A M Naik steps down as chairman of L&T Group
AM Naik resigned as chairman of L&T Group on Saturday.
He handed over control of the $23 billion conglomerate to SN Subrahmanyan at an event in Mumbai.
Naik, 81, will now become chairman of the employees’ trust. According to a statement, he will focus on expanding the many philanthropic initiatives he has undertaken in recent years.
India Post unveiled a postage stamp on Naik on the occasion.
Naik’s focus in the future will be on his philanthropic initiatives, including the Naik Charitable Trust which focuses on education and skill building for the underprivileged, and the Nirali Memorial Medical Trust which is dedicated to facilitating super-specialty healthcare at subsidized costs.
Naik joined the company in 1965 as a junior engineer and later became group chairman.
In his nearly three decades in leadership roles, Naik has helped the company grow to its current size and stature, the statement said.
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First print: September 30, 2023 | 10:12 p.m IST