April 20 2016, 17.39 PM IST || Pocket News Alert
Chandigarh, April 20, 2016: Mr. Lachhman Das Mittal, Chairman of India’s 3rd largest tractor manufacturing company, Sonalika International Tractors Limited is ranked 46th in the list of Indian billionaires. This list appeared in the eminent forbes annual ranking of the world’s billionaires for 2016. With the net pegged at $1.7 billion. Last Year, Mr. Mittal moved up to 52nd position in 2015 from the previous 65th position in 2014.
Mr. Mittal today fondly known as “Tractor Titan” started his carrier in The Life Insurance Corporation of India (LIC) and from there on, he ventured into manufacturing of implements for agricultural needs of farmers in 1969. Back in 90’s, situation of farmers was wretched and India was far back in terms of food productivity. To cater farmer’s requirements and demands to increase food productivity, Mr. Mittal along with his two sons formed International Tractor Ltd. in 1996. Mr. Mittal’s passion and dedication to serve and empower agriculture community has been the driving force in making Sonalika, India’s 3rd largest tractor maker. The company has been able to achieve this position in just 2 decades which is a remarkable growth. Sonalika ITL has been able to achieve a market share of 12% in India with a growth rate of 50% in the last 4 years. Today Sonalika ITL products are sold in more than 100 countries across the globe and have been very well recognized in both the domestic and the international markets.
A firm believer of the philosophy of “vasudhaiva kutumbakamstating whole world as one family”, he envisions a world which is free from poverty and hunger. He is working on reforming and conserving the society since the time when it was not even made a compulsory act by the Government. Mr. Mittal usually quotes, “There are no short cuts for success, just sheer hard work” and believes in the concept of 3Ts for success- training, training and training.
Mr. Raman Mittal, Executive Director Sonalika ITL says, “Mr. LD Mittal is a true visionary and his idea of hunger free world is a guiding force for the company’s progress. His thought and meticulous modus operandi is a source of inspiration for more than 3500 employees of the company.”
Mr. Mittal has received several awards for his contribution to the business, and is recognized widely for his sharp business acumen, vision, leadership, philanthropy and entrepreneurship. He has been the honorary consulate General of the Embassy of Macedonia. He was the President of Indian Tractor Manufacturers’ Association and Co- Chairman of ICCI expert Committee on agriculture. Mr. Mittal has also been an active member of Development Council for Automobile and Allied Industries, Govt. of India and CII National Committee on World Trade Organization.
About Sonalika International Tractors Ltd;
Sonalika International tractors Ltd. is the country’s heavy duty tractor range which produces technologically superior tractors in a range from 20HP to 110HP. Today, Sonalika ITL stands as 3rd largest tractor maker in India and is recognized in both domestic as well as international market as a formidable player. The company has earned the trust of over 6 lakhs customers in more than 100 Countries in just 2 decades which is a remarkable growth.
With the increasing demands of tractors globally and to fulfill this demand, Sonalika ITL boasts of Sonalika World Plant a state-of-the-art integrated tractor manufacturing plant, strategically located in Hoshiarpur. This plant will have a capacity to manufacture approximately 2 lakh tractors annually with a roll out time of around 2 minutes. The company is in a growing state and has strategic business partnership with Blackstone PE and Yanmer, Japan.
For more information visit- http://www.sonalika.com/pages/index.html