India has a new billionaire on the scene, and he’s none other than Lalit Khaitan, the 80-year-old chairman of Radico Khaitan. Forbes recently bestowed this prestigious title on him as the shares of his publicly traded company experienced an extraordinary surge of over 50 percent this year, elevating his estimated net worth to an impressive $1 billion.
Radico Khaitan, renowned for its alcoholic beverages like Magic Moments vodka, 8 PM whiskey, Old Admiral brandy, and Rampur single malt, owes much of its recent success to Khaitan’s substantial 40 percent ownership stake.
Lalit Khaitan’s journey into the spirits world began in 1972 when his father, GN Khaitan, a lifelong teetotaller, acquired the struggling Rampur distillery business. This marked a significant turning point for the Khaitan family, propelling them into the liquor industry.
Educated at esteemed institutions like Mayo College, St. Xavier’s College, and BMS College of Engineering, Lalit Khaitan’s path to building a billion-dollar empire also involved a managerial finance and accounting course at Harvard, USA.
Taking the reins in 1995, Lalit Khaitan strategically diversified the company into branded beverages, with the launch of 8 PM whiskey in 1998, a move that proved pivotal for Radico Khaitan’s success.
Today, Radico Khaitan is a leading producer of Indian Made Foreign Liquor (IMFL), with its brands reaching over 85 countries. Forbes recognizes the company’s astute expansion of premium brands as a key factor in its significant financial gains.
Reflecting on his journey, Lalit Khaitan shared, “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.”
