Sonalika Tractors Success Story From LIC To Billionaire at 60

Sonalika Tractors Success Story: Lachhman Das Mittal, the founder of Sonalika Tractors, defied age restrictions and embarked on his entrepreneurial journey at the age of 60. Despite facing bankruptcy and rejection initially, Mittal’s determination and resilience propelled him towards success with Sonalika Tractors. Starting by building threshers for farmers, Mittal eventually expanded his business to produce tractors.

Today, Sonalika Tractors is India’s third-largest tractor producer and the leading exporter of tractors, selling 70,000 agricultural tractors annually and exporting to over 70 countries. Mittal’s net worth currently stands at Rs 23,000 crore, making him the oldest billionaire in India. This success story challenges the notion that older individuals lack the drive and ambition to pursue new ventures, proving that age is not a barrier to achieving remarkable feats in business.

Sonalika Tractors Success Story: How Sonalika Tractor’s Started?

Lachhman Das Mittal, a visionary entrepreneur, embarked on his business journey at the age of 60, after retiring from a successful career at the Life Insurance Corporation of India (LIC). In 1995, he founded Sonalika Tractors in Punjab, marking his departure from LIC and venturing into the business world.

Sonalika Tractors
How Sonalika Tractors Started

Today, Sonalika Group, under Mittal’s guidance, has become India’s third-largest tractor maker by market share. This remarkable achievement is further underscored by the fact that Japanese firm Yanmar holds a 30% stake in his tractor outfit, International Tractors. While Mittal has delegated the day-to-day operations to his sons and grandsons, he remains actively involved in the business. Notably, his daughter Usha Sangwan has also made significant strides in her career and became the first woman managing director of LIC. Mittal’s entrepreneurial spirit and determination are truly inspiring, as he started his own business when most people would choose to retire and rest. His success story serves as a testament to the power of pursuing one’s dreams, regardless of age or circumstances.

Sonalika Tractors Success Story Details

AspectDetails
EntrepreneurLachhman Das Mittal
Age When Started Company60 years old
Company FoundedSonalika Tractors (1995)
Initial BackgroundWorked at Life Insurance Corporation of India (LIC)
Sonalika Tractors’ Position– India’s third-largest tractor producer by market share – Leading exporter in fiscal year 2021-2022 – Controls 11.7% of the Indian tractor market
Initial Setbacks– Experienced bankruptcy due to miscalculations in a farm equipment venture – Rejected for a Maruti dealership
Turning PointObserved Japanese machinery, pivoted to agricultural machinery business with threshers
Success Milestones– National fame for agricultural machinery within eight years – Expanded to tractor production – Expanded globally with manufacturing in multiple countries
Current Operations– Sonalika Group sells 70,000 agricultural tractors annually – Exports to over 70 countries
Leadership SuccessionSons Amrit Sagar and Deepak, and grandchildren Raman, Sushant, and Rahul involved in operations
Current Net WorthApproximately Rs 23,000 crore according to Forbes
Forbes RankingFollowing the passing of Keshub Mahindra, now the country’s oldest billionaire
Sonalika Tractors Success Story

They Had to Face Many Difficulties in The Beginning

Lachhman Das Mittal ji, the founder of Sonalika Tractors, faced numerous challenges at the beginning of his business journey. Limited financial resources initially hindered his ability to invest in new technologies. However, his determination led him to find a financier who provided a loan of approximately Rs 22 crore.

Sonalika Tractors

With this financial support, Lachhman Das was able to expand his business and never looked back. Today, Sonalika Tractors has become one of the most renowned tractor companies in India. This success story highlights the importance of perseverance and resourcefulness in overcoming obstacles and achieving greatness in the business world.

Lachman Das is India’s oldest billionaire!

Lachhman Das Mittal, the owner of Sonalika Tractors, has achieved the remarkable feat of becoming the oldest billionaire in India at the age of 93. According to Forbes, his net worth is estimated to be around 2.6 billion dollars, making him a prominent figure in the business world.

Lachman Das
Lachman Das

Despite his advanced age, Mittal has proven that age is just a number when it comes to pursuing one’s passions and achieving success. He began his business career in 1990 after retiring from the Life Insurance Corporation of India and went on to establish Sonalika Group, which has now emerged as India’s third-largest tractor manufacturer. While he has delegated the day-to-day operations to his sons and grandsons, Mittal remains actively involved in the business and holds a 30% stake in International Tractors, his tractor outfit, in collaboration with Japanese firm Yanmar. His daughter, Usha Sangwan, also made history by becoming the first woman managing director of the Life Insurance Corporation of India. Mittal’s journey is truly inspiring and serves as a reminder that there is no age limit for success and accomplishment.

Lachhman Das Mittal Interview Video

Conclusion:

Lachhman Das Mittal’s inspiring journey from starting Sonalika Tractors at 60 to becoming India’s oldest billionaire at 93 challenges stereotypes about age and entrepreneurship. Overcoming setbacks, he transformed Sonalika into India’s third-largest tractor producer. Mittal’s resilience, family involvement, and business success stand as a powerful reminder that determination knows no age limits in the pursuit of entrepreneurial dreams.

Read Also: Puranpoli Ghar Success Story: An Inspiring Story Of Puranpoli Selling Man!

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