Mumbai: The late Rakesh Jhunjhunwala built a $10-billion empire trading and investing in just one asset class- equities. His life partner and and successor Rekha Jhunjhunwala is gently steering a slightly different course- she's getting into real estate. Two years after the death of India's biggest wealth creator in the stock markets, the family believes the time has come to take his legacy forward in a more diversified manner because what worked for him needn't work for her."I have started to invest in real estate, though he (Rakesh) showed no interest in property investments," said Rekha in an interview a few days ago at the family home, Rare Villa, in Malabar Hill. "Following his passing away, I recognised the importance of investing in tangible assets." She has directed over ₹1,000 crore into office spaces in Mumbai's Bandra Kurla Complex and Chandivali, counting Deutsche Bank among tenants, as well as homes in the tony Walkeshwar locality. Rare Enterprises Ltd, the family investment vehicle that carries the blended name of the couple, is evolving. The portfolio is still overwhelmingly dominated by stocks - 99% of his assets is in equities, comprising about 45 listed and unlisted companies. A substantial chunk of Rakesh Jhunjhunwala's wealth came from decades-long ownership of shares in rating company Crisil and jewellery maker Titan. But what got his juices flowing was trading. He was unparalleled at that, which is why Rare doesn't engage in it now. "We don't trade anymore... only he could handle trading," Rekha said. "That secret sauce only belonged to him." Huge Responsibility Over the decades, Rakesh Jhunjhunwala had acquired a larger-than-life image among investors, drawing millions of devoted followers, much like Berkshire Hathaway's Warren Buffett in the US. He built huge positions in Crisil, water treatment company VA Tech Wabag and tractor maker Escorts Kubota-all of which became multi-baggers. The mere whisper of a stock being favoured by Jhunjhunwala was enough to drive Dalal Street into a frenzy.As he built his billions, Rakesh Jhunjhunwala indulged in the kind of hard-driving lifestyle associated with the money-making machines of Wall Street, complete with 18-hour working days. He died in August 2022 at the age of 62, succeeded by his wife and three children. "He could have paid a bit more attention to his health," said Rekha.She had initially resisted moving into the new 13-storey home that he'd built but didn't live to enjoy, complete with swimming pool and basketball court on the ground floor. But as the children moved in one by one, she didn't have a choice but to leave the Il Palazzo penthouse in the nearby lane where they had lived for 15 years.The death of her husband transformed Rekha Jhunjhunwala's life overnight. She'd chosen to be a homemaker, bringing up the children and content with the complex task of running a busy and highly successful businessman's household rather than getting involved in his work, despite herself hailing from a business family. Now, with $10 billion to manage, she occasionally regrets this. "When my husband discussed investments at home, I would pay no attention," said Rekha Jhunjhunwala. "I regret I didn't listen to him. I should have taken some interest at that time."As she comes to grips with the responsibility of carrying on his legacy, she has tweaked the Rare investment philosophy by getting into property, which she understands better.Jab We MetThe Jhunjhunwalas' meeting had been providential. "Actually, Rakesh's marriage alliance came for my cousin," she said. "But the person who had brought the proposal told Rakesh to meet me first - the rest is history!"The early days were challenging for Rekha, who'd grown up in a comfortable home with cars and air-conditioners. Rakesh Jhunjhunwala did not have a car, or even an AC. But the trading position he had built up ahead of the 1990 budget paid off big time-and that's when the couple got their first AC.It was difficult, especially when relatives would ask what Rakesh did for a living. This was particularly because her husband had rebelled and walked away from a business manufacturing crown caps for beverages that the senior Jhunjhunwala had set up for him.But as liberalisation gathered momentum and the stock markets soared, so did the fortunes of the Jhunjhunwalas.Now the mantle is on her to nurture and grow the empire he built brick by brick. How does she propose to do it? With the guidance of brother Rajeev Gupta and nephew Vishal Jhunjhunwala, a chartered accountant who has been working with Rare for more than 15 years."Right now, we are focusing on existing investments,'' said Rekha, who is in office three days a week. "Where our current portfolio companies require support, we have provided follow-on investments. We have not made any fresh investments."Rare's portfolio includes Inventurus Knowledge Solutions, which is preparing for a public listing, and SNV Aviation, which runs Akasa Air, a project that was dear to Rakesh Jhunjhunwala and which he helped set up. Rekha doesn't miss an opportunity to recommend flying by the airline.The responsibility of overseeing the Jhunjhunwala empire is transforming the way Rekha sees the world. But she retains a down-to-earth outlook - money only goes this far. "No matter how much wealth we may have, we are going to eat the same food-we are not going to eat gold or silver," she said firmly.