Radhakishan Damani: The only Indian to get richer during the lockdown

2090

At the time of the coronavirus epidemic, which has caused havoc worldwide, the wealth of billionaires is falling. Many countries, including India, have been completely locked down which has impacted the businesses severely. Indian billionaires have reported a downfall in their total net worth. However, a person’s wealth is increasing rapidly.

This person is none other than D-mart CEO Radhakishan Damani.

Radhakishan Damani, who controls Avenue Supermarts Limited, has grown his net worth by 5 per cent to $ 10.2 billion this year. Notably, Avenue Supermarts runs D-Mart stores across different cities of India.

The reason for this is that the demand for essential household items has increased rapidly due to the lockdown. Different FMCG sectors of India are reporting an increase in consumer demand. During this crisis, people are accumulating household needs on a large scale and keeping them in their homes.

The shares of Avenue Supermarts have risen more than 25% in the last three months. The sharp rise in the shares of Avenue Supermarts has come at a time when the benchmark Sensex and Nifty have fallen more than 25 per cent. Due to the low cost of items in Dmart, the company is profiting considerably. Even after the lockdown ends, the company’s business will continue to grow well. This supermarket chain offers customers multiple benefits, impresses with advertisements and has a strong relationship with its vendors.

65-year-old Radhakishan Damani opened the first commercial store in Mumbai in 2002, venturing into the retail business. However, he owns more than 200 stores across the country now. Damani became the Retail King of India after the launch of Avenue Supermarket in March 2017. He has made his D-Mart a successful supermarket chain in India. He is also a well-reputed stock market expert and investor. Recently he announced to donate 100 crores rupees in PM-CARES fund and 55 crores in relief funds of many states.