Inspiring Journey Of Lachhman Das Mittal, Oldest Indian Billionaire – News18

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Curated By: Business Desk

Last Updated: September 27, 2023, 15:27 IST

Lachhman Das Mittal won the gold medal in MA English.

Lachhman Das Mittal won the gold medal in MA English.

Lachhman Mittal’s Sonalika Group has five plants located in five different countries and deals in automobiles.

Most people who do not lobby for an extension at work after retirement, hang up their boots at 60 and live off their pension and provident fund. After having been a corporate employee for almost all of your life, hardly anyone would look for entrepreneurial opportunities after retirement. But there are exceptions to everything and today, we will talk about a successful entrepreneur who set up his own business after retirement at the age of 60.

Sonalika Group’s Chairman Lachhman Das Mittal, now 92, has a net worth of Rs 23,000 crore. But what sets him apart from most billionaires is that he was working as an ordinary Life Insurance agent till the age of 60 before the entrepreneurial bug stung him.

Lachhman Das Mittal graduated from a government college and afterwards participated in a programme for postgraduate study in Urdu and English. He won the gold medal in MA English and began his career as a LIC agent in 1955.

Mittal began saving a portion of his paycheck, just like every other middle-class individual. He spent all of his funds on starting a side business selling agricultural equipment but the venture failed and left him bankrupt. It was a huge setback but he was adamant about wanting to shine as a businessman. He started saving money again and after retirement in 1996, invested his savings in establishing Sonalika Tractors to manufacture tractors. His luck paid off this time and the business started growing exponentially.

Sonalika Tractors has a big manufacturing plant in Hoshiarpur, Punjab. Apart from this, Sonalika Group has five plants located in five different countries, and the company’s business is spread in 120 countries. Amrit Sagar Mittal and Deepak Mittal, his sons, currently oversee Sonalika Group activities, although he is still quite engaged professionally and often visits the offices.

At 92, Lachhman Das Mittal is also the oldest living billionaire in India, a position held till very recently by 99-year-old Keshub Mahindra before his demise in April.

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