Constructing an Empire Worth Rs 33,000 Crores: A Look at Vijay Mallya's Longstanding Competitor, Now Among India's Elder Tycoons
Downing a Pint: India's Booze Boom and the Billionaire Behind Radico Khaitan
India gulps down roughly 970 crore liters of alcohol yearly, making it the third-largest guzzler of hooch globally and raking in a staggering Rs 4.5 lakh crore for the industry, according to recent statistics. In 2020-21, India exported booze products worth Rs 2,386.91 crore. But why should you care? Well, dare to venture into the hallowed halls of Radico Khaitan, and you'll encounter a man who's made a fortune by turning liquor into liquid gold - none other than Lalit Khaitan, his net worth now crawling towards the big 1 B.
Yes, you read that right. Our very own Lalit Khaitan, who once started with a humble distillery, has now officially joined the billionaire club, as reported by Forbes in 2023. How did this liquor baron achieve his boozy dreams? Let's dive into the spirit of his journey.
Khaitan's roots stretch back to the 1970s when his father, GN Khaitan, snapped up Radico Distillery & Chemical Company Ltd. Fast forward to 1995, and the torch was passed to Lalit Khaitan. The young entrepreneur, armed with a burning passion for the liquor industry, transformed the family business into a heavyweight player in India's cutthroat liquor industry, despite having some staunch competition from veterans such as Vijay Mallya's United Spirits, Stilldistilling Spirits India, Maka Zai, and Third Eye Distillery Holdings.
From a mere Rs 5 crore market value to over Rs 5,000 crore, Radico Khaitan under Lalit's leadership has seen a monumental surge in its worth. In a 2020 interview with Fortune, Lalit reminisced about his affinity for booze, a relationship that began early in life and blossomed into a lucrative business partnership.
So, how does Lalit Khaitan roll? Born and raised in India, he graduated from prestigious institutions such as Mayo College in Ajmer, St. Xavier's College in Kolkata, and BMS College of Engineering in Bangalore. To fine-tune his financial acumen, he completed a course in Managerial Finance and Accounting from Harvard University. Now that's what I call a solid education.
Fast forward to 2024, and Radico Khaitan boasts a market capitalization of nearly Rs 23,700 crore, a figure that's now inflated to approximately Rs 33,000 crore. Lalit Khaitan, with a 40% stake in the company, and his net worth now sits comfortably at around $1.1 billion. Cheers to that!
- Lalit Khaitan, with a net worth nearly reaching 1 B, owns Radico Khaitan, a company that has seen a monumental growth from a Rs 5 crore market value to over Rs 5,000 crore, making alcoholic beverages worth nearly Rs 4.5 lakh crore annually in India.
- Despite competition from established players such as Vijay Mallya's United Spirits and Stilldistilling Spirits India, Radico Khaitan has succeeded in becoming a heavyweight in India's liquor industry.
- Lalit Khaitan, an alumnus of renowned institutions like Mayo College, St. Xavier's College, BMS College of Engineering, and Harvard University for Managerial Finance and Accounting, has used his education and self-development to transform the family business into a billion-dollar enterprise.
- In 2024, Radico Khaitan's market capitalization was nearly Rs 23,700 crore, and with Lalit Khaitan holding a 40% stake in the company, his net worth stood around $1.1 billion. This lifestyle business entrepreneur, who started with a humble distillery, now finds himself as a prominent figure in India's finance, business, and education-and-self-development sectors.
