Gurudakshina? DMart’s Damani likely to manage Jhunjhunwala’s trust

Radhakishan Damani, the promoter of DMart retail chain, is likely to head the trust that will manage the estate of Rakesh Jhunjhunwala, as per a report by Moneycontrol.com.

Damani is the promoter of Avenue Supermarts, which has a market cap of Rs 2.75 trillion and runs the successful value retail chain. The investor-turned entrepreneur was Jhunjhunwala’s mentor when he started his investment journey in 1985. Jhunjhunwala often credited his father and Damani for his success.

Besides Damani, other trustees would include Kalpraj Dharamshi and Amal Parikh, the report added. All three were very close to the ace investor, who died on August 14. Jhunjhunwala has holding over more than Rs 30,000 crore in close to three-dozen listed firms. He also had investments in several unlisted firms, such as Akasa Air, India’s newest airline.

Jhunjhunwala used to undertake most of his investments through his private equity investment and asset management firm, Rare Enterprises, which is managed by his two trusted partners Utpal Seth and Amit Goela. Both of them will continue to be at the helm of affairs at Rare.

Seth didn’t respond to texts sent by Business Standard.

Market observers say it is business as usual at Rare Enterprises, however, the firm has reduced its trading activity and is largely focusing on long-term investing and portfolio allocation. When market opened after long Independence Day weekend, Rare had picked up a large stake in appliance maker Singer India

As per reports, Jhunjhunwala had planned his will in advance amid deteriorating health. The ace investor is survived by his wife Rekha, two sons, and a daughter.

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