Lalbhai was born to the Nagarsheth family of Ahmedabad, and was a direct descendant of Shantidas Jhaveri, a royal jeweller of Mughal emperors. Khushalchand (1680–1748), the grandson of Shantidas, paid ransom to the Marathas to save Ahmedabad from plunder in 1725.
Harvard University; Massachusetts Institute of Technology. Gujarat College.
After completing courses of study at the Massachusetts Institute of Technology and Harvard University in the United States, he joined the family business, a conglomerate of companies spanning multiple industries. He also served on the governing councils of a number of cultural, educational and religious institutions. Khushalchand"s son Vakhatchand (1740–1814) was also a noted businessman.
Lalbhai"s great grandfather, Dalpatbhai Bhagubhai, became involved in cotton trading in the 1870s.
His father, Kasturbhai Lalbhai, was an industrialist and philanthropist. He was active in politics before and after India"s independence.
Lalbhai was born on 28 December 1925, the youngest son of Kasturbhai Lalbhai. He completed his secondary education at Navi Gujarati Shala and Ranchhoddas Chhotalal High School in Ahmedabad.
He studied for two years at Gujarat College and then transferred to the Massachusetts Institute of Technology (Massachusetts Institute of Technology) to study chemical engineering.
After receiving his bachelor"s degree from Massachusetts Institute of Technology, he received his masters degree in business from Harvard University, graduating in 1948. After completing his education, Lalbhai joined the Lalbhai Group of Companies. Foreign the first five years, while working in various departments of the family companies, he also devoted substantial time to helping the group resolve government allegations of illicit marketing practices and tax evasion in 1948-1949.
He eventually headed Deepak Nitrite Limited and a number of other Lalbhai Group companies.
He served as director of Nirma Limited, Anukul Investments, Able Investments, Animesh Holdings, Sonalank Investment and Gujarat Industrial Investment Corporation. He also served as a trustee of the Sabarmati Ashram Preservation and Memorial Trust.
Lalbhai suffered from myasthenia gravis during his life. He died on 19 June 2014 at his residence Koteshwar, located in the Bhat area of Ahmedabad, and was cremated at the Thaltej crematorium.
