Radhakishan Damani, the Second Richest Person of India

According to Forbes ‘Real-Time Billionaires Index’, Radhakishan Damani has become India’s second richest person possessing networh of $17.9 billion, next to Mukesh Ambani, Chairman of Reliance Industries Limited, the richest man of Asia. Born in 1954 Radhakishan Damani is a Mumbai-based investor and entrepreneur. He was born in Indian Marwari family. He comes from humble family background. His father was also into stock market business. He attended the University of Mumbai. He has become an example of self-made billionaire who reached the pinnacle of success by dint of hard work. He lives a simple life and is popularly known as “Mr. White” in business fraternity.
In the initial years of his career Radhakishan Damani spent his time in observation and speculation of stock markets. Gradually, he started to hold stakes in the topnotch companies such as VST Industries, United Breweries and Blue Dart Express Ltd. etc. D. Mart launched its first stores in Powai, Mumbai in 2002. Now DMart operates a retail business are of 5.9 million square feet and has 176 stores in 11 states and one Union territory. The Damani family comprises of Radhakishan Damani, Gopikishan S Damani, Shrikantadevi R Damani and Kirandevi G Damani. These all are promoters of Avenue Supermarts, The supermarket chain operates on a low-cost model and is present in three segments- Foods, Non-foods and General merchandise and apparel.
Interestingly half of the revenue comes from the first segment. Amazingly Damani’s total net worth is $13.30 billion on February 14, 2020. It is higher than Lakshmi Mittal’s $13.10 billion. It is noteworthy to know that share of Avenue Supermarts reached an all time high of Rs.2,559 crores on 13 February after the company decided a share sale for institutional investors on February,15. Shares of Avenue Supermarts rallied 31% so far this year and added about Rs 36,000 crore in market capitalization. it controls supermarket chain D-Mart.

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