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  14 Aug 2022, 17:58

'India's Warren Buffet' dies days after airline launch

MUMBAI, Aug 14, 2022 (BSS/AFP) - Colourful stock market billionaire Rakesh 
Jhunjhunwala -- dubbed by local media India's Warren Buffet -- has died, his 
office said Sunday, just a week after he launched the country's newest 
airline. 

Calling the 62-year-old "indomitable", Prime Minister Narendra Modi echoed 
tributes from other senior officials, tweeting that the death of the tycoon 
was "saddening." 

The "Big Bull of Dalal Street" -- the Wall Street of Mumbai -- had a net 
worth of $3.5 billion with significant holdings in more than 30 Indian blue 
chip stocks. 

Jhunjhunwala had invested $35 million for an estimated 40 percent stake in 
Akasa Air which made its maiden flight in the Asian country's crowded 
aviation market last Sunday.

Having made his money betting on stocks and lacking any experience in the 
airline industry, the decision to enter the capital-intensive sector raised 
eyebrows.

"A lot of people question why I've started an airline. Rather than answer 
them, I say I'm prepared for failure," he told an industry event in February.

"It's better to have tried and failed than not tried at all," he said. "I 
hope to prove people wrong. Now it's become a matter of ego."

"Full of life, witty and insightful, he leaves behind an indelible 
contribution to the financial world," Modi said.

Jhunjhunwala's office confirmed to AFP that he died on Sunday morning, 
without giving further details. 

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