
“It is a coincidence. I buy shares of companies… But, ever since Mr Chandra (N Chandrasekaran, chairperson) took over and I understood him and what he’s trying to do, I got extremely bullish. And I think… the first stage is always uncertain. Now that we’ve passed that stage, we want to catch speed,” the billionaire investor had said.
“I think, the house of Tatas is blessed by God... He (Chandrasekaran) has helped me become a rich man,” Rakesh Jhunjhunwala had told ET Now, “for which I will ever remain thankful.”
Read more: Rakesh Jhunjhunwala on Tata Group: 'The house of Tatas is blessed by God'
On Sunday, Chandrasekaran also 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."
Read more: 'N Chandrasekaran helped me become a rich man': Rakesh Jhunjhunwala
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