INVESTING IN INDIA

Rakesh Jhunjhunwala was always bullish on India; his investment in Akasa is a case in point

- NACHIKET KELKAR

AMERICAN BILLIONAIRE investor Charlie Munger once said that big money was not in buying and selling, but in the waiting. Rakesh Jhunjhunwala’s investment style echos this strategy. Case in point—his holding in Titan Company.

Jhunjhunwala began investing in the Tata Group-owned watch and jewellery maker back in 2002. And, in 20 years, its worth alone has risen to over 111,000 crore. Stock exchange data for the April to June quarter shows that Jhunjhunwala and his wife, Rekha, together held 4,48,50,970 shares of Titan, which gave them a 5.05 per cent stake in the company. Over the years, starting from 1985, Jhunjhunwala had built a portfolio of 32 stocks through the privately held RARE Enterprises. Apart from Titan, he and his wife also invested in several other Tata companies like Tata Motors DVR (2.95 per cent stake), Tata Communications (1.08 per cent), Rallis India (9.81 per cent) and Indian Hotels (2.12 per cent), indicating his faith in the Tata Group. “He had tremendous regard for the Tata Group,” noted N. Chandrasekaran, the chairman of Tata Sons, in his condolence message.

Jhunjhunwala’s other notable investments included ratings agency CRISIL (5.48 per cent stake), farm equipment maker Escorts, footwear company Metro Brands (14.4 per cent stake), gaming company Nazara Technologies (10.03 per cent stake), Aptech (23.37 per cent stake) and Fortis Healthcare (4.23 per cent stake). He also backed Star Health and Allied Insurance, in which he and his wife held 17.49 per cent stake.

His long-term bets have paid off; the day he died, on August 14, his net worth stood at over $5.8 billion, according to Forbes.