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Larsen and Toubro's retired chairman Anil Naik receives Rs 21 crore as cash encashment for unused sick leaves

One of the world's best performing business leaders, Naik is the son of a village primary school teacher who rapidly rose through the ranks in L&T after joining the company as a junior engineer in 1965.

twitter-logo BusinessToday.In   New Delhi     Last Updated: January 29, 2019  | 20:54 IST
Larsen and Toubro's retired chairman Anil Naik receives Rs 21 crore as cash encashment for unused sick leaves

In what can be termed as rare achievement, Anil Manibhai Naik, who has retired as non-executive chairman of the construction major Larsen and Toubro (L&T), took home Rs 21 crore as sick leave encashment after his 50 years' of a stint with the company, revealed the company's annual report for FY18. Anil Naik's achievement, which is no less than a remarkable feat, echoes his work ethics and signifies India's rags to riches story. One of the world's best performing business leaders, Naik is the son of a village primary school teacher who rapidly rose through the ranks in L&T after joining the company as a junior engineer in 1965.

As per the company, Naik was paid whopping Rs 137.2 crore as the annual salary for FY18, including perquisites, ESOP, retirement benefits, and commission. His basic salary for the year was Rs 2.7 crore. AM Naik was granted stock options in Larsen & Toubro Infotech Limited and L&T Technology Services Limited. On his retirement as Group Executive Chairman, all options were vested.

"The outstanding vested options are 5,49,375 and 10,40,000 in Larsen & Toubro Infotech Limited and L&T Technology Services Limited respectively," says the company report for FY18. Under his leadership, L&T overcame "multiple challenges and emerged stronger with a sharper focus on profitable growth", says the company. He was appointed Managing Director and CEO of the company on December 29, 2003. Naik was the Group Executive Chairman of L&T from 2012 to 2017. In October 2017, he stepped aside from executive responsibilities and was appointed Group Chairman.

If that's not enough, Naik has pledged 75 per cent of his wealth to social causes in the sectors of healthcare, education and skill development. He was also conferred with India's third highest civilian award on this Republic Day by the Government of India. Before that, he was awarded the third-highest civilian award in 2019. His other achievements include appointment as Honorary Consul General for Denmark; Danish Knighthood by Her Majesty Queen Margrethe in 2008; and the Order of the Dannebrog - Knight First Class in 2015.

Naik's son Jignesh A Naik works with Google in California and his wife Rucha is CIO of Safeway, one of the largest retailers in the US. Naik's daughter Pratiksha and her husband Mukul are both doctors at Kentucky.

His father Manibhai Nichhabhai Naik was a freedom fighter who relinquished the job of a teacher at a prestigious Mumbai School to take up education in rural India.

Edited by Manoj Sharma

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