Sonalika Tractors Success Story
You’ve probably read a lot of business success stories about young people 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 companies in India.
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 built such a large company, will be covered in today’s article.
Table of Contents
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 had always wanted 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 retire from his work.
When most people retire and stop working, Lachhman Das ji launched his own company. Because there weren’t many reputable tractor companies 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 business, Lachhman Das Mittal ji encountered numerous difficulties. Lachman Das was initially unable to work on many new technologies because of a lack of funding, but after much searching, he was able to locate a financier from whom he obtained a loan of roughly Rs 22 crore.
Lachhman Das ji never looked back after starting to grow his business with the aid of that Rs 22 crore loan. In India, Sonalika Tractor is now a well-known tractor manufacturer.
Joined India’s major tractor companies
Today, Sonalika Tractors Company is the third-largest tractor company 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 roughly 74 other nations.
In terms of tractors sold, Sonalika Tractors had over 1,50,000 units sold globally in FY23. In terms of branding, they are also well-known in the tractor industry.
India’s oldest billionaire is Lachman Das!
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.
Sonalika Tractors Success Story Overview
Entrepreneur Lachhman Das Mittal was sixty years old when Sonalika Tractors was founded in 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
Lachhman Das Mittal Interview: Sonalika Tractors Success Story
We sincerely hope that this article has provided you with some knowledge about 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 these.
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