“Lalit Khaitan: India’s Newest Billionaire at 80”
Lalit Khaitan, the 80-year-old chairman of Radico Khaitan, has joined the ranks of India’s billionaires, marking a remarkable milestone in his career and the spirits industry. His company, Radico Khaitan, renowned for brands like Rampur Whisky and Magic Moments Vodka, has surged in the market, propelling Khaitan’s net worth to an estimated $1 billion, according to Forbes.
Lalit Khaitan, the 80-year-old chairman of Radico Khaitan, has joined the ranks of India’s billionaires, marking a remarkable milestone in his career and the spirits industry. His company, Radico Khaitan, renowned for brands like Rampur Whisky and Magic Moments Vodka, has surged in the market, propelling Khaitan’s net worth to an estimated $1 billion, according to Forbes.
Radico Khaitan, a Delhi-based distillery, has witnessed a significant upsurge in revenue, reaching $380 million, further solidifying its position as a key player in the liquor market. The company’s shares soared over 50% this year, fueled by robust sales and the successful introduction of new beverages, notably the ‘Happiness in a Bottle’ gin, cited by Forbes as a driving force behind Khaitan’s entry into the billion-dollar league.
The company, established as Rampur Distillery in 1943, has grown to become one of India’s oldest and largest manufacturers of Indian Made Foreign Liquor (IMFL).
Lalit Khaitan’s journey into the liquor industry stems from his father’s acquisition of the Rampur Distillery and Chemical Company in the 1970s. Following this legacy, Lalit inherited the business in 1995 and transformed it into Radico Khaitan, with his son, Abhishek Khaitan, now overseeing the company as an industrial engineer.
Khaitan’s foray into the spirits market commenced in 1997, spearheading the marketing division at Radico Khaitan Limited. His debut brand, 8PM Whisky, achieved unprecedented success, selling a million cases in its inaugural year and earning a prestigious spot in the Limca Book of World Records.
Key points about Lalit Khaitan:
- Kolkata-born Lalit Khaitan, educated at Mayo College and St. Xavier’s College, inherited Radico Khaitan Limited, a modest liquor business.
- He transformed Radico from a bottler into a prominent player in India’s IMFL segment.
- As chairman and managing director, he’s steered the company’s strategic direction, emphasizing quality standards and customer satisfaction.
- His leadership has propelled substantial revenue growth and augmented market shares for Radico Khaitan.
- Dr. Khaitan’s contributions earned him professional accolades, notably the esteemed ‘Lifetime Achievement Award’ from UP Distillers Association in December 2017.
Lalit Khaitan’s journey to becoming India’s latest billionaire serves as a testament to his vision, leadership, and transformative impact within the dynamic spirits industry.
Sources By Agencies
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