Meet Mumbai's richest CEO who became billionaire without IIM degree, bought Rs 70 crore house in Mumbai, net worth is...

Avenue Supermarts, the company that runs DMart, has bought a 50000 square foot property in Mumbai's Kandivali suburb. The company, owned by Radhakishan Damani, has four floors in a residential tower. They have paid Rs 88.74 crore to set up a hypermarket. In total, Damani's company runs 333 supermarkets in the country. 

The firm paid Rs 4.04 crore for the registration of the property. It took place on August 24. The company will also get 44 car parking slots in the tower. 

Damani became India's retail czar in March 2017 after his company went public. He opened his first store in 2002 in Mumbai.

He also owns stake in several companies. He also owns Alibaug's Radisson Blue Resort.

His CEO is Ignatius Navil Noronha. He doesn't own any business but has a net worth of Rs 6500 crore. In 2021, he had become a billionaire due to his stakes in the company.

Noronha, who keeps a low profile, has been credited with setting new standards in the FMCG sector. While he did not start a successful business, he is considered a visionary and among the best CEOs due to his strategic genius. He is credited with the innovative 48-hour supplier payment policy that changed the game.

Noronha is known as a humble and diligent business leader who only skipped office once since Avenue Supermarts’ IPO. He recently bought one of Mumbai’s highest valued property deals, paying Rs 70 crore for a lavish residential space in Bandra (East) with 10 car park.

Damani hired Norohna when he was in his early 20s. Norohna used to work with Hindustan Unilever. He joined as head of business in 2004. He had done his MBA from Mumbai's Narsee Monjee Institute of Management Studies.