DMart CEO Navil Noronha is Now A Billionaire

Ignatius Navil Noronha, the chief executive officer of Avenue Supermarts Ltd is now a billionaire. It is the company that runs the DMart retail chain. Noronha had a rise this year. After an amazing 113 percent growth in the company's shares this year, he now has a net worth of over a billion dollars.

The Avenue Supermarts CEO was born and raised in Mumbai and earned a management degree from the Narsee Monjee Institute of Management Studies. Noronha (47) has also worked for Hindustan Unilever, which is a major FMCG company.

In 2004, he was hired as the chief of business by Radhakishnan Damani, the founder of Avenue Supermarts. He was named CEO of the company in the year 2007.

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The shares of Avenue Supermarts surged to a new high of 5,899 on the BSE, rising as much as 10.7% intraday. Their stocks have been rising for a long time now. It saw a rise of almost 40% in that time. Noronha now has a net worth of Rs 7,744 crore, making him India's richest professional manager. The value of Avenue Supermarts' stock increased, resulting in a 19-fold increase in Noronha's net worth.

With the stocks soaring and Noronha’s wealth seeing a rise, he is now among the billionaires of India.