Radhakishan Damani to take charge of Rakesh Jhunjhunwala Trust

Rakesh Jhunjhunwala passed away at the age of 62 on August 14, leaving his assets -- including investments in listed and unlisted firms -- mainly to his wife and three children. He was suffering from chronic kidney disease.

Ace investor Radhakishan Damani is likely to be the main trustee of Rakesh Jhunjhunwala's estate, a news report stated on Monday. The other trustees include Kalpraj Dharamshi and Amal Parikh, both confidantes of Jhunjhunwala.

His firm Rare Enterprises will continue to be managed by his two trusted lieutenants Utpal Seth and Amit Goela.

Jhunjhunwala passed away at the age of 62 on August 14, leaving his assets -- including investments in listed and unlisted firms -- mainly to his wife and three children. He was suffering from chronic kidney disease.

His net worth was estimated at $5.8 billion, according to Forbes. At present, the value of his listed holdings amounts to nearly Rs 30,000 crore.

During his stint in the stock market, he invested in several multi-bagger stocks. The ace investor held 4.4 crore shares of Titan Company ltd, which he purchased in 2002-03 at an average price of Rs 3. It is currently trading at Rs 2,422.40.

Damani, founder of the retail chain DMart, will have the final say in the main publicly listed investments of Jhunjhunwala, the report stated, quoting sources.

Jhunjhunwala, who was often referred to as the "Warren Buffett of India", was always hungry for a good investment and his inherent bet on India's growth story. The same would also explain his $35 million investment last year in Akasa Air in which he held a stake of around 40 per cent.

Many in the market believe it was a shot at creating a legacy in terms of creating a brand or a business – much on the lines of his mentor Damani.

The ace investor, who came to the stock market in 1985 with just Rs 5,000 in his bank account also had a tryst with the entertainment industry, turning into a producer with the 2012 Hindi film 'English Vinglish', following it with two more films - 'Shamitabh' and 'Ki & Ka'.