Upon retiring from LIC at 60, Lachhman Das Mittal founded International Tractors Limited (ITL) and introduced Sonalika Tractors to the market in 1996. Over time, his tractors gained significant market share.
After a lifelong career as an LIC agent, Lachhman Das Mittal embarked on his entrepreneurial journey during his retirement years. He launched his manufacturing business with an initial investment of Rs 1 lakh. Today, he serves as the chairperson of the Sonalika Group, valued at Rs 25,000 crore. He is the country’s oldest billionaire.
Lachhman Das Mittal
Lachhman Das Mittal was born in the year 1931 in Hoshiarpur, Punjab. He completed his graduation from a local government college. Later, he obtained degrees in Urdu and English from Punjab University. Despite his academic achievements, the attempt to secure a Maruti dealership did not pan out as expected. In the year 1955, he began working as an LIC agent.
Business ventures
With some savings, he ventured into manufacturing agricultural equipment alongside his LIC job. However, these endeavours resulted in failures, and he faced bankruptcy. Despite everything, he still dreamed of establishing his own business.
Sonalika Tractors
To pursue his dream, Lachhman Das continued saving money for his business endeavours. Upon retiring from LIC at 60, he founded International Tractors Limited (ITL) and introduced Sonalika Tractors to the market in 1996. Over time, his tractors gained significant market share.
Company's success
According to a report by Forbes, Lachhman Das Mittal’s net worth stands at over Rs 25,000 crore. Sonalika is considered India’s top tractor exporter and the third-largest tractor manufacturer. Moreover, it is also counted among the top 5 tractor manufacturers in the world. The world’s largest tractor manufacturing facility is in Hoshiarpur. Due to his old age, he no longer oversees the work in the company directly. His sons are now managing the business successfully.
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