NEW DELHI: Media shy Radhakishan Damani is now among the top 100 of the world’s richest people, according to the data maintained by the Bloomberg Billionaires’ index. Damani is currently worth $19.2 billion and is positioned at 98 in the rich list. Damani’s fortune in 2021 has grown by $4.3 billion or 29%.
The other Indians in the top 100 are Mukesh Ambani, Gautam Adani, Azim Premji, Pallonji Mistry, Shiv Nadar, Lakshmi Mittal. In 2020, he became the fourth richest Indian with a net worth of $16.5 billion. He was ranked #117 on the global list of billionaires.
Damani, a billionaire investor, controls Avenue Supermarts, a Mumbai-based retailer specializing in low-priced consumer goods. Avenue Supermarkets sells food, clothing and other consumer products in more than 200 DMart shops across India. The listed company’s stock has soared 32% so far in 2021. Avenue Supermart has a market cap of Rs 2.36 lakh crore as on 18 August 2021. Damani, in personal capacity, holds a 34.30% stake in Avenue Supermarts. Trusts controlled by Damani hold another 13.89% in the company.
The self-made billionaire had a very humble beginning. After the death of his father who worked on Dalal Street, Damani left his ball bearing business and became a stock market broker and investor. He quit the stock market in 2000 to start his own hypermarket chain, DMart, setting up the first store in Powai in 2002. The chain had 25 stores in 2010, post-which the company grew rapidly and went public in 2017.
Worth $19.2 billion
Damani is currently worth $19.2 billion and is at 98 in the rich list. Damani’s fortune in 2021 has grown by $4.3 billion or 29%.