Meet Lachhman Das Mittal who left his job in LIC, worked hard and established a Rs.20,000 crore company

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Lachhman Das Mittal: Lachhman Das Mittal is the owner and chairman of Sonalika Group, which is India’s third-largest tractor manufacturer. At 92 years of age, Lachhman Das Mittal is the second oldest billionaire in India. His net worth is a whopping USD 2.5 billion as per Forbes.

Lachhman Das Mittal was once an LIC agent who has worked really hard to become a billionaire. Lachhman Das Mittal started business at 60 and entered into tractor manufacturing in 1996 and then went on to set-up Sonalika Tractors. Sonalika Tractors has a huge manufacturing plant in Hoshiarpur, Punjab. Sonalika Group has five plants operating in five different countries. The company exports tractors to over 120 nations.

Lakshman Das Mittal

Lakshman Das Mittal, was Born in August 1931 in Hoshiarpur he is also spelled as Lachhman Das Mittal, is an Indian business tycoon. He is the owner and chairman of the Sonalika Group. He is 82nd richest person of India. with the net worth of 2.31 Billion.

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Education & Early Life

Mittal has completed his Master of Arts (English & Urdu) from Panjab University. In 1970 he began manufacturing wheat threshers with the help of local blacksmiths in Hoshiarpur, Punjab. The following year his family went bankrupt and by 1970 his net worth was Rs 1 lakh. He said, “Once I applied for dealership of Maruti Udyog but was rejected. Today, I give out dealerships.” LD Mittal has Net Worth of 2.31 Billion He is listed #82 Richest person of India by Forbes Magazine.

Business Journey

In 1955, Lachhman Das Mittal started working as a LIC agent and that’s when he started saving some money from his salary. Lachhman Das Mittal used all his savings to set up a side business of agricultural machines but the business tanked leaving Lachhman Das Mittal bankrupt. But he did not give up and finally tasted success after few years.

Mittal started his business career in 1970 , after pre retiring from the state-owned Life Insurance Corporation of India. Sonalika Started Manufacturing Thrashers in 1970. He founded Sonalkia Group in 1970 and Sonalika Tractors in 1996, which is now India’s third-largest tractor manufacturer by market share

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Lachhman Das Mittal has now handed over leadership of the Sonalkia Group to his sons Amrit sagar Mittal and Deepak Mittal, but he is still highly active professionally and goes to office every day.

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