Meet Lachhman Das Mittal, worked in LIC, started business at 60, gone bankrupt, now owns a Rs 20,000 crore company

Lachhman Das Mittal, 92, is the owner and chairman of Sonalika Group, which is India’s third-largest tractor manufacturer. At 92, Lachhman Das Mittal is the second oldest billionaire in India. His net worth is a whopping USD 2.5 billion as per Forbes.  

Interestingly, Lachhman Das Mittal was once an LIC agent who has worked really hard to become a billionaire. Lachhman Das Mittal started business at 60 and entered into tractor manufacturing in 1996 and then went on to set-up Sonalika Tractors.

Sonalika Tractors has a huge manufacturing plant in Hoshiarpur, Punjab. Sonalika Group has five plants operating in five different countries. The company exports tractors to over 120 nations.

Lachhman Das Mittal completed his graduation from a government college and then later enrolled for post graduation degree in Urdu and English. He is a gold medalist in MA English.

In 1955, Lachhman Das Mittal started working as a LIC agent and that’s when he started saving some money from his salary. Lachhman Das Mittal used all his savings to set up a side business of agricultural machines but the business tanked leaving Lachhman Das Mittal bankrupt. But he did not give up and finally tasted success after few years.

Lachhman Das Mittal has now handed over leadership of the Sonalkia Group to his sons Amrit sagar Mittal and Deepak Mittal, but he is still highly active professionally and goes to office every day.