DMart owner Radhakishan Damani added more than $5 billion to his wealth in a year — and the billionaire now wants to take over India Cements
Jun 17, 2020, 13:03 IST
- According to Forbes, Damani added $5.3 billion to his fortunes which now stand at $16.4 billion.
- If Damani takes over India Cement, he is said to get richer as the share price of India Cement has surged more than 92% this year — taking its market value to $555 billion.
- Moreover, 74-year old Damani will then own 8 listed stocks including D-Mart, Delta Corporation and Simplex Infrastructure.
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Damani is the founder of Avenue Supermarts — the retail company which runs D-mart stores in India. The chain offers basic home and person use products, groceries, home appliances, garments and more at a bargain.
He is among the only three billionaires in India whose wealth rose between March 2019 and March 2020.
According to Forbes, Damani added $5.3 billion to his fortunes which now stand at $16.4 billion. He added $2.5 billion in three months between January and March — making him the second richest person in India after Mukesh Ambani. His net worth doubled during the lockdown.
Damani was worth $11.1 billion at the end of 2019, according to Forbes real time net worth index. He catapulted into one of the top 10 richest after a blockbuster IPO listing of Avenue Supermarts in 2017.
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After its debut, the share price of Avenue Supermarts increased more than three times the listing price (₹616). Its current market capitalization is around ₹1.5 lakh crore.
If this deal goes through, Damani is said to get richer as the share price of India Cement has surged more than 92% this year — taking its market value to $555 billion.
Damani's stock portfolio is not limited to D-Mart.
Damani’s stock portfolio
Delta Corp | VST Industries |
Simplex Infrastructure | Foods & Inns |
India Cement | Spencer’s Retail |
According to Economic Times, Damani’s control over India Cement will also help India Cement face rivals like UltraTech Cement, Lafarge Holcim Ltd.
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See also: The impact of coronavirus carnage on Radhakishan Damani’s portfolio
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