Lakshman Das Mittal
Lakshman Das Mittal | |
|---|---|
| Born | Error: Need valid birth date: year, month, day Hoshiarpur, Punjab, India |
| Occupation | Entrepreneur |
| Known for | Chairman of Sonalika Group; Chairman of Tractor Manufacturer's Association of India; Member of National Council of Confederation of Indian Industry |
Lakshman Das Mittal (also known as Lachhman Das Mittal; born August 1931 in Hoshiarpur) is a prominent Indian entrepreneur and the chairman of the Sonalika Group. He is recognized as the 82nd wealthiest individual in India, possessing a net worth estimated at USD $2.31 billion. Mittal has held the position of Chairman at the Tractor Manufacturer's Association of India and was also part of the National Council of the Confederation of Indian Industry.
Early life and education
Born in 1931 in Hoshiarpur, Punjab, Lachhman Das Mittal completed a Master of Arts degree specializing in English and Urdu from Panjab University. His professional journey began as an insurance agent with the Life Insurance Corporation of India (LIC). In 1970, he commenced manufacturing wheat threshers by collaborating with local blacksmiths in Hoshiarpur. Despite facing his family’s financial collapse that year and having a net worth of merely Rs 1 lakh, Mittal remained determined. Although initially declined when applying for a Maruti Udyog dealership, he now awards such dealerships himself. Forbes listed him as the 82nd richest person in India with $2.31 billion, advancing to 54th place with $5.69 billion in their October 2024 ranking.
Career
After opting for early retirement from LIC, Mittal embarked on his entrepreneurial path in 1970 by establishing the Sonalika Group, which originally focused on producing threshers. The introduction of Sonalika Tractors occurred in 1996, leading the company to become the third-largest tractor manufacturer in India by market share. Leadership responsibilities within the Sonalika Group have since been transferred to his sons, Amrit Sagar Mittal and Deepak Mittal.