On August 8, 2022, India’s newest airline, Akasa Air backed by the late investor Rakesh Jhunjhunwala took to the skies with its first flight from Mumbai to Ahmadabad. Just a few days after the airline commenced operations, the late investor passed away in Mumbai.

To pay tribute, the newly launched airline tweeted, “Today, we honour and remember the life of a visionary, a trailblazer, and the true titan, that was the late Mr. Rakesh Jhunjhunwala. As we mark the anniversary of his passing, we reflect on the indelible mark he has left on India’s progress and his enduring impact on generations to come.”

Just like Akasa Air, Jhunjhunwala invested in numerous businesses. Additionally, he made investments through his privately held asset management and financial advising company, Rare Enterprises. Rekha Jhunjhunwala received the portfolio upon his passing.

Jhunjhunwala’s portfolio expanded dramatically during the past year. According to Trendlyne statistics, his portfolio’s net worth was Rs 25,397.54 crore at the end of the June 2022 quarter and increased to Rs 38,366.4 crore by the end of the June 2023 quarter.

Early life

Born into a Rajasthani family on July 5, 1960, Jhunjhunwala grew up in Mumbai (then Bombay) and lived there for most of his early life. His father was an Income Tax Commissioner. He pursued his higher education from Sydenham College and went on to become a Chartered Accountant.

After overhearing his father’s discussions about the stock market with his friends, Jhunjhunwala grew intrigued in the subject. Although his father gave him advice regarding the stock market, he never gave him any money to invest there. Despite the setback, Jhunjhunwala began investing in markets while he pursued his undergraduate degree. He used the 5,000 rupees that he had saved up in 1985 to make investments. By 2022, he managed to secure a staggering profit of Rs 11,000 crores.

Significant Investments

Between 1986 and 1989, Jhunjhunwala made a profit of approximately Rs 20–25 lakh, after making his original investment in 1985. His largest investment as of 2021 was in the Titan Company, which is valued Rs 7,294.8 crore.

As a partner in his asset management company, Rare Enterprises, he oversaw his own portfolio. Jhunjhunwala served on the boards of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries, Provogue, Concord Biotech, Innovasynth Technologies Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company, Viceroy Hotels, and Tops Security Limited in addition to being an active investor. He was also chairman of Aptech and Hungama Digital Media Entertainment.

He made a $400 million investment in India’s Akasa Air in July 2021 to acquire a 40 per cent stake in the low-cost carrier. The airline flies to 16 cities and has 20 aircraft as of August 2023. Jhunjhunwala had raised his ownership in the airline to 46 per cent prior to his passing, making him the major shareholder.

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Aged 62, Jhunjhunwala died after getting admitted to Breach Candy Hospital in Mumbai. According to media reports, he died of acute multiple organ failure and other kidney-related ailments.

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On August 8, 2022, India’s newest airline, Akasa Air backed by the late investor Rakesh Jhunjhunwala took to the skies with its first flight from Mumbai to Ahmadabad.

On August 8, 2022, India’s newest airline, Akasa Air backed by the late investor Rakesh Jhunjhunwala took to the skies with its first flight from Mumbai to Ahmadabad. Just a few days after the airline commenced operations, the late investor passed away in Mumbai. To pay tribute, the newly launched airline tweeted, “Today, we honour and remember the life of a visionary, a trailblazer, and the true titan, that was the late Mr. Rakesh Jhunjhunwala. As we mark the anniversary of his passing, we reflect on the indelible mark he has left on India’s progress and his enduring impact on generations to come.” Just like Akasa Air, Jhunjhunwala invested in numerous businesses. Additionally, he made investments through his privately held asset management and financial advising company, Rare Enterprises. Rekha Jhunjhunwala received the portfolio upon his passing. Jhunjhunwala’s portfolio expanded dramatically during the past year. According to Trendlyne statistics, his portfolio’s net worth was Rs 25,397.54 crore at the end of the June 2022 quarter and increased to Rs 38,366.4 crore by the end of the June 2023 quarter. Early life Born into a Rajasthani family on July 5, 1960, Jhunjhunwala grew up in Mumbai (then Bombay) and lived there for most of his early life. His father was an Income Tax Commissioner. He pursued his higher education from Sydenham College and went on to become a Chartered Accountant. After overhearing his father’s discussions about the stock market with his friends, Jhunjhunwala grew intrigued in the subject. Although his father gave him advice regarding the stock market, he never gave him any money to invest there. Despite the setback, Jhunjhunwala began investing in markets while he pursued his undergraduate degree. He used the 5,000 rupees that he had saved up in 1985 to make investments. By 2022, he managed to secure a staggering profit of Rs 11,000 crores. Significant Investments Between 1986 and 1989, Jhunjhunwala made a profit of approximately Rs 20–25 lakh, after making his original investment in 1985. His largest investment as of 2021 was in the Titan Company, which is valued Rs 7,294.8 crore. As a partner in his asset management company, Rare Enterprises, he oversaw his own portfolio. Jhunjhunwala served on the boards of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries, Provogue, Concord Biotech, Innovasynth Technologies Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company, Viceroy Hotels, and Tops Security Limited in addition to being an active investor. He was also chairman of Aptech and Hungama Digital Media Entertainment. He made a $400 million investment in India’s Akasa Air in July 2021 to acquire a 40 per cent stake in the low-cost carrier. The airline flies to 16 cities and has 20 aircraft as of August 2023. Jhunjhunwala had raised his ownership in the airline to 46 per cent prior to his passing, making him the major shareholder. Aged 62, Jhunjhunwala died after getting admitted to Breach Candy Hospital in Mumbai. According to media reports, he died of acute multiple organ failure and other kidney-related ailments. WATCH WION LIVE HERE

Flashback Friday: Revisiting the legacy of Indian investor Rakesh Jhunjhunwala

On his 60th birthday back in 2020, the late market investor and one of the co-founders of Akasa Air, Rakesh Jhunjhunwala, said that he wanted to encourage his children to never give up on their desire to learn or to ever believe they know everything.

