Gurudakshina? Damani from DMart is most likely to oversee Jhunjhunwala's trust

According to a report by Moneycontrol.com, Rakesh Jhunjhunwala's estate will likely be managed by Radhakishan Damani, the promoter of the DMart retail chain.

The successful value retail chain is operated by Damani's Avenue Supermarts, which has a market cap of Rs 2.75 trillion. Jhunjhunwala's mentor when he began his financial career in 1985 was the investor-turned-entrepreneur. Jhunjhunwala frequently credited Damani and his father for his accomplishment.

The report also stated that Kalpraj Dharamshi and Amal Parikh would be additional trustees in addition to Damani. The expert investor, who passed away on August 14, was very close to all three. Jhunjhunwala owns stakes in around three dozen publicly traded companies totaling more than Rs 30,000 crore. He also has investments in a number of privately held businesses, including the newest airline in India, Akasa Air.

Most of Jhunjhunwala's investments were made through Rare Enterprises, a private equity investment and asset management company run by his two dependable partners Utpal Seth and Amit Goela. They will both still be in charge of everything at Rare.

Business Standard texted Seth, but he didn't reply.

Market watchers report that business is continuing as usual at Rare Enterprises, but the company has scaled back its trading and is now primarily concentrated on long-term investing and portfolio allocation. When the market reopened following the lengthy Independence Day holiday, Rare had acquired a sizable interest in the appliance manufacturer Singer India.

According to rumours, Jhunjhunwala had his will prepared in advance due to his failing health. Two boys, a daughter, and the renowned investor's wife Rekha are all still alive.