Radhakrishna Damani, the founder of Avenue Supermarts Ltd, the company that runs the D-Mart retail chain, has become the second richest person in India. He has left behind veterans like Shiv Nadar, Gautam Adani. His net worth is around $ 17.5 billion (Rs 1,25,000 crore).
Radhakrishna Damani, a stock market veteran and founder of Avenue Supermarket, a company that runs D-Mart retail chains, has become the second richest person in India. With his net worth of $ 17.5 billion (about Rs 1,25,000 crore), he has left behind veterans like Shiv Nadar, Gautam Adani. The richest person in the country is Mukesh Ambani, the head of Reliance Industries, whose net worth is $ 57.4 billion.
According to the Forbes Real-Time Bilineries Index, shares of Avenue Supermarket climbed 5 percent last week. Due to this, the net worth of Damani increased. Damani’s net worth reached $ 17.8 on Saturday. After the rich Indians, HCL’s Shiv Nadar ($ 16.4 billion), Uday Kotak ($ 15 billion) and Gautam Adani ($ 13.9 billion) are ranked after them.
He is also called Mr. White
Damani always appears in a white shirt and white pants and this cloth has become his identity, hence he is also called Mr. White and White. He is a noted stock market expert and investor. With his knowledge and business acumen, he has made his D-Mart a successful supermarket chain in India. In the last year, the shares of Avenue Supermarket have increased by more than 30 percent and the market capital of the company has increased by more than Rs 36,000 crore.
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He stays away from media and marketing activities and is not too social. After the IPO of Avenue Supermarket in March 2017, he came to be called Retail King of India. In 2002, he started a retail business from a suburban area in Mumbai. Apart from this, Damani has bought shares in various companies ranging from tobacco to beer production. He owns a 156-room Blue Resort in Alibaug, Mumbai.
The 65-year-old Damani ventured into the retail business in 2002 and opened the first store in Mumbai. There are now 200 stores and about Rs 1.5 lakh crore. It is the market cap. The mentor of Rakesh Jhunjhunwala, called Warren Buffet of India, is also a Damani.
In the third quarter of this financial year, the profit of Avenue Supermarket has increased by 53.3 percent. The company has earned a profit of Rs 394 crore during this period.