Age has never been a barrier to dreams or new beginnings and India’s business world has several inspiring examples that prove this. One of them is Lachhman Das Mittal, the founder of the Sonalika Group, who started his entrepreneurial journey at the age of 60 and continues to remain active in business even at 95.
Mittal retired from the Life Insurance Corporation of India (LIC) in 1990. Instead of slowing down, he chose to start his own venture, a decision that surprised many. At the time, very few imagined that a retired officer would go on to build one of India’s biggest tractor manufacturing companies. Backed by years of experience, clear vision and determination, Mittal turned Sonalika into a globally recognised name in agricultural machinery.
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Today, Sonalika Group’s flagship company, International Tractors Limited, ranks third in India in terms of market share. Japanese giant Yanmar owns a 30 percent stake in the company, reflecting the strong global trust Sonalika has earned in the Indian farm equipment sector.
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The meaning of 'Sonalika'
The name 'Sonalika' means 'golden lines' in Hindi and is inspired by a wheat variety that played a key role during India’s Green Revolution. The name reflects Mittal’s vision of farmer prosperity and national growth through agriculture.
His wealth and family legacy
According to Forbes’ 2025 list, Lachhman Das Mittal ranks 60th among India’s richest individuals and 581st globally. His net worth stands at USD 4.9 billion or about Rs 44,578 crore, with the tractor business being the main source of his wealth. Mittal lives in Delhi, is a widower and has five children.
While the day-to-day business is now managed by his sons Amrit Sagar and Deepak and grandsons Raman, Sushant and Rahul, Mittal continues to play an active role in strategic planning. His daughter, Usha Sangwan, also made history as LIC’s first woman Managing Director and is now retired, adding to the family’s inspiring legacy.