No Age Limit: An Ex-LIC Agent Who Started Business At 60, Failed, And Is Now India’s Oldest Billionaire With A Net Worth Of Rs 23,000 Crore

Success Story: Success has no age restrictions! Reading the inspirational biography of Lachhman Das Mittal, the founder of Sonalika Tractors, helps substantiate this claim. At the age of 60, Mr. Mittal started his entrepreneurial adventure. When most individuals retired from their jobs, he started Sonalika Tractors, quitting the government-owned Life Insurance Corporation of India (LIC). The start-up culture is very common among young people today. Young people often want to start their own businesses. Lachhman Das Mittal, who is now the chairman of one of India’s leading tractor manufacturers, nevertheless began his company at the advanced age of 60.

India’s Third-Largest Tractor Producer

In 1995, Mr. Mittal launched Sonalika Tractors in Punjab, India, having begun his business career in 1990. According to market share, it is India’s third-largest tractor producer. A year’s worth of 3 lakh tractors can be produced there. In the fiscal year 2021-2022, Sonalika Tractors also rose to become the leading exporter of tractors. Throughout several international nations, it sold more than 35,000 tractors during the fiscal year 2021–2022. It controls around 11.7% of the Indian tractor market.

Miscalculation, Bankruptcy And Rejection

Lachhman Das Mittal hails from a middle-class background. He gained knowledge about savings and investment through his work with LIC. He made investments in numerous schemes and mutual funds rather than keeping his money in bank accounts. Even though he was enjoying a successful career at LIC, he tried to develop a more ambitious project. As a side venture, he made the decision to create his own farm equipment company. He was bankrupt as a result of this total miscalculation. All of his investments were lost. Following that, he attempted to make up for his losses by applying for a Maruti dealership but was rejected.

Sonalika Tractors: Journey To Success

Mittal maintained his persistence and patience while suffering severe losses. He once observed Japanese machinery separating wheat and hay, which struck a chord in his thoughts. He decided to go into the agricultural machine business after expanding on this concept. For farmers, he started building threshers. In just eight years, he acquired national fame for his machinery thanks to this tactic’s astounding success. One of the most well-known agricultural brands in India is Sonalika Thresher. He did not aim to sell tractors, but his clientele convinced him to give the idea considerable thought. The findings were encouraging, but he required resources to carry out this research on a wider scale. He then went to his reliable dealers, who helped him secure a loan for Rs. 22 crore. For Sonalika Tractors, this opened doors.

In Jalandhar, Punjab, Sonalika Tractors was founded. The success of this endeavor was outstanding. 74 countries currently receive Sonalika tractors, which are also used on Indian fields. This is possible because there are five different manufacturing locations for these tractors worldwide. Currently, Sonalika Group sells 70,000 agricultural tractors a year and regularly exports many of these machines to more than 70 nations. The flagship company of Sonalika Tractors, International Tractors Limited, runs it. Mittal has given his sons Amrit Sagar and Deepak, as well as his grandchildren Raman, Sushant, and Rahul, operational responsibility, but he still plays a significant role in the business.

Lachhman Das Mittal presently has a net worth of Rs 23,000 crore, according to Forbes. Following the passing of Keshub Mahindra on April 12 this year, Mittal is now the country’s oldest billionaire.