When we talk about turning 60 years old, the instant thought that comes to our mind is retiring from our careers and spending more time with our family and friends. However, in the bustling heart of India, there is an entrepreneur whose journey will make you believe that there is no specific age to start anew. He started his business journey at the age of 60 and became India's oldest billionaire at the age of 93.
We are talking about Lachhman Das Mittal, chairman of Sonalika Group, who secured a spot in the 2024 Forbes Billionaires List. According to Forbes, Mittal's net worth currently stands at $2.9 billion.
Before Mittal, Keshub Mahindra, the former chairman of the Mahindra & Mahindra group, was the oldest Indian billionaire who died on April 12, 2023.
Mittal's Early Journey
Born in 1931 in Punjab' Hoshiarpur, Mittal pursued a postgraduate program for Urdu and English studies and earned a gold medal in MA English. Later, Mittal started his career as an LIC agent in 1955 and retired as the deputy zonal manager in 1990, Forbes mentioned.
Like most middle-class families, Mittal also saved some money from his salary, and with that, he started a side business selling farm equipment. Unfortunately, it did not work in his favour and he faced bankruptcy.
Later at the age of 65 in 1996, Mittal thought of giving entrepreneurship a second chance and established Sonalika Tractors, a company that produces tractors. This time destiny and business both were in his favour and the company started growing exponentially.
About Sonalika Group
Mittal founded Sonalika Group has become the third-largest tractor manufacturer by market share in India. It currently boasts manufacturing plants in five countries. The business operations of this company also span across 120 countries across the globe. Leading this group, Forbes estimated Mittal's net worth to be around Rs 24,160 crore and placed him at 1,143 on its list.
Although, Mittal remained chairman of the Sonalika Group, he passed his day-to-day operations to his both sons, Amrit Sagar (vice-chairman) and Deepak (Managing Director).
