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The highly successful listing of Avenue Supermarts, the operators of DMart retail chain, not only made its promoters one of the richest in India, but also catapulted some of its top executives into the millionaires' club. After the company's stocks more than doubled on listing and closed at Rs 641 on BSE, it made Ignatius Navil Noronha, MD of the company , worth nearly Rs 900 crore.
Avenue Supermarts IPO prospectus showed that 42-year-old Noronha held 1.37 crore shares of the company . At the current price, he is worth Rs 878 crore. As was reported recently , Noronha is now worth more than the combined va lue of the shares that Sanjiv Mehta, MD, HUL, Y C Deveshwar, chairman, ITC, and Vivek Gambhir, MD, Godrej Consumer Products, hold in their companies.
Noronha was in his late 20s when Radhakishan Damani, the main promoter of Avenue Supermarts, picked him from HUL. He is a science graduate from SIES College of Arts, Science and Commerce in the city , and holds a post-graduation in management degree from Nar see Monjee Institute of Management Studies. During his eightyear stint in HUL, Noronha had worked in the field of market research, sales and modern trade.In his position in HUL, Noronha used to closely interact with Damani and that's when he was spotted to run an expanding retail chain. After more than a decade with the company , Noronha is being rewarded for the risk he took when he quit a multinational giant to work for a home-grown retail chain.