India is the world’s fastest-growing major economy in 2024, home to hundreds of billionaires. In business, age is just a number as many success stories include entrepreneurs starting young or even post-retirement. But who is India’s oldest billionaire?
Meet India’s oldest billionaire
India’s oldest billionaire is Lachhman Das Mittal, Chairman of Sonalika Group. The multinational conglomerate is headquartered in Hoshiarpur, Punjab, specializing in automobiles. They are best known for Sonalika Tractors, India’s leading tractor export brand and tractor manufacturer, who have 15 lakh+ customers across 150 countries around the globe. In FY23, the company clocked 1,51,160 annual tractor sales.
At the age of 93, Lachhman Das Mittal’s net worth stands at a staggering $2.8 billion (approximately Rs 23,209 crore), according to Forbes. As of 2023, he is the 79th richest person in India. The billionaire businessman started his career as an LIC (Life Insurance Corporation of India) agent and reportedly retired as deputy zonal manager in 1990. Post which, at the age of 60, Lachhman kickstarted his entrepreneurial journey with Sonalika Group.
Lachhman Das Mittal’s family life
Lachhman Das Mittal, who is widowed, has handed over the leadership of Sonalika Group to his sons, the eldest Dr. Amrit Sagar Mittal and youngest Dr. Deepak Mittal, who currently serve as Vice Chairman and Managing Director of the company, respectively. However, Lachhman Das Mittal is very much an integral part of the day-to-day functioning of the conglomerate. His second son is a doctor in New York, while his daughter Usha Sangwan has walked in her dad’s footsteps as LIC’s first female Managing Director.
Lachhman Das Mittal’s grandchildren also hold executive positions at Sonalika Group — Raman Mittal (Joint Managing Director), Sushant Sagar Mittal (Executive Director) and Rahul Mittal (Executive Director).
Lachhman Das Mittal’s educational qualifications
Lachhman Das Mittal is a gold medalist from Punjab University, holding both a Bachelor’s Degree and a dual Master’s Degree in English and Urdu. The reason behind Sonalika Tractor’s launch is credited to the 93-year-old businessman’s belief in serving the farming community of India with technologically superior products. Talking about his rags to riches journey, Lachhman Das Mittal shared, “Once I applied for dealership of Maruti Udyog but was rejected. Today, I give out dealerships,” according to Business Standard.
