Radhakishan Damani, the promoter and owner of Avenue Supermarts, the company that runs DMart retail chain, has broken into the world’s top 100 richest people list.
According to Bloomberg Billionaires Index, Damani is now the 97th richest person in the world with a total net worth of $19.3 billion or Rs 1.43 lakh crore. Over the last 18 months, his net worth has swelled by nearly 60% from $12 billion as on March 1, 2020 to $19.3 billion now.
The shares of Avenue Supermarts too have rallied 61% in the last one year as the company has almost recovered from the impact of Covid-19 pandemic.
Goldman Sachs in its latest report has said that DMart enjoys better pricing power than its competitors both in the online and offline space. “Based on our FMCG product pricing date, we believe DMart’s price offering vs JioMart is currently the strongest since the latter’s launch in 2020. Compared to its online competitor, Big Basket, DMart’s pricing basket remains competitive and the gap is almost highest compared to the historical range,” the brokerage said in a recent report.
Damani and the promoter group hold 74.90% stake in Avenue Supermarts. Damani also has investments in some other companies, which have helped him in the net worth gain. He holds 11.3% stake in India Cements, 26% in VST Industries, 2.4% in Sundaram Finance.
