Sonalika Tractors Success Story: At the age of 60, he created a company worth billions!
Sonalika Tractors Success Story: You must have read many success stories in the business world, in which young people have created a very good business at a very young age, but you must have rarely heard success stories. work of the elders.
Indeed, it is believed that after a certain age, a person no longer wants to do anything, but Lachhman Das Mittal proved this wrong. Today we bring you a business success story in which a person founded one of India’s largest tractor companies at the age of 60.
Here we are talking about Lachhman Das Mittal, owner of the Indian tractor company Sonalika Tractors. In today’s article, we will learn about the success story of Sonalika Tractors, and how Lachhman Das ji built a huge business at the age of 60.
This is how Sonalika Tractors Success Story started
Lachhman Das Mittal ji founded Sonalika Tractor company in 1995. This company was founded by Mittal ji in Punjab, India. Before founding Sonalika Tractors, Lachhman Das worked as an agent for India’s largest insurance company, LIC.
Lachhman Das has wanted to start his own business for a long time, but because of work, he has never been able to start his own business. But finally, when he retired, he decided to start Sonalika Tractors at the age of 60. At an age when most people give up everything and relax, Lachhman Das ji started his own business. He started his business in the field of tractors because at that time there were not many good tractor companies and Lachhman wanted to do something for ten farmers, that’s why he started the company Sonalika Tractors.
Had to face many difficulties in the beginning
When he first started his business, Lachhman Das Mittal faced a lot of trouble. Initially, due to lack of much money, Lachman Das could not research many new technologies, but after a lot of research, he found a sponsor and borrowed about Rs 22 crore.
With the help of this loan of Rs 22 million, Lachhman Das ji started growing his business and from then on he never looked back. Today, Sonalika Tractor has become a very famous tractor brand in India.
Joined the big tractor companies of India
Thanks to the hard work and dedication of Lachhman Das Mittal ji, Sonalika Tractors has today become the third largest tractor company in India. Today, their headquarters is located in Jalandhar, Punjab. In addition, Sonalika Tractors company tractors are also shipped to about 74 different countries.
If we talk about Sonalika Tractors’ tractor sales, more than 1,50,000 tractors were sold globally in FY 2023. In terms of brand image, they also have a very good reputation in the tractor industry .
Lachman Das is India’s oldest billionaire!
The owner of Sonalika Tractors, Lachhman Das Mittal, is the oldest billionaire of our country, India. If we talk about Lachhman Das Mittal’s net worth, then according to the world’s most famous magazine Forbes, his net worth is about 2. 6 billion USD
This net worth makes him India’s oldest billionaire, Lachhman Dasji is currently 92 years old. We should learn from Lachhman Das Ji that there is no age for anything, age is just a number.
Lachhman Das Mittal Interview: Sonalika Tractors Success Story
Sonalika Tractors Success Story Overview
| Aspect | Details |
|---|---|
| Entrepreneur | Lachhman Das Mittal |
| Age When Started Company | 60 years old |
| Company Founded | Sonalika Tractors (1995) |
| Initial Background | Worked 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 Point | Observed 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 Succession | Sons Amrit Sagar and Deepak, and grandchildren Raman, Sushant, and Rahul involved in operations |
| Current Net Worth | Approximately Rs 23,000 crore according to Forbes |
| Forbes Ranking | Following the passing of Keshub Mahindra, now the country’s oldest billionaire |
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