Entrepreneur Stories
Meet Radhakishan Damani: India’s Warren Buffet Who Became A Billionaire Overnight
Known as “India’s Warren Buffet,” Radhakishan Damani was a not such a popular name till yesterday. Back to the year 2000, he founded the supermarket retail chain D-Mart, and this now valued at above $6 billion (approximately Rs. 40,000 crores) and this makes him richer than Anil Ambani and Rahul Bajaj.
Radhakishan had no intentions to enter the stock market. He started his career as a simple trader in a small ball bearings company until he was forced to shut down his business and join his brother’s stockbroking firm.
Getting inspired from Chandrakant Sampat, the ace investor, Damani went on to formulate a strategy of his own. From the beginning, he used to believe in long term results. This helped him achieve which is not so possible for a common man. Within a short span of time, he went on to the big league of Dalal Street in Mumbai. Eventually, he created a massive fortune in the early 1990s.
For his all time because of white and white get up, he was known as Mr. White. It was in the late 90s people came to know about his rivalry with Harshad Mehta who was also a Dalal Street giant. He eventually won the battle to become the legend in the stock market investors society.
According to the reports of The Times Of India, this 61 year old Radhakrishnan now owns 82.36 % of the parent company Avenue Supermarts. His wealth now is estimated around Rs. 32,934 crores. Besides these, he has stakes in Jay Shree Tea, GE Capital Transportation Industries, Sundaram Fasteners, Samtel Ltd., Somany Ceramics, VST Industries, TV 18 and also 3M India.
The D-Mart supermarket chain is now completely owned and marketed by Avenue Supermarts Limited (ASL.)
Radhakishan is now worth $5.4 Billion (Rs. 35,775 crores) which pushes him to the list of top 15 Indian billionaires globally.
Now hailed as the Warren Buffet of India, Radhakishan Damani properties include the 156 room Radisson Blu Resort in Alibag and also a popular beach front getaway near Mumbai. Damani stands as a source of inspiration for many in the country.
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