Meet Lalit Khaitan, India's newest billionaire at age of 80
What's the story
At the age of 80, Lalit Khaitan, chairman of Delhi-based Radico Khaitan, has become India's newest billionaire.
Forbes reports that his net worth reached $1 billion after his company's shares soared over 50% this year.
He owns a 40% stake in Radico Khaitan, the company renowned for producing alcoholic beverages such as Magic Moments vodka and 8PM whiskey.
Details
Lalit started running Radico Khaitan in 1995
In 1972, Lalit's father GN Khaitan bought the loss-making Rampur Distillery & Chemical Company Ltd. for Rs. 16 lakh.
After inheriting the distillery in 1995, Lalit transformed it into one of the largest Indian Made Foreign Liquor (IMFL) manufacturers, with products available in over 85 countries.
In a 2020 interview with Fortune, Lalit said, "From class 9 onwards, I was very clear that I wanted to be in the liquor trade."
What Next?
Expansion into branded beverages
Lalit and his son Abhishek expanded into branded beverages to overcome business challenges from rival distilleries.
They launched 8PM whiskey in August 1998, and their portfolio now includes premium brands as well, including the award-winning Rampur single malt.
At present, the company offers Rampur whiskey, 8PM whiskey, Magic Moments vodka, Contessa rum, Jaisalmer gin, and Old Admiral brandy in its brand portfolio.
Insights
Education and early life
Lalit studied at Mayo College, Ajmer and St. Xavier's College, Kolkata.
He has a Bachelor's degree in Engineering from BMS College of Engineering, Bengaluru, and has completed a Managerial Finance and Accounting course at Harvard, US.
Interestingly, Lalit was a teetotaler before his father bought the Rampur Distillery. What's intriguing is that his father, GN Khaitan, hailing from a traditional Marwari family, was a lifelong teetotaler.
Insights
Awards and accolades
Lalit was honored with the 'Lifetime Achievement Award' by the UPDA (Uttar Pradesh Distillers Association) in 2017 for his remarkable contribution to the industry.
He was also honored with the 'Inspirational Lifetime Achievement Award' at Alcobev 2008 held by the Confederation of Indian Alcoholic Beverage Companies.
He has been associated with several developmental projects, has represented India with several international delegations, and is involved in social and educational activities across India.