RK Damani Bought Costliest House Sold In India In 2021 Worth ?1001 Crore: What¡¯s His Story
?1,001 crore is ?100 crore multiplied by 10,?10 crore multiplied 100 times and ?1 crore multiplied 1000 times. It's an astounding figure. That's how much?is the cost of the house bought by Radhakishan Damani, the founder, and CEO of DMart, last year.
It was the most expensive house sold in India in 2021.?Situated in Malabar Hill, Mumbai, the property is almost a century old and spans across 5,752 square meters.
But, who is?Radhakishan Damani, what does he do for a living and how did he spend so much money on a house? Let's talk about it.
Who is?RK Damani?
Damani, who has a net worth of $19.7 billion is India¡¯s 4th richest man who is the founder of Dmart.?However, his road to fame was never easy. Let us read a success story of RK Damani and his entrepreneurial journey from Dalal Street to a billionaire.
He was born on 15 March 1954 to an Indian Marwari family, born and brought up in Bikaner, Rajasthan. RK Damani is one of the few self-made billionaires in the country and comes from a humble background.
His background naturally led him to have an inclination towards business in general. RK Damani dropped out of his Bcom ¨C Bachelor of Commerce from the ¡®University of Mumbai¡¯ midway to start his first stockbroking business.?
From stock broker...
He started his career as an investor in the stock market in the year 1980. Before entering the stock market, Radhakishan Damani had begun his career with a small ¡®ball-bearing¡¯ trading business. ?? ??
Although Radhakishan Damani began as a stockbroker, he soon understood that if he wants to earn money from the market, then he needed to invest and trade his own money in the stock market, instead of being just a stockbroker. And soon he started stock trading his in the Indian stock market.
He made a huge profits from his stock trading practice. RK Damani believed in making profits using different market swings. He was a very flexible trader.
To retail king
In early 2000s, after reaching such great heights, he suddenly quit the stock market business and decided to enter the retail industry. Damani got into retailing with one store in suburban Mumbai in 2001. Today he has 214 DMart stores across India.
But Damani truly became India's retail king after the March 2017 IPO of his supermarket chain Avenue Supermart that launched Dmart. This company has now become the 18th most valuable company in the country.
Its market cap is more than Bajaj Finserv and Nestle.?Damani also holds stakes in a range of companies, from tobacco firm VST Industries to cement producer India Cements.
Dmart is a one-stop supermarket and hypermarket chain in India which was first started by Damani in Powai, Mumbai.The main objective of D¡¯Mart is to offer customers good products at a great value. Today, DMart has a well-established presence in Andhra Pradesh, Maharashtra, Karnataka, Telangana, Gujarat, Madhya Pradesh, Tamil Nadu, Punjab, Chhattisgarh, NCR, and Rajasthan.
His life, assets and source of wealth
RK Damani lives a very simple life and most of the time he wears a simple white shirt and white trousers and avoids public gatherings and media coverage. He does not consider himself a highly educated person.
Speaking of his assets, he also made a purchase of ?250 core-house in Thane region of Mumbai and currently lives in Altamount Road - it's a mansion-type situation.
Given his love for property (and the profitable returns it yields), it comes as no surprise that his property portfolio includes the 156-room Radisson Blu Resort in Alibaug, a popular beachfront getaway close to Mumbai for ?135 crore.?That's almost one-tenth of what he spent to buy his own house, yes.
Damani has a pretty good reputation in the Industrial arena and has famously been a recluse. That's the reason why there isn't enough information on the list of his assets.
He is the guru of investor Rakesh Jhunjhunwala, and that's saying something. Damani was dealing with stocks at the same time as Harshad Mehta and got his initial wealth from there.
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