You may have read many success stories in the business world, where young people of the new generation have built a very successful business at a very young age, but you may have heard fewer success stories of older people.
This is because it is believed that after a certain age, people lose the desire to do something, but Lachhman Das Mittal proved this wrong. Today we bring you a success story from the business world where a person has built one of India’s largest tractor companies at the age of 60.
Sonalika Tractors Early Days
Lachhman Das Mittal started Sonalika Tractors company in 1995. He started this company in the state of Punjab, India. Before starting Sonalika Tractors, Mr. Mittal worked as an agent in India’s largest insurance company, LIC.
He wanted to start his own business for a long time, but could not start it because of his job. But finally, when he retired from his job, he decided to start Sonalika Tractors at the age of 60. He started his business in the tractor industry because, at that time, there were not many good tractor companies, and Lachhman Das wanted to do something for the farmers.
Facing Early Obstacles
During the early days of his business, Lachhman Das Mittal had to face many obstacles. Due to a lack of funds at the beginning, he could not work on many new technologies, but after a lot of searching, he found a financier from whom he took a loan of almost 22 crore rupees.
With the help of this loan, Lachhman Das started to expand his business and never looked back from there. Today, Sonalika Tractors has become a very famous tractor company in India.
Sonalika Tractors On the Global Stage
Because of Lachhman Das Mittal’s hard work and dedication, Sonalika Tractors has become the third-largest tractor company in India today. The headquarters of the company is located in Jalandhar, Punjab, and Sonalika Tractors’ tractors are sold in nearly 74 different countries.
Lachhman Das Mittal, the owner of Sonalika Tractors, is currently the oldest billionaire in India, with a net worth of approximately 2.6 billion dollars, according to Forbes. His current age is 92 years. Lachhman Das Mittal’s journey teaches us that there is no age limit to doing 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 |
Conclusion
In conclusion, the success story of Sonalika Tractors, as exemplified by Lachhman Das Mittal, is truly inspirational. Starting a tractor company at the age of 60 and turning it into one of India’s leading tractor companies is a remarkable achievement. Despite facing initial setbacks, Mittal’s perseverance and dedication have led Sonalika Tractors to become the third-largest tractor producer in India. The company’s global reach and impressive sales figures further underscore its success. Lachhman Das Mittal’s story serves as a testament to the fact that age is just a number and one can achieve great success at any stage of life. It is truly a story worth sharing and drawing inspiration from.
