New Delhi [India], March 22 (ANI): Late billionaire investor Rakesh Jhunjhunwala's wife, Rekha, on Wednesday received the Padma Shri from President Droupadi Murmu during an investiture ceremony at the Rashtrapati Bhavan.

Jhunjhunwala, the founder of Akasa Air often referred to as India's own Warren Buffet, passed away on August 14, last year.

He was born on July 5, 1960 and grew up in Mumbai.

After graduating from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountants of India and married Rekha Jhunjunwala, also a stock market investor.

Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises. He was also the owner of India's newest airline Akasa Air which took off in Indian skies, the same month he passed away.

He was always bullish about India's stock markets and whatever stocks he purchased mostly turned into a multibagger.

In the trade and industry category in which the late billionaire investor received the third-highest civilian award, Areez Khambatta (posthumous) was also awarded Padma Shri. He was the founder of the popular soft drink brand Rasna.

The chairman of Aditya Birla Group, Kumar Mangalam Birla, was conferred with the country's second-highest civilian honour, Padma Bhushan.

"The spirit of nation-building and trusteeship has guided my family across generations. And so, to receive this national honour is indeed humbling. I thank the Honourable President of India, Smt Droupadi Murmu and the Honourable Prime Minister of India, Shri Narendra Modi, for this prestigious honour which I accept on behalf of my 140,000 colleagues from 36 countries. This award is a recognition of the longitudinal impact of the Aditya Birla Group-- in enriching lives and in demonstrating through actions that business is a force for good," the chairman of Aditya Birla Group said on being conferred the Padma Bhushan.

"President Droupadi Murmu presents Padma Bhushan to Shri Kumar Mangalam Birla for TradeIndustry. He is the Chairman of the Aditya Birla Group. The Group has over a century-old legacy. One of the first Indian groups to venture abroad, it has acquired widespread global presence," official Twitter account of Rashtrapati Bhavan posted.

Padma awards are usually conferred by the President of India at ceremonial functions which are held at Rashtrapati Bhawan usually around March or April every year.

This year, the central government announced a total of 106 Padma Awards across categories. The categories included art, social work, public affairs, science and engineering, trade and industry, medicine, literature and education, sports, and civil service.

'Padma Vibhushan' is awarded for exceptional and distinguished service; 'Padma Bhushan' for distinguished service of high order and 'Padma Shri' for distinguished service in any field. The awards are announced on the eve of Republic Day every year. (ANI)