New Delhi: India has a new billionaire in town. Yes, 80-year-old Lalit Khaitan, the chairman of Radico Khaitan, has recently earned the prestigious title of India’s newest billionaire, according to Forbes. This accolade comes on the heels of an extraordinary surge of over 50 percent in the shares of his publicly traded company this year, catapulting his estimated net worth to an impressive $1 billion.
The Rise Of Radico Khaitan
Known for producing an array of alcoholic beverages including Magic Moments vodka, 8 PM whiskey, Old Admiral brandy, and Rampur single malt, Radico Khaitan owes much of its recent success to Khaitan’s substantial 40 percent ownership stake in the company. (Also Read: Man Orders Groceries Once, Swiggy Delivers Six Times; Netizens Begin Meme Fest)
Lalit Khaitan’s Journey
Lalit Khaitan’s journey into the world of spirits began when his father, GN Khaitan, a lifelong teetotaller from a traditional Marwari family, acquired the struggling Rampur distillery business in 1972. (Also Read: Meet This Patna’s Uber Driver Who Has Master’s Degree In Hand, Netflix On Screen, And UPSC Dreams)
A significant turning point for the Khaitan family, this acquisition marked the beginning of their foray into the liquor industry.
Education And Legacy
Having received his education at renowned institutions such as Mayo College, St. Xavier’s College, and BMS College of Engineering, Lalit Khaitan’s journey towards building a billion-dollar empire also included a managerial finance and accounting course at Harvard, USA.
From Distillery To Distinction
Originally known as Rampur Distillery & Chemical Company Ltd, the company underwent a transformative change. Lalit Khaitan took the reins in 1995 when his father distributed family businesses among his four sons. A strategic decision to diversify into branded beverages, with the launch of 8 PM whiskey in 1998, proved to be pivotal for the company’s success.
Global Impact
Today, Radico Khaitan stands tall as a leading producer of Indian Made Foreign Liquor (IMFL), with its brands reaching more than 85 countries. Forbes acknowledges the company’s astute approach to expanding its range of premium brands as a key factor in its significant financial gains.
In an interview, Lalit Khaitan reflected on the journey, stating, “From class 9 onwards, I was very clear that I wanted to be in the liquor trade. Today, our market capitalisation is over Rs 5,000 crore.”