Mumbai, India – After serving for 58 years, Anil Manubhai Naik has stepped down as Non-Executive Chairman of Larsen & Toubro (L&T), one of India’s largest multinational engineering conglomerates. In a statement, Naik expressed his gratitude to the company and its employees, saying that L&T has been his life.
“It has been an honour to serve L&T for the past 58 years, and I am grateful for the opportunities the company has provided me,” said Naik. “L&T has been my life, and it will always have a special place in my heart.”
Naik, who is widely regarded as one of India’s most successful business leaders, joined L&T as a junior engineer in 1965. He steadily climbed the ranks of the company and was appointed CEO and Managing Director in 2003. Under his leadership, L&T transformed from a primarily construction-focused firm to a diversified conglomerate with interests in technology, engineering, and manufacturing.
During Naik’s tenure, L&T completed several high-profile projects, including the construction of India’s largest nuclear power plant, the Mumbai Monorail, and the Hyderabad Metro. Naik also oversaw the company’s acquisition of several businesses, including Mindtree, a leading digital transformation company.
As he steps down as Non-Executive Chairman, Naik expressed confidence in L&T’s future, saying that the company is well-positioned to take advantage of India’s economic growth.
“I am proud of what L&T has accomplished over the past 58 years, and I am confident that the company will continue to thrive under the leadership of its talented executives and employees,” said Naik. “I will always cherish the memories and experiences I had at L&T, and I wish the company all the best for the future.”
L&T’s Board of Directors has appointed S.N. Subrahmanyan as the new Non-Executive Chairman, effective immediately. Subrahmanyan, who previously served as CEO and Managing Director, thanked Naik for his contributions to the company and said that he is committed to building on Naik’s legacy.
“Mr. Naik’s vision and leadership have been instrumental in L&T’s success, and we are grateful for his contributions to the company,” said Subrahmanyam. “As we look to the future, we are committed to building on his legacy and continuing to grow and diversify our business.”