L.D. Mittal, chairman of Sonalika Group, broke into the Forbes billionaire list for the first time this year. Forbes pegged his net worth at $1.1 billion.
Incorporated in 1969, Sonalika Group is among the top three tractor manufacturers in India. The group also manufactures multi-utility vehicles, farm machinery attachments, diesel gensets, and auto components.
Today, Sonalika products are sold in more than 60 countries. Japan's Yanmar and private equity firm Blackstone are among the investors in its flagship company International Tractor.
Mr Mittal, who worked over 40 years in the PSU sector, has been placed at 1,465 rank among the list of richest people on the planet. Microsoft co-founder Bill Gates topped the list with net worth of $76 billion.
(In pics: Meet the super-rich)
In the 2014 Forbes list, India has 56 billionaires in all with a collective net worth of $191.5 billion. Reliance Industries' Mukesh Ambani retained his title as India's richest person for seventh year in a row, with net worth of $18.6 billion.