Radhakishan Damani is one of the richest people in India. He lives in Mumbai. He is mostly known for owning and successfully running the supermarket chain, DMart. In 2021, he made news for buying a house in Mumbai's posh Malabar Hill area. Here's his story.
Radhakishan Damani bought the house for a whopping Rs 1000 crore. The market value of the house was Rs 724 crore. Damani and his brother Gopikishan bought the house. The brothers paid a stamp duty of Rs 30 crore for the property.
Damani's story becomes special because he was raised in a one-room house in Mumbai. In 2020, he was the fourth richest man in India.
Damani recently featured on the Forbes' list of richest people in the world.
In the year 2023, the company's net profit was Rs 2,556.40 crore.
Radhakishan Damani had to drop out of college. He later left his ball bearing business and became a stock market investor. In the year 2000, he quit the stock market and launched DMart.
The company had only 25 stores by 2010. From there on, the company rapidly grew.
Damani's net worth is 17 billion dollars. This is around Rs 1,40,044 crore.
He has over 294 stores across India now. He has also invested in companies like VST Industries and India cements.
Radhakishan Damani was the mentor of late billionaire investor Rakesh Jhunjhunwala.
Jhunjhunwala's wife Rekha Jhunjhunwala now owns his assets and has a net worth of Rs 50,200 crore.
