The man with a Midas Touch!

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The man with a Midas Touch!

It’s said that Tata's Titan Company made him wealthy. He first purchased the jewellery and watch maker's shares in 2002. His other stock holdings from Tata group were Tata Motors, Indian Hotels Company and Tata Communications. He also multiplied his investments several times in stocks such as..........

He is often called India’s Warren Buffet, Jhunjhunwala has an estimated net worth of around $5.8 billion according to Forbes magazine. Rakesh Jhunjhunwala was an Indian billionaire business magnate, investor and stock trader. He began investing in 1985 with a capital of Rs 5000, with his first major profit in 1986. His estimated net worth of $5.8 billion, made him the 438^th richest person in the world.

Rakesh Jhunjhunwala was born on 5 July 1960 in Hyderabad. He qualified as a Chartered Accountant and married Rekha Jhunjunwala. The couple had three children, Nishta, Aryaman and Aryavir Jhunjhunwala. His two siblings are, Raju and Rajesh Jhunjhunwala. After an eventful and successful life as an investor and stock trader; and the recently launched airline Akasa Air, he died suddenly on 14 August 2022 in Mumbai at the age of 62. Rakesh Jhunjhunwala expired due to cardiac arrest as per the information last received.

It’s said that Tata's Titan Company made him the wealthy. He first purchased the jewellery and watch maker's shares in 2002. His other stock holdings from Tata group were Tata Motors, Indian Hotels Company and Tata Communications. He also multiplied his investments several times in stocks such as Lupin and CRISIL. Rakesh Jhunjhunwala's first successful investment was in Tata tea in 1986, where he bought 5,000 of its shares at Rs 43, which later rose to Rs 143 in three months, giving him over three-fold returns.

Mumbai-based Akasa Air was launched exactly a week before his death on August 7, with the Mumbai-Ahmedabad flight, which would also be the billionaire's last public appearance. He invested $35 million for an estimated 40 percent stake in the airline. 

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(A reader sent this interesting interview of Rakesh Jhunjhunwala. I am not aware as to where and when was it published. But it makes interesting reading and a food for thought. Wish to share it with my readers).

Some of his answers to an interview...

1. I realise that I have far less wealth than people think I have, but far more than what I actually need.

2. Money is the harsh reality of life. Some love for it, some die for it, some use it well, some waste it, most fight for it, but most others desire it.

3. After having earned so much, I have realised one thing -- that money cannot be an end to itself.

4. Money has got five crore good things, just one really bad thing: you can't take it with you.

5. I belonged to a middle class family. When I was young, I had very rich friends. But my father taught me: Always aspire, never envy. So, if you meet someone who is rich or powerful, always aspire (to be like them), but never envy. Because envy causes anger and disputes.

6. When my father came to know that I was among the Forbes list of billionaires, he said, "I am very happy to know that you are on the list. But aren't you shameful? You have billions of dollars of money, but you can't give away a few dollars in charity? Go and die in a pail of water, today I donate 25 per cent of my income to charity.

7. What has money done for me? It has allowed me to travel in a Mercedes instead of a Maruti car, I live in a 5,000 sq foot flat instead of a 1,000 sq feet flat. In place of smoking a Four Square cigarette, I now smoke India Kings, I drink Blue Label whiskey instead of Diplomat. Besides that, money hasn't made much difference to my life.

8. Let it not change you as a human being. Let it not change your attitude towards your friends, family and the people who you've grown up with. The things money can buy are certainly important, but the things money can't buy are the most important in the world -- integrity, love and happiness. What else can I say about money? Strive for it, fight for it and use fair means. Love, but don't love for it.

And the last one - Today, I have far better things in life than money, but not health. God has given me everything -- wealth, success, a good wife and good friends. I wish He gives me good health.

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Also read:

The story of Lt Arun Khetarpal

Mehndi – a symbol of joy & celebration!

The Pakistan dilemma!

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Did India defeat China in 1967?

Not many people remember this. China always likes to remind us of 1962, but they like to forget about 1967 defeat. India and China did fight a short war in 1967, which was fought mainly in two locations. The brief war composed of two battles, one in Nathu La and the other in Cho La, both in the eastern theater. Unlike 1962, the Chinese did not open a front in the Northern area (Ladakh/Aksai Chin). This was mainly because in the 1962 war the PLA did not make any major advances in the North like they did in the Eastern theater.

The two skirmishes occurred at Nathu La and Cho La passes and stemmed from Chinese cunning maneuvers to take control of Sikkim. Presuming that India defenses were as weak as they were in 1962, the Chinese mobilized their forces and expected it to be a walk over. However, the Indian army took pre-emptive action and started to demark the boundary using barbed wire. This was stopped by the Chinese damaging the barbed wire fence, and since Indians were in no mood to listen, they retreated and after a while started a full surprise assault backed by MMG and artillery fire. However, since the Indians occupied the heights, Chinese bunkers were exposed and completely annihilated by highly accurate Indian artillery fire over the course of 3 days. The Chinese were forced to withdraw and evacuate all their aggressive positions. Taking heavy casualties, they had to run for their lives as the Indian response was fierce and accurate. They never expected India to retaliate after the 1962 debacle. The 1967 war was a decisive Indian victory, and was the catalyst of Sikkim merging with India in 1975.

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