A. M. Naik on Saturday officially stepped down as Larsen & Toubro Ltd’s (L&T) Group Chairman, handing over the reins of the $23 billion conglomerate to S. N. Subrahmanyan who has now become the CMD of L&T Ltd.
Mr. Naik, 81, will now be chairman of L&T’s IT companies and the Employees Trust. He will also focus on scaling up his many philanthropic initiatives.
To mark the occasion L&T hosted an event at the Jio World Convention Centre in Mumbai, where some 1,500-odd senior employees and several former directors of L&T were present for the sendoff.
On the occasion the India Post unveiled a postage stamp on Mr. Naik.
L&T’s former directors and Mr. Naik’s family members also unveiled the cover of his upcoming biography The Man Who Built Tomorrow that will be published by Harper Collins.
Hailing from a family of teachers in Gujarat, Mr. Naik had joined L&T in 1965 as a junior engineer and went onto become its Group Chairman.
In the near three-decades that he spent in leadership roles, Mr Naik is said to have helped L&T grow to its present size and stature.