Lalit Khaitan, the visionary behind esteemed alcoholic brands such as 8PM whisky, Magic Moments Vodka, and others like Jaisalmer and Rampur, has recently ascended to the ranks of India’s billionaires at the age of 80.
According to Forbes, Lalit Khaitan, chairman of the Delhi-based Radico Khaitan, clinched his billionaire status after witnessing a remarkable surge of over 50% in the shares of his publicly traded company this year. His substantial 40% stake in the enterprise now pegs his estimated net worth at $1 billion.
Here’s a comprehensive look into the journey of India’s newest billionaire:
Lalit Khaitan holds the pivotal role of chairman at Radico Khaitan, renowned for its production of alcoholic beverages like Magic Moments vodka, 8PM whiskey, Old Admiral brandy, and Rampur Indian Single Malt. Previously known as Rampur Distillery & Chemical Company Ltd., the company was acquired by his father, GN Khaitan, in the early 1970s. Lalit Khaitan inherited the distillery from his father in 1995 as part of the family’s business division.
In an interview with Fortune in 2020, Lalit Khaitan revealed his lifelong passion for the liquor trade, a calling he embraced from a young age. Under his stewardship, the company’s market capitalization has soared from a modest Rs 5 crore to over Rs 5,000 crore today.
Despite being a teetotaller initially, Lalit Khaitan steered the family business into the liquor industry after his father acquired the Rampur distillery in 1972.
Lalit Khaitan: Education
He pursued his education at esteemed institutions like Mayo College, Ajmer, St. Xavier’s College, Kolkata, and BMS College of Engineering, Bangalore. Additionally, he completed a Managerial Finance & Accounting course from Harvard, USA.
Role of his son Abhishek Khaitan
Radico Khaitan’s transformation from a bottling plant to a leading manufacturer of Indian Made Foreign Liquor (IMFL) is a testament to Lalit Khaitan’s strategic acumen. Alongside his son Abhishek, he diversified into branded beverages, launching the iconic 8PM whiskey in August 1998. Today, Radico Khaitan’s portfolio includes premium brands like Morpheus brandy, After Dark whisky, Rampur Indian Single Malt, 1965—Spirit of Victory rum, and Jaisalmer luxury craft gin, available across 85 countries.
Lalit Khaitan’s contributions to the industry have garnered numerous accolades, including the prestigious ‘Lifetime Achievement Award’ by the Uttar Pradesh Distillers Association in 2017. He was also honored with the ‘Inspirational Lifetime Achievement Award’ at Alcobev 2008 by the Confederation of Indian Alcoholic Beverage Companies.
