Meet Lachhman Das Mittal: Once LIC Agent, Now India's Oldest Billionaire

The majority of retirees choose to retire at 60 without seeking an extension at work, relying on their pension and provident fund for financial support. After dedicating most of their lives to corporate employment, few venture into entrepreneurship post-retirement. However, exceptions exist, and today we’ll discuss a thriving entrepreneur who embarked on his entrepreneurial journey at the age of 60 following retirement.

Lachhman Das Mittal, aged 93, has secured a spot on the 2024 Forbes Billionaires List, earning him the title of India’s oldest billionaire. Before this, Keshub Mahindra, former chairman of the Mahindra & Mahindra group, held the distinction until his passing at the age of 99 on April 12, 2023.

Lachhman Das Mittal, chairman of Sonalika Group, reportedly boasts a net worth of Rs 23,000 crore. However, what distinguishes him from most billionaires is his humble beginnings as an ordinary life insurance agent with LIC until the age of 60, before the entrepreneurial spirit sparked within him.

Lachhman Das Mittal Education

After graduating from a government college, Lachhman Das Mittal enrolled in a postgraduate program for Urdu and English studies. He achieved the remarkable feat of winning the gold medal in MA English before embarking on his career as a LIC agent in 1955.

Like many middle-class individuals, Mittal started saving a portion of his paycheck. He invested all his savings into launching a side business selling agricultural equipment, but unfortunately, the venture failed, leaving him bankrupt.

Despite this setback, Mittal remained determined to succeed as a businessman. He resumed saving money and after retiring in 1996, he invested his savings into establishing Sonalika Tractors, a venture dedicated to manufacturing tractors. This time, his luck turned, and the business began to grow exponentially.

Sonalika Tractors boasts a large manufacturing facility situated in Hoshiarpur, Punjab. Additionally, the Sonalika Group operates five plants across five different countries, with business operations spanning across 120 countries worldwide.

While Amrit Sagar Mittal and Deepak Mittal, his sons, currently manage the activities of Sonalika Group, Mittal himself remains actively involved in professional matters and frequently visits the company’s offices. His grandsons, Sushant and Raman, are also involved with the company.