Who is the Oldest Billionaire in India?
Know about his life and achievements here. Click to get the full picture clarified.
Have You Heard of India’s Oldest Billionaire?
You’ve probably read about the youngest billionaires grabbing headlines. But do you know who holds the title of the oldest billionaire in India?
If you’ve guessed it already, you’re spot on! It’s Lachhman Das Mittal, the iconic Indian businessman and chairperson of Sonalika Group.
At the remarkable age of 93, Lachhman Das Mittal has earned his place on the 2024 Forbes Billionaires List, becoming India’s oldest billionaire. He takes over this distinguished title from the late Keshub Mahindra, the former Mahindra & Mahindra chairman, who held it until his passing at the age of 99 on April 12, 2023.
Age is clearly just a number when it comes to making history! Lachhman Das Mittal sir, is literally an inspiration to all of us in this context. Let’s know a bit more about him.
From Humble Beginnings to a Legacy of Success
Born into modest circumstances, Lachhman Das Mittal’s story is a testament to grit and determination. The owner and chairman of the Sonalika Group, he showcased his academic excellence by earning a Master of Arts in English and Urdu from Panjab University.
His journey into entrepreneurship began in 1970 when he started manufacturing wheat threshers in Hoshiarpur, Punjab, collaborating with local blacksmiths.
However, challenges came early. By 1971, his family faced severe financial difficulties, reducing their net worth to just Rs 1 lakh. But Mittal’s unwavering spirit turned those setbacks into stepping stones for the remarkable empire he built.
A Family at the Core of Success
Mittal values family deeply and this is reflected in the way he has built his business. He is married and has two sons, Amrit Sagar Mittal and Deepak Mittal, who now hold leadership roles in the Sonalika Group. While he has entrusted the operational reins to them, the 93-year-old remains actively involved, attending office daily and staying at the helm of key decisions.
From LIC Agent to Industry Pioneer
After retiring from the Life Insurance Corporation of India, Mittal charted a new path as an entrepreneur. He founded the Sonalika Group in 1970, which became a platform for his vision. The real turning point came in 1996 when he established Sonalika Tractors. Under his leadership, the company evolved into India’s third-largest tractor manufacturer by market share. His keen business acumen and strategic foresight have positioned the brand as a trusted name in Indian agriculture.
Building a Diverse Business Empire
Mittal’s business ventures extend beyond tractors. As the flagship of the Sonalika Group, Sonalika Tractors remains a market leader. The group has also diversified into real estate, education, and hospitality, showcasing Mittal’s knack for identifying and tapping into varied opportunities.
Accolades That Celebrate Excellence
Lachhman Das Mittal’s contributions to trade and industry have earned him numerous prestigious awards. Among them is the Padma Bhushan, one of India’s highest civilian honours. He has also been recognised with the Ernst & Young Entrepreneur of the Year Award, CNBC-TV18 India Business Leader of the Year Award, and the Asia Business Leader Award. These accolades reflect his extraordinary achievements and enduring impact on Indian business.
A Legacy of Giving Back
Beyond his business ventures, Mittal is a philanthropist at heart. Through the Sonalika Foundation, he actively supports education, healthcare, and rural development initiatives. His commitment to uplifting communities demonstrates his belief that success is meaningful only when shared.
Interesting Nuggets About an Extraordinary Life
Mittal’s inspiring story is filled with fascinating details. Starting his entrepreneurial journey with just Rs 20,000, he overcame early bankruptcy to create a multi-billion-dollar business empire. Despite his busy schedule, he finds joy in art collection and classical music, passions that provide a glimpse into his vibrant personality.
The Man, the Visionary, the Inspiration
Lachhman Das Mittal’s life exemplifies resilience, vision, and a relentless pursuit of excellence. From humble beginnings to creating an enduring legacy, his journey inspires millions. Whether through his entrepreneurial achievements or philanthropic endeavours, Mittal continues to leave an indelible mark on both the business world and society.
