Sonalika Tractors Success Story: He founded a billion-dollar firm at the age of sixty!

Sonalika Tractors Success Story: He founded a billion-dollar firm at the age of sixty!

Sonalika Tractors Success Story: You’ve probably read a lot of business success stories about young individuals in the new millennium starting successful companies at an early age, but you probably haven’t heard many about older people’s successes.

This is due to the misconception that a person loses motivation to do anything after a certain age, which Lachhman Das Mittal ji has disproven. We have for you today an inspiring success story from the world of business: a sixty-year-old man founded one of the biggest tractor firms in India.

Sonalika Tractors Success Story: He founded a billion-dollar firm at the age of sixty!
Sonalika Tractors Success Story: He founded a billion-dollar firm at the age of sixty!

We are speaking here of Lachhman Das Mittal, the proprietor of Sonalika Tractors, an Indian tractor manufacturer. The success story of Sonalika Tractors, and how 60-year-old Lachhman Das ji developed such a large firm, will be covered in today’s article.

Sonalika Tractors Success Story Overview

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

This is how Sonalika Tractors Success Story started

Lachhman Das Sonalika Tractors Company was founded in 1995 by Mittal ji. In the Indian state of Punjab, Mittal ji founded this business. Prior to founding Sonalika Tractors, Lachhman Das ji was an agent for LIC, the biggest insurance provider in India.

Lachhman Das has always desired to launch his own company, but he was never able to do so because of his employment. But in the end, he chose to launch Sonalika Tractors at the age of 60 after deciding to resign from his work.

Sonalika Tractors Success Story: He founded a billion-dollar firm at the age of sixty!
Sonalika Tractors Success Story: He founded a billion-dollar firm at the age of sixty!

When most individuals retire and stop working, Lachhman Das ji launched his own company. Because there weren’t many reputable tractor firms at the time and because Lachhman wanted to help ten farmers, he founded Sonalika Tractors Company in the tractor industry.

Had to face many difficulties in the beginning

During the early stages of his firm, Lachhman Das Mittal ji had numerous difficulties. Lachman Das was first unable to work on many new technologies because of a lack of funding, but after considerable hunting, he was able to locate a banker from whom he obtained a loan of almost Rs 22 crore.

Lachhman Das ji never looked back after starting to grow his firm with the aid of that Rs 22 crore loan. In India, Sonalika Tractor is now a well-known tractor manufacturer.

Joined the big tractor companies of India

Today, Sonalika Tractors firm is the third-largest tractor firm in India, thanks to Lachhman Das Mittal’s perseverance and hard work. In addition to their current headquarters in Jalandhar, Punjab, Sonalika Tractors exports their tractors to over 74 other nations.

Sonalika Tractors Success Story: He founded a billion-dollar firm at the age of sixty!
Sonalika Tractors Success Story: He founded a billion-dollar firm at the age of sixty!

In terms of sales of tractors, Sonalika Tractors sold more than 1,50,000 units worldwide in FY23. They also have a strong brand name in the tractor sector in terms of branding.

Lachman Das is India’s oldest billionaire!

The owner of Sonalika Tractors, Lachhman Das Mittal, is currently India’s oldest billionaire. When it comes to Lachhman Das Mittal’s net worth, the most well-known magazine in the world, Forbes, estimates that it is approximately 2.6 billion dollars.

Lachhman Dasji, who is currently 92 years old, is the oldest billionaire in India thanks to his wealth. Lachhman Das ji should teach us that age is just a number and that there is never a wrong age to accomplish anything.

Lachhman Das Mittal Interview: Sonalika Tractors Success Story

We sincerely hope that this post has provided you with some knowledge regarding Sonalika Tractors’ success story. Please feel free to share it with your friends in order to inform them as well. Please visit our business page to read more success stories like this.

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