Another Indian billionaire enters world's top 100 rich list

US dollars (Representational image) (REUTERS) — US dollars (Representational image) **(REUTERS)**

2 min read . Updated: 19 Aug 2021, 02:07 PM IST Livemint

Radhakishan Damani controls Avenue Supermarts (DMart), a Mumbai-based retailer that sells food, clothing and other consumer products

Indian billionaire investor, businessman and DMart founder Radhakishan Damani has entered the elite club of world's top 100 billionaires. Damani's net worth currently stands at $19.3 billion, securing the 97th rank in the world's 100 richest list, data by Bloomberg Billionaires’ index showed.

Damani controls Avenue Supermarts, a Mumbai-based retailer specializing in low-priced consumer goods. The publicly traded business sells food, clothing and other consumer products in more than 200 DMart shops across India. It reported revenue of 249 billion rupees ($3.5 billion) in the year-ended March 31, 2020. Avenue Supermarts shares made its stock market debut on the Indian exchanges in 2017 and jumped 106% over IPO price on listing.

Born in Mumbai, India, Damani earned hundreds of millions of dollars from stock market investments. His net worth has surged nearly 30% this year (year-to-date or YTD), part of which can be attributed to be driven by more than 30% rise DMart shares this year. He exited the stock market in 2000 and began building a retail business by buying cheap land in Navi Mumbai. He opened the first D-Mart store in 2002.

DMart was started by Radhakishan Damani and his family. From the launch of its first store in Powai in 2002, DMart today has a well-established presence in 238 locations across Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, NCR, Tamil Nadu, Punjab and Rajasthan. The supermarket chain of DMart stores is owned and operated by Avenue Supermarts Ltd. (ASL). The company has its headquarters in Mumbai. The brands D Mart, D Mart Minimax, D Mart Premia, D Homes, Dutch Harbour, etc are brands owned by ASL.

The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. The other Indians in the top 100 include names like Mukesh Ambani, Gautam Adani, Azim Premji, Pallonji Mistry, Shiv Nadar and Lakshmi Mittal.

MINT PREMIUM See All

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!