Lalit Khaitan, a leading figure in India’s alcohol industry, is now ranked among the top billionaires in India by Forbes. With a net worth of $380 million, Dr. Lalit Khaitan is the chairman of Radico Khaitan, an 80-year-old company.
Lalit Khaitan’s rapid growth in the liquor business has propelled him to the top of Forbes’ latest billionaire list in India. He has achieved this by steering Radico Khaitan through the swift expansion of the Indian alcohol industry.
Magic Moments Vodka, 8 PM Whisky, Old Admiral Brandy, and Rampur Single Malt, produced in the foothills of the Himalayas, are some of the well-known Indian liquor brands under the umbrella of Radico Khaitan. Lalit Khaitan’s company has gained prominence for its indigenous alcoholic beverages, securing a significant position in India’s rapidly growing liquor market.
Radico Khaitan’s long-term strategy to expand the basket of premium brands is yielding fruitful results, according to industry analysts. As per the research report released in December by the Mumbai-based Indian Retail Brokerage Unit, in the last 15 years, Radico Khaitan has successfully launched over 15 new brands. The company has been able to create a strong portfolio of premium products, driven by consumer preferences.
This year, Radico Khaitan, under the leadership of Lalit Khaitan, has witnessed a significant increase in its market share, particularly in the premium segment. The Forbes report indicates that the company’s shares have risen by more than 50% this year. Dr. Lalit Khaitan’s Radico Khaitan, with its robust portfolio and successful premium product launches, has established itself as a successful player in the industry.
Forbes also highlighted that Lalit Khaitan’s Radico Khaitan has seen a remarkable surge, with the company’s assets now valued at over $1 billion. The company’s strong performance and strategic approach to premium brand expansion have played a crucial role in achieving this milestone.
Dr. Khaitan completed his education at Mayo College in Ajmer and St. Xavier’s College in Kolkata. After obtaining a degree in engineering from BMS College of Engineering in Bangalore, he pursued managerial finance and accounting courses at Harvard in the United States. His father, G.N. Khaitan, established Rampur Distillery and Chemical Company Limited in 1972, where Dr. Khaitan later took charge. Under his financial acumen, the company saw significant success, and he eventually changed the company’s name to Radico Khaitan. Dr. Khaitan’s father was initially a staunch prohibitionist until he took over the Rampur Distillery business, transforming it into a profitable enterprise.
As per a report by Sharekhan, the premium segment of foreign liquor sales in India now accounts for one-third of the total sales, marking a significant increase from 26% in 2018. Currently, Radico Khaitan is the leading producer in the premium segment of alcoholic beverages in India.
According to data from the UK-based market research firm IWSR, the volume of alcohol sold in India is expected to increase by 4% between 2022 and 2027. This growth is projected to be four times higher than the global average. With the urbanization and increasing population contributing to this upward trend, the sales of alcoholic beverages in India are estimated to rise from $52 billion in 2021 to $64 billion by 2027, as per market analysis.
Radico Khaitan, being a key player in the premium segment, is poised to benefit from this growing market demand for foreign premium liquors in India.
