Anil Manibhai Naik, group executive chairman, Larsen and Toubro, whose term as executive chairman had expired in 2017, had been retained as non-executive chairman for three years post his superannuation as executive chairman. Not only did Naik receive handsome retirement benefits—about Rs 55 crore as gratuity and Rs 1.50 crore as pension—but also leave encashment of Rs 19 crore.
Naik has been with L&T for more than 50 years, during which he contributed significantly to its growth and presence overseas. A recipient of the Padma Bhushan in 2009, Naik also received four doctorates and numerous others awards from various institutions and industry. He has also served as the chairman of IIM Ahmedabad.
Under Naik, L&T had grown to become a USD 16 billion Group with a strong presence in engineering, construction, technology, manufacturing as well as financial services in more than 30 nations.
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If AM Naik had not occupied the topmost position for so long then L&T could have become a much much larger company actually. He should have stepped out long back. I worked with L&T for 7 years – from 1996 to 2004 – and he was at the top even then. So many companies became so big in the last 30 years or so.