Damani's fortune is derived from publicly traded Avenue Supermarts, the Indian retailer that operates D-Mart retail stores in more than 300 locations, according to its website.
The 59% stake attributed to him is held by a promoter group, which includes Mumbai-based Bright Star, which he owns with his wife, and three trusts in the names his children, according to a December 2023 stock exchange filing. Only the stakes held by his immediate family are included in the net worth calculation.
The billionaire has a history of active investments in publicly traded Indian companies, according to a Bloomberg Quint report. Cash & Other Assets reflects estimated stock holdings as well dividends, insider transactions, taxes and market performance.
A company representative didn't reply to a request for comment.
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