‘This’ is the Owner of ‘D-Mart’, Second Richest Person in India After Ambani

Mumbai: 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 Billionaires Index, shares of Avenue Supermarket climbed 5 per cent last week. Due to this, the net worth of Damani increased. Damani’s net worth reached $ 17.8 on Saturday. HCL’s Shiv Nadar ($ 16.4 billion), Uday Kotak ($ 15 billion) and Gautam Adani ($ 13.9 billion) are ranked after him.

Damani always appears in white shirt and white pants and this cloth has become his identity, hence he is also called ‘Mr. 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 one year, the shares of Avenue Supermarket have increased by more than 30 per cent and the market capital of the company has increased by more than Rs 36,000 crore.

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. They now have 200 stores and about Rs. 1.5 lakh crore 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 per cent. The company has earned a profit of Rs 394 crore during this period.