Lachhman Das Mittal: Became a billionaire after the age of 60, surprising life story
Lachhman Das Mittal Life Story: Lachhman Das Mittal, now the country’s senior-most billionaire, started his prosperous entrepreneurial journey at the age of 60, emerging from a middle-class background. His financial acumen was honed during his tenure at LIC, where he imbibed the insights of saving and investing.
Lachhman Das Mittal Life Story
Instead of parking his wealth in traditional bank accounts, Mittal chose to diversify his investments across different schemes and mutual funds. Breaking the norms, Mittal entered the business scene at the age of 60.
Breaking away from the government-owned institution, Life Insurance Corporation of India (LIC), he started his own venture, Sonalika Tractors. He made a turnaround from his humble beginnings in 1990, founding Sonalika Tractors in Punjab, India in 1995.
The start of his agricultural machinery venture was a misstep that led him to bankruptcy, causing him to lose his investment. Undaunted, Mittal’s discovery of Japanese machinery for separating wheat and chaff led him to focus on agricultural equipment, particularly threshers, and achieved national acclaim in just eight years.
Although his initial intention was not to manufacture tractors, Mittal was impressed by his customers’ interest and explored the idea more deeply. After achieving promising results, they needed adequate resources for expanded research. With the support of his trusted dealers, he obtained a loan of Rs 22 crore, moving Sonalika Tractors forward.
Established in Jalandhar, Punjab, Sonalika Tractors flourished remarkably, with its products reaching 74 countries across the world including India. The brand’s global reach stems from five manufacturing facilities spread across the globe. This strategic expansion has catapulted Sonalika Tractors to the status of India’s third largest tractor manufacturer, producing 3 lakh tractors annually.
The company achieved 1,51,160 annual tractor sales in FY’23, the second highest milestone after 1,00,000 annual tractor sales in FY22. According to Forbes, Mittal’s net worth is currently worth $2.6B, making him the oldest billionaire in the country.
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Website – www.sonalika.com
