A.M. Naik steps down as L&T's Group Chairman, passes baton to S.N. Subrahmanyan

In a significant leadership transition, A.M. Naik, the veteran industrialist, and philanthropist, officially stepped down as the Group Chairman of Larsen & Toubro (L&T), a conglomerate with a market value of $23 billion. The reins of this prominent company were handed over to S.N. Subrahmanyan.

At a solemn event held at the Jio World Convention Centre in Mumbai, attended by approximately 1,500 senior employees and former directors of L&T, Naik ceremoniously passed on the leadership role, marking the end of an illustrious era in the company's history.

In recognition of Naik's contributions to both industry and society, India Post unveiled a commemorative postage stamp in his honour. Additionally, L&T's former directors and Naik's family members revealed the cover of his forthcoming biography, titled "The Man Who Built Tomorrow," slated for publication by Harper Collins.

Going forward, Naik will focus his energies on various philanthropic endeavours, including the Naik Charitable Trust, which is dedicated to promoting education and skill-building among underprivileged communities, and the Nirali Memorial Medical Trust, committed to providing specialised healthcare at affordable rates.

Through these trusts, Naik has established five hospitals, six schools, and three wedding and thread ceremony halls in Gujarat and Mumbai. Furthermore, he has adopted over 40 schools, significantly enhancing their infrastructure and educational environments.

Naik's dedication to philanthropy has earned him the title of India's most generous corporate professional, according to the Edelgive Hurun India Philanthropy List, for three consecutive years. In the fiscal year 2021-22 alone, he allocated a substantial sum of Rs 142 crore to philanthropic causes.

Born into a family of educators in Gujarat, Naik began his journey at L&T in 1965 as a junior engineer and eventually rose to the position of Group Chairman. During his nearly three decades in leadership roles, Naik played a pivotal role in L&T's growth and transformation.

Also Read Larsen & Toubro share buyback kicks off; stock rises