AM Naik steps down as L&T Chairman; SN Subrahmanyan to take charge

L&T’s AM Naik steps down: AM Naik has stepped down as the Chairman of construction giant Larsen and Toubro Group. Naik, who was at the helm of affairs of the company for two decades, spent nearly 60 years of his life working with L&T. According to a report by PTI, SN Subrahmanyan is set to take charge of the conglomerate post Naik’s departure. 

Naik will now the chairperson of the employees trust, the report added. He will also be looking after Naik Charitable Trust and Nirali Memorial Medical Trust, as part of his focus on his philanthropic initiatives. The Naik Charitable Trust works to educate and upskill the underprivileged, while the Nirali Memorial Medical Trust facilitates super speciality healthcare at subsidised cost. 

AM Naik’s legacy

L&T has seen a transformation journey that is rarely found, and this journey has been closely observed by Naik. The group credits its shareholder value boost to Naik’s tenure as the Chairman, while stating that it was his leadership that resulted in a significant increase in parameters of L&T’s business performance. During his tenure, the conglomerate underwent restructuring in order to deliver aggressive growth. Moreover, Naik led the diversification of L&T’s offerings, leading to indigenisation of defence and process industries manufacturing. It was his vision for L&T that led to Naik becoming a man of national importance and receiving the Padma Vibushan in 2019.

L&T’s growing importance

Naik’s legacy has left an important mark on the conglomerate. In August this year, Morgan Stanley took a bullish stance on India, upgrading it from “equal weight” to “overweight”. This bullish overview of the country was credited to Maruti Suzuki as well as L&T, showcasing the significant position these two bigwigs hold in the Indian economy. 

The company’s own growth and diversification story is complemented by Centre’s push for infrastructural development and technology. L&T, which according to Naik continues to excel in infrastructure, hi-tech manufacturing, as well as tech-driven services, has been at the forefront of delivering this development in India.