Brief by Shorts91 Newsdesk / 07:19am on 14 Dec 2023,Thursday Business
80 year old liquor tycoon Dr Lalit Khaitan has become India's newest billionaire, with his 40% stake in publicly traded alcohol group Radico Khaitan now valued at $1 billion after a 50% share price surge this year. Known for iconic brands like Magic Moments vodka and 8 PM whiskey, the Harvard-educated engineer from a traditional Marwari family never drank alcohol until inheriting his father's Rampur distillery business in 1972. Currently Radico Khaitan's Chairman boasting $380 million revenue, Dr Khaitan has spearheaded the company's rapid growth in tandem with India's booming liquor market. The lifelong teetotaler has received industry honors like the 2017 UPDA Lifetime Achievement Award for his pivotal role shaping the alcoholic beverage landscape.
