Mr.LD Mittal (aged 89 yrs) the Chairman of Sonalika Group of Companies, based at Hoshiarpur in Punjab remains among top 75th wealthiest Indian having worth of $1.9B.
For the 9th consecutive year; Mr. Mittal is the only person in the list belonging from Punjab! Forbes had recently released 2020’s list of the top 100 richest Indians. Amid the coronavirus pandemic which hit India hard, half of the nation’s 100 richest on the 2020 Forbes India Rich List saw gains. “Their collective net worth rose 14% to $517.5 billion from a year earlier. In 2012 Mr.Mittal Debut among 100 richest Indians, started his business career in 1990 at age 60 after retiring from the PSU Life Insurance Corporation of India. Today his Sonalika Group is India’s third-largest tractor maker by market share (source). Japanese firm Yanmar has a 30% stake in his tractor outfit International Tractors, having world largest manufacturing capacity of 3 lakh tractors under one roof at Hoshiarpur. At the age of 89 years Mittal has handed over operations to his sons Amrit Sagar and Deepak and grandsons Raman, Sushant and Rahul, but attends office every day.
Sonalika has registered an excellent sales record this year. It has recorded it highest ever H1 Sales of 63,651 Tractors and 26,530 implements in the first half of FY2021! Sonalika Tractors has also broken all of its previous monthly sales records as well as outperformed the tractor industry sales performance in Sep’20. Strong positive domestic sentiments coupled with healthy demand from overseas markets has led Sonalika to register highest-ever overall sales of 17,704 tractors in Sep’20.
“In a tumultuous year for the global economy, India’s richest preserved their wealth. LD Mittal remains the among top 75 wealthiest Indian for the 9th year in a row. Third largest tractor manufacturer Sonalika have exort presence in 120 countries,being largest exporter from India. On 9th consecutive year among top 75 richest Indian,Mittal reaction is very simple and humble, “ farmers based our customers strength make us local to global.All credit goes to the loyality of farmers towards us.”