Mumbai, April 8: The coronavirus pandemic has hit everyone, including the world's richest people. However, the only Indian tycoon whose net worth is unaffected is Radhakishan Damani, who controls Avenue Supermarts Ltd. According to a Bloomberg report, his net worth has increased 5 percent this year to $10.2 billion, making him the only billionaire with gains among the 12 richest Indians whose wealth is tracked by the Bloomberg Billionaires Index.
The increase in the net worth has been on the back of several hoarders who rushed to stock up on essentials amid the coronavirus lockdown. The shares of Avenue Supermarts, have also advanced 18 percent this year. FMCG Companies Permitted by Govt to Ask Retail Partners to Restrict Sales of Essential Items if People Are Found Hoarding, to Avoid Panic Buying.
Damani’s supermarket chain D-Mart, gained from the panic buying among the people after Prime Minister Narendra Modi announced a 21-days nationwide lockdown last month. Inspite of the government assuring that there would not be a shortage in the supply of essentials, people immediately rushed to their nearby stores to stock-up on essentials. Long queues of people standing outside D-Mart went viral on social media.
Recently, Damani donated Rs 100 crore towards Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund and Rs 55 crore for various state relief funds. According to an ANI report, his donation to respective state relief funds includes Rs 10 crore each to Maharashtra and Gujarat, Rs 5 crore each to Andhra Pradesh, Telangana, Karnataka, Rajasthan and Punjab, Rs 2.5 crore each to Tamil Nadu, Chhattisgarh, Madhya Pradesh and Uttar Pradesh respectively.