Lachhman Das Mittal started his business at the age of 60 after working as a LIC agent. He then established Sonalika Tractors.
Lachhman Das Mittal, 92, is India’s oldest billionaire and owns the Sonalika Group, which is the third-largest tractor manufacturer in India, with a net worth of USD 2.5 billion.
Keshub Mahindra, the former chairman of Mahindra & Mahindra group, who was the oldest billionaire at 99 according to the Forbes 2023 list, passed away on April 12.
Lachhman Das Mittal has an inspiring story of hard work and success. He began as a LIC agent and started his business at the age of 60. In 1996, he ventured into tractor manufacturing and eventually founded Sonalika Tractors.
Sonalika Group operates a large manufacturing facility in Hoshiarpur, Punjab, and has established plants in five other countries. The company’s business activities span 120 countries.
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Lachhman Das Mittal earned a bachelor’s degree from a government college and later pursued post-graduation in Urdu and English, in which he received a gold medal.
Lachhman Das Mittal joined LIC in 1955 and began saving some of his salaries like any other middle-class person. He used his savings to start a side business of agricultural machines, but the business failed, leaving him bankrupt. Despite this setback, he did not give up and eventually achieved success after a few years.
Despite his age of 92 years, Lachhman Das Mittal is still actively involved in the daily operations of Sonalika Group, although his sons Amrit Sagar Mittal and Deepak Mittal have taken over the management of the company.