Radhakrishnan Damani
Damani's fate derives from publicly traded Avenue Supermarts, an Indian retailer that operates D-Mart retail stores in about 200 locations according to its website.He holds a 60% stake as of March 2020 with the Bombay Stock Exchange, a promoter group consisting of Mumbai-based Bright Star, which he trusts with the names of his wife and three children. Only bets held by his immediate family are included in the net worth calculation.
The billionaire has a history of active investment in publicly traded Indian companies. He holds a minimum wager of 1% in at least nine other companies, according to the Bloomberg Quint's March 21, 2017 story. Valuation assumes no outflow for equity holdings.
A company representative did not respond to a request for comment sent in June 2020.
Damani exited the stock market in 2000 and started building a retail business by purchasing cheap land in Navi Mumbai. He tested the ground with his first D-Mart store in 2002, seeing slow growth for nearly a decade, compared to opening 25 stores in his first 9 years, 21 stores opened by Avenue Supermarts in 2016 in comparison with. As of March 31, 2017, Bloomberg News reported, Damani has operated 118 D-Mart-branded stores in 45 Indian cities.
Quick Review
- 1956 Radhakishan Damani is born in Mumbai, India.
- 1995 HDFC becomes the largest individual shareholder in the bank.
- 2000 Exits the stock market and works on setting up its retail business.
- 2002 Avenue Supermarket Found
- 2002 Opens its first D-Mart store in Mumbai.
- 2010D operates 25 stores under the name.
- 2016 21 new D-Mart shops have been opened.
- 2017 Avenue Supermarts jumped 106 percent over the price of an IPO in Mumbai.
- 2017 A Supermarket is publicly listed in India.