Rakesh Jhunjhunwala, dubbed “India’s Warren Buffet,” died just days after launching his airline.

MUMBAI, Aug 14 (AFP) – Rakesh Jhunjhunwala, dubbed “India’s Warren Buffet” by local media, h

as died, his office announced Sunday, just a week after launching the country’s newest airline.

Prime Minister Narendra Modi echoed other senior officials’ tributes, calling the 62-year-old “indomitable,” and tweeted that the tycoon’s death was “saddening.”

The “Big Bull of Dalal Street,” Mumbai’s Wall Street, had a net worth of US$3.5 billion and significant h

oldings in over 30 Indian blue chip stocks.

Jhunjhunwala invested US$35 million for an estimated 40% stake in Akasa Air, which took to the skies for the first time in the Asian country’s crowded aviation market last Sunday.

With no experience i

n the airline industry and having made his money betting on stocks, the decision to enter the capital-intensive sector raised eyebrows.

“Many people have asked me why I started an airline. Rather than responding, I state that I am prepared to fail “In February, he spoke at an industry event.

“It’s better to have tried and failed than never to have tried,” he said. “I’m hoping to prove everyone wrong. It’s all about ego these days.”