Indian billionaire buys apartment worth Dh500 million

The business tycoon maintains a comparatively low profile.

Indian billionaire, Radhakishan Damani, has paid Rs10 billion (over Dh500 million) for a 6,000-square-foot apartment in Malabar Hills in Mumbai.

Damani, the investor behind Indian retail chain D’Mart, also reportedly paid Rs30 million (Dh1.5 million) as stamp duty for the purchase.

The apartment was bought jointly along with brother Gopikishan.

With a net worth of $15.4 billion, Damani was ranked as the fourth richest Indian by Forbes India. Unlike other business tycoons, Damani maintains a comparatively low profile.

Mumbai is known for its extravagant real estate prices, but billion-rupee deals are not often seen in the area.

• India