Radhakishan Damani: makes way in India’s top billionaires list beating top shots behind
Radhakishan Damani is one of the most famous entrepreneurs in India. The 61 year old is the founder and promoter of D-Mart which is a retail chain supermarket which spread across the country. Damani was a share trader and renowned investor before he became a legendary entrepreneur. The sky high success of D-Mart is credited completely to Radhakishan Damani.
Damani is a low-profile entrepreneur; he is a dropout from Commerce College after completion of first year and became a stock broker before launching his chain of supermarket- ‘The D-Mart’. He is known as ‘The Silent Operator’ and ‘Mr. White & White’ among the public.
Radhakishan Damani is a well known name featured among the top 15 richest Indians globally. He is counted alongside the famous entrepreneurs in India such as Anil Ambani, Rahul Bajaj, Anil Agarwal and Ajay Piramal. In the D-Mart, operators are listed at an assessment of over $6 billion (approximately Rs 40,000 crore). Damani often referred to as Mr. White & White due to his all-white attire and The Silent Operator due to his reclusive nature.
Not much educated, still he achieved the feat by working with his family and holds 82% share in the retail chain D-Mart, which is now worth almost over $5 billion (around Rs 33,125 crore). Additionally, he also holds equity stakes in the VST sector, Sundram Fasteners, Blue Dart, 3M India and TV18, valued at $400 million (around Rs 2,650 crore). Together with his possession of D-Mart, Damani, a resident of Altamount Road in the south Mumbai, is the holder of about $5.4 billion (around Rs 35,775 crore), and the latest Forbes list puts him among top 15 Indian billionaires internationally.
The family of Damani is involved in the ball bearings business. He started his professional career in the stock market as a broker and trader in the year 1980s and was often seen in the BSE’s previous trading rink. But, outside the market, he was barely recognized, unlike the widely feted ‘Warren Buffett of India’, Rakesh Jhunjhunwala. When it came to generating money in the market, the Street always looked up to the Jhunjhunwala. But it has changed over time with the ascent of Damani.
Damani is also famous for being a steadfast fighter and a man of opportunities. About two decades ago, he took the ITC head-on for control of Hyderabad-based VST, the creators of Charminar. His 25% stake in the cigarette firm, acquired at a rate of about Rs 63 crore, is recently worth around Rs.1,200 crore. A few years ago, when DHL, the owners of Blue Dart, offered to sell the shares in its Indian subsidiary at much less than the then market rate, causing investors to dread, it was Damani, working from the shadows, who ensured investors about the stock’s lasting value.
What we learn from the career graph of Mr. Damani is that its all about determination and perseverance which got his name in the topmost billionaires in the country.