Lalit Khaitan, the 80-year-old chairman of Delhi-based Radico Khaitan, has become India’s latest billionaire, capitalising on the rapid growth of his company Radico Khaitan in the liquor market. With a revenue of $380 million, Delhi-based distillery stands as a key player in this dynamic industry, Forbes reported.
The publicly traded company’s shares surged over 50 per cent this year, driven by increased sales and the introduction of new beverages like Happiness in a Bottle gin, Forbes reported. This rise propelled Khaitan into the three-comma club, estimating his net worth at $1 billion, primarily derived from his 40 per cent stake in the company.
Radico Khaitan boasts a brand portfolio that includes Rampur Whisky, 8PM Whisky, Magic Moments Vodka, Contessa Rum, and Old Admiral Brandy.
It commenced its operation as Rampur Distillery in 1943 and stands among the oldest and largest manufacturers of Indian Made Foreign Liquor (IMFL) in India.
In the 1970s Lalit’s late father, G.N. Khaitan, acquired the former Rampur Distillery and Chemical Company.
In 1995, Lakit Khaitan inherited it and transformed it into Radico Khaitan. The company is currently overseen by Abhishek Khaitan, his son and an industrial engineer.
In 1997, he initiated his career by leading the marketing division at Radico Khaitan Limited. His inaugural brand, 8PM Whisky, achieved remarkable success, selling one million cases in its first year and earning a place in the Limca Book of World Records.
Who is Lalit Khaitan | 5 points
1. Kolkata-born Lalit Khaitan, educated at Mayo College and St. Xavier’s College, has inherited Radico Khaitan Limited, then a modest liquor business.
2. He successfully transformed Radico from a bottler to a leading IMFL player in India.
3. As chairman and managing director, he provides strategic direction, focusing on improving quality standards and customer satisfaction.
4. Under his leadership, the company has experienced significant revenue growth and increased market shares.
5. Dr. Khaitan’s contributions were recognised with several professional awards, including the prestigious ‘Lifetime Achievement Award’ from UP Distillers Association in December 2017.