Rakesh Jhunjhunwala, ‘India’s Warren Buffet’, to be paid last respects today

Rakesh Jhunjhunwala – who was often called ‘India’s Warren Buffet’ – would be paid last respects in Mumbai on Sunday evening where the final rites of the billionaire investor would be performed.

In tributes, which have been pouring out since morning after the news of his death broke, top political and business leaders have acknowledged the inspiring rise of the self-made trader.

Somber scenes were witnessed outside his home after his body was brought back from the hospital on Sunday morning. The last rites are expected to take place at around 5:30 pm.

His death comes just a week after the launch of India’s youngest budget airlines, Akasa Air. Jhunjhunwala was a co-founder and had 40 per cent stakes in the airline.

“We at Akasa cannot thank Mr. Jhunjhunwala enough for being an early believer in us and putting his trust and faith in us to build a world-class airline. Mr. Jhunjhunwala had an invincible spirit, was deeply passionate about everything Indian and cared greatly for the well-being of our employees and customers. Akasa Air will honour Mr. Jhunjhunwala’s legacy, values and belief in us by striving to run a great airline,” Vinay Dube, founder and CEO at Akasa Air, said in a note, paying respects to the veteran investor.

Aviation minister Jyotiraditya Scindia – who attended the August 7 launch as Akasa Air’s Mumbai-Ahmedabad flight took to the skies – on Sunday said the budget airlines was Jhunjhunwala’s contribution to India’s growth story. “He will be remembered for giving India its new airline Akasa Air after more than a decade,” Scindia tweeted.

Jhunjhunwala was believed to be unwell for some time. His last photograph at the launch event – in a wheelchair – will remain a memory of his indomitable spirit for his admirers. He is survived by his wife and three children.

With a net worth of $5.8 billion, he was among top 500 richest people in the world, according to Forbes’ list.