Curated By: Business Desk
Last Updated: August 10, 2023, 12:22 IST
Larsen & Toubro Ltd is soon going to bid adieu to its chairman Anil Manibhai Naik as he steps down from his position into retirement on September 30. Naik has worked with Larsen & Toubro (L&T) for almost six decades, having begun his career there as a young engineer. Naik has contributed significantly to the success of the business.
He may be stepping down as chairman but he is not completely hanging his boots. Naik will continue to serve as the Employees’ Trust chairman for the business. Along with this, he will keep his position as chairman of two Larsen & Toubro information technology firms.
AM Naik revealed his plans in an interview with Moneycontrol. He claimed that by the year 2025, he will no longer have any obligations. Naik serves as Denmark’s Honorary Consul General, which he plans to step down from in 2025. “I have informed the Danish Ambassador that I will not be able to provide my services after the year 2025,” Naik added. “I will solely serve as the chairman of both IT businesses for the upcoming calendar year. I’ve made the decision to entirely stop working by the year 2025, with the exception of trust work,” he further said.
Naik has a big hand in saving the existence of Larsen & Toubro which survived twice because of him. He twice foiled the hostile takeover of the company. Only after unsuccessful attempts to take over the business did Naik create the Larsen & Toubro Employees Trust. Currently, the trust is the company’s largest stakeholder which has stock valued at Rs 52,000 crore.
“We saved the company and established a trust of the employees like Tata Trust,” claims Naik. “It had nothing at the time it was created. However, the trust’s stake now is 52 thousand crores. The L&T Company’s current and retiring employees are taken care of through a number of programmes operated by this trust. Sports and other artistic endeavours are also encouraged,” he added.
In addition to the L&T Trust, AM Naik also established two more trusts. He established the Nirali Memorial Medical Trust, which offers medical services, and the Naik Charitable Trust, which supports education and skill development.
