LIC agent starts at 60, faces bankruptcy, now owns Rs 23,000 crore company

Lachhman Das Mittal, aged 92, stands as India's most seasoned billionaire, commanding a substantial net worth of USD 2.5 billion. At the helm of the Sonalika Group, the nation's third-largest tractor manufacturer, Mittal's entrepreneurial prowess is evident.

Keshub Mahindra, once the oldest billionaire at 99, formerly chaired Mahindra & Mahindra, a designation confirmed by Forbes' 2023 listing. Regrettably, Mahindra's earthly journey concluded on April 12.

Lachhman Das Mittal's journey is a tapestry of determination and diligence. From the modest origins of an LIC agent, he embarked on a remarkable trajectory. Initiating his enterprise at the age of 60, he commenced manufacturing tractors in 1996 and subsequently laid the cornerstone of Sonalika Tractors.

An expansive manufacturing facility in Hoshiarpur, Punjab, is the heart of Sonalika Tractors' operations. The influence of the Sonalika Group extends across five distinct countries, with a business footprint spanning over 120 nations.

Educational achievements also adorn Mittal's life story. Following graduation from a government college, he pursued a postgraduate program in Urdu and English, triumphing with the MA English gold medal.

Mittal's prudent approach to savings commenced during his tenure with LIC in 1955, a common practice among middle-class individuals. Although a side venture in agricultural equipment faced failure, consuming his savings and leaving him financially bereft, Mittal's spirit remained resolute. Persistence prevailed, leading him to eventual triumph after years of determination.

While Amrit Sagar Mittal and Deepak Mittal, his sons, have assumed the mantle of overseeing Sonalika Group, Lachhman Das Mittal's dedication remains unwavering. His daily presence in the professional realm signifies an enduring commitment to the journey he embarked upon.

In the annals of India's entrepreneurial landscape, Lachhman Das Mittal's saga serves as a testament to the power of resilience, tenacity, and the pursuit of success against all odds.