Lalit Mohan Thapar (October 27, 1930 - January 17, 2007), often referred to by his initials LMT, headed the LM Thapar Group of companies. He was born to Karam Chand Thapar, the founder of the Thapar Group of companies that owned industrial powerhouses such as Crompton Greaves, BILT and JCT Mills. Inder Mohan Thapar, Brij Mohan Thapar and Man Mohan Thapar are his brothers. He was educated at the prestigious Doon School. He graduated in engineering from the University of Southern California, USA. He became Chairman of Ballarpur Industries Limited in 1962. He died of cardiac and renal failure in New Delhi on January 17, 2007.
Single and a resident of New Delhi's up market Amrita Shergill Marg, L.M. Thapar was fond of the good life and was known for being charming and polished. He was an avid art collector, with an impressive personal gallery of some of the finest works of art. His bon vivant persona was highlighted in most of his obituaries. In 2005, he handed over the reins of his business empire to his nephew Gautam Thapar (son of Brij Mohan Thapar).
The Thapar Group was established by Lala Karam Chand Thapar. After his death in 1963, his third son, L. M. Thapar, took over the Group, which then included the Oriental Bank of Commerce, as well as Oriental Insurance. Both these companies were subsequently nationalized. Other Group companies and concerns in India are The Pioneer, Greaves Cotton, JCT Mills, JCT Electronics, Crompton Greaves and Ballarpur Industries. Up to the early '80s, the Thapar Group was one of the top 10 Indian business houses. With the division of the Thapar family assets, L.M. Thapar inherited among other companies, BILT. Today, BILT is run by his nephew, Gautam Thapar, under the Avantha Group.