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Rakesh Jhunjhunwala in his will named these people as executors of his estate

New Delhi: Before dying on August 14 following a sudden cardiac arrest, the Indian Warren Buffet Rakesh Jhunjhunwala named in his will his wife Rekha, his brother Rajeev Gupta, his nephew Vishal Gupta and his confidant Berjis Desai, lawyer, as executors of his estate.
Desai, a former managing director of J Sagar Associates and close friend of Jhunjhunwala, helped him draft the will.
A committee has been formed to handle the investment decisions of the late ‘Big Bull’s estate. His close friends Radhakishan Damani, founder of DMart, Kalpraj Dharamshi and Amal Parikh became members of the group, two people familiar with the development shared with Economic Times.

This comes days after it was reported that Damani is likely to lead Jhunjhunwala’s estate as lead trustee.

Additionally, the late billionaire investor created separate trusts for his three children – Nishtha, Aryamaan and Aryavir. His wife Rekha, brother Rajeev, nephew Vishal, Desai and longtime associates Utpal Sheth and Amit Goela have been appointed as trustees of those trusts, sources say.

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The investment committee will give its recommendations to the executors and trustees on future investments to be made.

The ace investor left behind his holdings worth around Rs 30,000 crore in about three dozen listed companies. He had also invested in unlisted companies like Akasa Air, India‘s newest airline, which he co-founded. According to Forbes, Jhunjhunwala’s estate was estimated at $5.8 billion, making him the 48th richest person in India.

The value of listed assets of Jhunjhunwala, which went public with Rs 5,000 in mid-1985, was around Rs 29,000 crore as of August 24. The highest valued listed stock in his portfolio is Titan.

Jhunjhunwala’s real estate properties include a sea-facing building at Malabar Hill in Mumbai, which he bought for Rs 176 crore in 2013 from Standard Chartered Bank. He also owns a holiday home in Lonavala with several bedrooms, a jacuzzi, a swimming pool and a nightclub.

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