“We begin life with learning and end life without learning everything,” Jhunjhunwala told CNBC-TV18,&nbsp;thinking of his daughter and two sons.

The value of independent thought was his second piece of advice. The late investor often expressed gratitude to his father for pushing him to think independently.&nbsp;&nbsp;Jhunjhunwala said that he would guide his children in the same manner. “Don’t necessarily accept everything anybody says, but also don’t reject everything either. Have independent thought.”

Jhunjhunwala also believed that becoming wealthy may not be the greatest pleasure in life and that he wanted his children to not spend their lives chasing after money but rather, to ultimately take pleasure in what they strive to accomplish.

Lastly, Jhunjhunwala stated that he wished for his children to learn from their mother (his wife Rekha). He emphasised on having integrity, being independent and the power of giving back.

“I want them to be independent minded people. I hope they turn out to be fair, charitable and responsible citizens,” he said.

Monday marked the first death anniversary of Jhunjhunwala, who died of multiple organ failure in Mumbai.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

On his 60th birthday back in 2020, the late market investor and one of the co-founders of Akasa Air, Rakesh Jhunjhunwala, said that he wanted to encourage his children to never give up on their desire to learn or to ever believe they know everything.

On his 60th birthday back in 2020, the late market investor and one of the co-founders of Akasa Air, Rakesh Jhunjhunwala, said that he wanted to encourage his children to never give up on their desire to learn or to ever believe they know everything. “We begin life with learning and end life without learning everything,” Jhunjhunwala told CNBC-TV18, thinking of his daughter and two sons. The value of independent thought was his second piece of advice. The late investor often expressed gratitude to his father for pushing him to think independently. Jhunjhunwala said that he would guide his children in the same manner. “Don’t necessarily accept everything anybody says, but also don’t reject everything either. Have independent thought.” Jhunjhunwala also believed that becoming wealthy may not be the greatest pleasure in life and that he wanted his children to not spend their lives chasing after money but rather, to ultimately take pleasure in what they strive to accomplish. Lastly, Jhunjhunwala stated that he wished for his children to learn from their mother (his wife Rekha). He emphasised on having integrity, being independent and the power of giving back. “I want them to be independent minded people. I hope they turn out to be fair, charitable and responsible citizens,” he said. Monday marked the first death anniversary of Jhunjhunwala, who died of multiple organ failure in Mumbai. WATCH WION LIVE HERE

‘Never lose your quest to learn’: Rakesh Juhunjhunwala advised his children 

Barely a month after starting its operations, India's newest aircraft carrier Akasa Air has run into trouble. Reportedly, earlier this week, the company suffered a major data breach which exposed the personal data of its passengers.

Barely a month after starting its operations, India's newest aircraft carrier Akasa Air has run into trouble. Reportedly, earlier this week, the company suffered a major data breach which exposed the personal data of its passengers. Reportedly, after getting to know about the data breach, Akasa Air promptly shared the information with Indian Computer Emergency Response Team (CERT-In), a nodal agency working under the Ministry of Electronics and Information Technology of the Government of India. "This is to inform you that a temporary technical configuration error related to our login and sign-up service was reported on Thursday, August 25, 2022," said the airline in a mail to the government nodal agency. Details such as name, gender, phone number, and email id of the passengers have been leaked in the breach. However, according to the airline, confidential information such as travel records and payment information of the passengers had not been compromised. In addition to the mail sent to the agency, Akasa Air also dropped a mail to the passengers, informing them about the course of action it had taken so far. "We self-reported the incident to CERT-In (which is the government authorized nodal agency tasked to deal with incidents of this nature). Despite having extensive protocols in place to prevent incidents of such nature, we have undertaken additional reviews to ensure that the security of all our systems is enhanced further," Moreover, apologising for the incident, Akasa Air stated that it was reinforcing its systems. "We are continuously reinforcing our systems, including working with experts and the research community, to ensure that they are robust. We sincerely apologize to you for any inconvenience caused as a result of this incident," In Pics | India’s booming civil aviation sector sees a new entrant: Akasa Air What is Akasa Air? As reported extensively by WION, backed by recently deceased billionaire Rakesh Jhunjhunwala, Akasa Air began flight operations between Mumbai and Ahmedabad on August 7. Akasa Air is a low-cost airline headquartered in Mumbai, Maharashtra. It was founded in December 2021 with the vision, "the Sky embraces everyone, and so air travel should be inclusive and affordable for all." Reportedly, late Rakesh Jhunjhunwala had partnered with IndiGo's Aditya Ghosh and Vinay Dube to launch the airline. Akasa Air plans to fly 18 aircraft by the end of March 2023 across domestic routes in the country. The airline plans to operate approximately 70 planes in the next four years Read more: Akasa Air: Why is everyone waiting for Rakesh Jhunjhunwala’s airlines? (With inputs from agencies) WATCH WION LIVE HERE:

India: Turbulence for Akasa Air as it reports a major data breach

Indian billionaire, Rakesh Jhujhunwala, has died at the age of 62. He was known as India's Warren Buffett and the Big Bull of the Indian markets. He passed away due to kidney ailments.

The 'Big Bull' of Dalal street passes away | PM Modi condoles the death of Jhunjhunwala