Damani controls Avenue Supermarts, a Mumbai-based retailer specializing in low-priced consumer goods. The publicly traded business sells food, clothing and other consumer products in more than 200 D-Mart shops across India. It reported revenue of 241 billion rupees ($3.2 billion) in the year-ended March 31, 2021.
Radhakishan Damani's net worth of $21.3B can buy ...
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Damani's fortune is derived from publicly traded Avenue Supermarts, the Indian retailer that operates D-Mart retail stores in more than 200 locations, according to its website.
The 60% stake attributed to him is held by a promoter group, which includes Mumbai-based Bright Star, which he owns with his wife, and three trusts in the names his children, according to a filing on the company's share holding pattern from March 2022. Only the stakes held by his immediate family are included in the net worth calculation.
The billionaire has a history of active investments in publicly traded Indian companies, according to a Bloomberg Quint report. Cash & Other Assets reflects estimated stock holdings as well dividends, insider transactions, taxes and market performance.
A company representative did not reply to request for comment sent in June 2020.
Radhakishan Damani was born in Mumbai, in 1956, where he was raised in a one-room apartment in a tenement block. He dropped out of commerce college after his first year, and entered the stock market as a broker and trader in the late 1980s.
Damani exited the stock market in 2000 and began building a retail business by buying cheap land in Navi Mumbai. He tested the ground with his first D-Mart store in 2002, seeing slow growth for almost a decade, opening 25 stores in its first 9 years, compared to 21 stores opened by Avenue Supermarts in 2016 alone. Damani operates more than 200 D-Mart-branded stores in 45 Indian cities.
He lives in Mumbai.