Meet man who is among India's newest billionaires at 80, runs Rs 23000 crore company, his business is...

India is among the world's fastest-growing markets for alcohol and the nation's newest billionaire Lalit Khaitan is taking full advantage of this expanding trend. At over 80 years old, Khaitan is the chairman of Radico Khaitan, a Delhi-based liquor company with a revenue of $380 million (Rs 3,200 crore) known for its 8 PM whiskey, Old Admiral brandy, Magic Moments vodka and Rampur single malt.

This publicly traded company saw its shares rise by more than 50% last year, driven by increasing sales and the launch of new products like Happiness in a Bottle gin. With a 40% stake in the company, Khaitan's net worth is estimated at $1.1 billion. Radico Khaitan boasts a market capitalisation of approximately Rs 23,700 crore as of July 2, 2024.

Originally from Kolkata, Lalit Khaitan was educated at Mayo College in Ajmer and St. Xavier's College in Kolkata. He took control of Radico Khaitan in 1972-73 when the company was burdened with liabilities and led it to significant success. 

Radico Khaitan, which began as a bottler, moved into bulk alcohol production before shifting to branded beverages in 1997 after Khaitan's astute son Abhishek joined the company.

Radico Khaitan faces considerable competition from United Spirits, a listed subsidiary of Diageo, once run by the flamboyant liquor magnate and former billionaire Vijay Mallya. Other competitors include niche producers like Goa-based Stilldistilling Spirits India, known for Maka Zai rum and Third Eye Distillery Holdings, makers of Stranger & Sons gin. Today, Radico Khaitan stands as one of the largest manufacturers of Indian Made Foreign Liquor (IMFL), exporting its diverse brands to over 85 countries worldwide.