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

• 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.
  

The 74-year old Radhakishan Damani, India’s second richest person and the owner of Avenue Supermart, has informally shown interest to take over India Cement. The retail king and his family have been buying shares of India Cements for quite a while now — increasing their holding to nearly 20%, as of March 31.

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.

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

According to Economic Times, Damani’s control over India Cement will also help India Cement face rivals like UltraTech Cement, Lafarge Holcim Ltd.

See also: The impact of coronavirus carnage on Radhakishan Damani’s portfolio
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