India is the third-largest alcoholic beverage market in the world, consuming around 970 crore liters annually, which is worth Rs. 4.5 lakh crores. According to a report in Moneycontrol, the percentage prevalence of alcohol use in the 10-75 age group is highest in Chhattisgarh (35.60), followed by Tripura (34.40). Punjab is in third place (28.50), while Delhi is in 10th spot (21.30), and Lakshadweep comes last in the list (0.20).
For the uninitiated, Maharashtra is the biggest wine-producing state in the country. With a massive rise in the demand for Indian beers made from malt, brandy, whisky, gin, wine, etc is getting a lot of demand in the global liquor market. According to Agriexchange APEDA, India exported alcoholic products worth Rs. 2,386.91 crore in a single year (2020-21).
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The incredible rise in Radico Khaitan’s shares made Lalit Khaitan, India’s newest billionaire at 80
With the massive rise in the demand for alcohol in India, liquor companies have become a hot target for investors. The best liquor stocks in India in recent times include United Breweries Limited, United Alcohol Limited, Radico Khaitan Limited, Globus Spirits Limited, GM Breweries Limited, Tilaknagar Industries Limited, and more. A massive jump of more than 50 percent in the shares of leading liquor company Radico Khaitan makes its chairman, Lalit Khaitan, India’s newest billionaire at the age of 80.
According to a report in Moneycontrol, Lalit Khaitan has a 40 percent stake in the company, which is why he benefitted the most from the sudden rise in his company’s shares. The Delhi-based liquor company reportedly has a market capitalisation of 22,395 crores. There’s no denying that Radico Khaitan has become one of the leading names in India’s liquor market in recent years.
Who founded Radico Khaitan? The liquor company behind popular alcohol brands like Magic Moments, 8 PM, Rampur Whisky, and more
Rampur Khaitan was originally named Rampur Distillery & Chemical Company Limited, and it was established back in 1943 in Uttar Pradesh’s Rampur. Despite producing extra neutral alcohol and supplying bulk alcohol for various liquor companies, it started witnessing a lot of losses in the following years. Finally, it was in 1972 when G.N. Khaitan purchased the loss-making liquor company at a cost of Rs. 16 lakhs from Vishnu Hari Dalmia. As per multiple reports, many people warned G.N. Khaitan and advised him not to buy Rampur Distillery.
However, G.N. believed in himself and purchased the company with the aim of creating generational wealth with it. In 1995, G.N. Khaitan’s son, Lalit Khaitan entered the scene as he took over the liquor division of Rampur Distillery & Chemical Company Limited. Interestingly, Lalit had decided to be in the liquor trade when he was in class 9 but tasted alcohol for the first time when his father acquired Rampur Distillery & Chemical Company Limited in 1972.
As per reports, Lalit Khaitan was 28 when he tasted alcohol for the first time in his life. In the following years, company’s name was changed to Rampur Khaitan. It became a leading player in liquor market after producing much-loved alcohol products like Whytehall Honey Whisky, 8 PM, Magic Moments, Contessa Rum, Old Admiral Brandy, Florence Brandy, Jaisalmer Indian Craft Gin, 8 PM Bermuda, Radico Gold Whisky, and many more.
Educational background of Radico Khaitan’s Chairman and Managing director, Lalit Khaitan
There are numerous reasons why Lalit Khaitan succeeded in taking Radico Khaitan to a completely different level after taking over the liquor business from his father, G.N. Khaitan, in 1995. However, Lalit’s strong educational background has been tipped by many people as the prime factor behind his success. For the uninitiated, Lalit has studied in renowned institutions like Ajmer’s Mayo College and Kolkata’s Saint Xavier’s College.
Not only this, Lalit Khaitan also has a Bachelor’s degree in Engineering from Bangalore’s BMS College. Lalit also went to Harvard to pursue a degree in managerial finance and accounting. Such a strong educational background is the reason why Lalit Khaitan succeeded in making Radico Khaitan one of India’s leading liquor companies.
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Lalit Khaitan’s inspiring journey with Radico Khaitan: From Rs. 5 crores to Rs. 5,000 market capitalisation and competition with Vijay Mallya
It wasn’t a cakewalk for Lalit Khaitan to make a place for his company, Radico Khaitan in India’s liquor market, as there were a series of big players like Vijay Mallya’s United Spirits, Stilldistilling Spirits India, Maka Zai, and Third Eye Distillery Holdings. Once, in an interview with Fortune, Lalit shared that right from an early age, he was fascinated with the workings of a liquor company and hence decided to pursue a career in the same. It was his passion that helped him take Radico Khaitan’s market capitalisation to Rs. 5000 crores from Rs. 5 crores. Opening up about the same, he said:
“From class 9 onwards, I was very clear that I wanted to be in the liquor trade. Our market capitalisation was about Rs 5 crore. Today, it’s over Rs 5,000 crore.”
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Radico Khaitan is currently available in more than 85 countries, and its products have ruled the Indian liquor market for some decades. Recently, Zerodha’s co-founder, Nikhil Kamath, revealed that he has a 1.6-1.7 percent stake in Radico Khaitan, which speaks volumes about the company’s exceptional growth, which is showing no signs of slowing down.
For the uninitiated, Radico Khaitan’s Chairman and Managing Director, Lalit Khaitan received the Lifetime Achievement Award from UPDA back in 2017. Not only this, Lalit also won the Inspirational Lifetime Achievement Award at Alcobev 2008, which was held by the Confederation of Indian Alcoholic Beverage Companies for his incredible contribution to the liquor industry.
What are your thoughts on Lalit Khaitan becoming a billionaire at the age of 80 when most people are enjoying their retirement? Let us know.
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