The 80-year-old has ascended to the ranks of India's select few.
Liquor magnate Dr Lalit Khaitan is India's newest billionaire. The 80-year-old has ascended to the ranks of India's select few after capitalising on the country's rapid growth in the liquor market. As the chairman of Radico Khaitan, a Delhi-based enterprise boasting an impressive $380 million in revenue, Dr Khaitan has played a pivotal role in shaping the industry landscape. The company is best known for its iconic beverages, including Magic Moments vodka, 8 PM whisky, Old Admiral brandy, and the prestigious Rampur single malt, distilled in the serene foothills of the Himalayas.
Here are some facts about the newest billionaire:
1) Shares of Dr Lalit Khaitan's publicly traded company soared by more than 50% this year, reported Forbes. Taking into account his substantial 40% stake in the company, his estimated net worth has now reached an impressive $1 billion.
2) Dr Khaitan studied at Mayo College, Ajmer, and St. Xavier's College, Kolkata. He has a Bachelor's degree in Engineering from BMS College of Engineering, Bangalore, and has completed a Managerial Finance and Accounting course at Harvard, USA.
3) In 1972, Dr Khaitan's father, GN Khaitan, took over what was formerly Rampur Distillery & Chemical Company Ltd, transforming the struggling company, which evolved into Radico Khaitan.
4) The liquor baron hails from a traditional Marwari family and was a teetotaler until his father acquired the Rampur distillery business.
5) He has received numerous professional accolades, with the most recent being the 'Lifetime Achievement Award' presented by the UPDA in December 2017. Dr Khaitan is also actively involved in developmental projects.