Mr. Lachhman Das Mittal

CORPORATE

Mr. Lachhman Das Mittal makes his debut this year in the business magazine Forbes

Oct 30, 2012

Mr. Lachhman Das Mittal makes his debut this year in the business magazine Forbes’ latest annual ranking of 100 wealthiest Indians. He is the one of the Richest Tractor barons in the country with a net worth of $785 Million. He has been ranked 75th on the list of the 100 richest people in India. Son of a grain merchant from Punjab, he worked in Life Insurance Corporation before joining family’s agricultural and farm equipment business in 1990. Sonalika ventured the tractor manufacturing in 1995.

In recognition to his business acumen, vision, leadership, philanthropy and entrepreneurship; Mr L D Mittal has received several awards including the prestigious ‘Pride of the Nation’ Udhyaog Ratna, Ernst & Young Entrepreneur of the Year award etc. Mr. L D Mittal was the Honorary Consulate General of 

the Embassy of Macedonia, He was also the President of Indian Tractor Manufacturers’ Association, Co– Chairman of ICCI Expert Committee on Agriculture, Along with was also Member of National Council, CII, Member of Development Council for Automobile & Allied Industries, Govt. of India, Member of CII National Committee on World Trade Organization and was member of Managing Committee of Bharati  Vidyapeeth University.

The Forbes magazine points out that strong market performance of Sonalika Groupwith an annual turnover of USD 500 million. In addition, 10% share of the domestic tractor market & exporting to over 70 countries worldwide along with selling a stake to private equity firm, Blackstone in a deal that valued the business at $800 million are the main reasons for Mr. L D Mittal racing ahead against many in the list.

Mr.Vikram Lal, the MD and CEO of Eicher Motors, is ranked at no. 91 on the list with a net worth of $ 630 Million.

On the other hand, Harvard graduate Mr. Anand Mahindra, Chairman and Managing Director of Mahindra & Mahindra is ranked at No 68 with a net worth of $880Million.

The list includes 61 billionaires, four more than in 2011,Forbes said, as the minimum wealth necessary to enter the list rose 25 percent to $460 million. According to Forbes, Indian billionaires increased their wealth as the region’s rich expanded their fortunes at the world’s quickest pace in the past year. Forbes said the list reflect the increasing presence of developing nations.

Part of the Sonalika Group of Companies, International Tractors Limited (ITL) has become a renowned name in the tractor manufacturing industry. It manufacturestractors from a power range of below 20HP to over 90 HP. The Company’s vision is to become the world’s leading tractor manufacturing company and to provide value for money to its customers by producing high-quality innovative products at competitive prices.