The Forbes list of 100 richest men in India 2015 has just been released. Mr. L.D. Mittal, Chairman, Sonalika International Tractors Ltd., is ranked 52nd in the list. With his net worth pegged at $1.95 billion, he has reached the 52nd position from the 65th position which he held last year.
Mr. Mittal started his career at LIC, and from there on he ventured into tractor manufacturing. With a clear vision to set up a successful and impressive business empire, Mr. Mittal, along with his two sons, built Sonalika International, which is now recognized in both the domestic and international markets as a formidable player.
Ranked the third largest company in the domestic tractor manufacturing industry, Sonalika International Tractors Ltd. today is one of the fastest growing companies in India.
Son of a grain merchant from Punjab, Mr. Mittal worked with LIC before joining the family’s agricultural and farm equipment business in 1990. He has received several Awards for his contribution to the business, and is recognized widely for his sharp business acumen, vision, leadership, philanthropy and entrepreneurship.
Under Mr. Mittal’s leadership guidance, Sonalika’s products are sold in more than 80 countries, including the US, Europe, Africa and Asia Pacific. It is a leading player in many countries across continents. The CAGR of 30% in the last decade has made it one of the fastest growing companies in India.
By 2020, Sonalika International Tractors aims to double its revenue from the current $650 million.