NEW DELHI: At 80 years old, Lalit Khaitan, the chairman of Radico Khaitan in Delhi, has hit the billionaire jackpot, riding the wave of his company’s success in the booming liquor market. Forbes reports that Radico Khaitan, with a $380 million revenue, has become a major player in the industry.
This year, the company’s publicly traded shares skyrocketed by over 50%, fueled by surging sales and the introduction of new drinks like the ‘Happiness in a Bottle’ gin. This surge pushed Khaitan’s net worth to an estimated $1 billion, largely from his hefty 40% stake in the company.
Radico Khaitan’s brand lineup includes Rampur Whisky, 8 PM Whisky, Magic Moments Vodka, Contessa Rum, and Old Admiral Brandy, making it a heavyweight in the market.
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Originating as Rampur Distillery in 1943, Radico Khaitan holds the distinction of being one of the oldest and largest producers 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. Fast forward to 1995, and Lalit took the reins, transforming the business into Radico Khaitan. Today, the company is steered by his son, Abhishek Khaitan, an industrial engineer.
Lalit Khaitan, a Kolkata native educated at Mayo College and St. Xavier’s College, took charge of Radico Khaitan Limited, initially a liquor business. Guiding the company’s shift from a bottler to a major player in India’s liquor market, Khaitan’s strategies fueled substantial growth.
As the chairman and managing director, he steers the company, concentrating on improving quality and ensuring customer satisfaction. Radico Khaitan has notched up significant revenue growth and grabbed a larger market share, Khaitan’s contributions earned him various awards, including the prestigious ‘Lifetime Achievement Award’ from the UP Distillers Association in December 2017.