Anil Manibhai Naik told in several interviews that he never thought he would achieve the professional heights he is on.
Anil Manibhai Naik, the non-executive chairman of construction major Larsen and Toubro will step down from his post on September 30, 2023. He worked in the country for 58 years. He has received the status of Chairman Emeritus. Industry experts credit him for single-handedly growing the behemoth and shielding it from takeover bids.
His father, Manibhai Nichhabhai Naik, was a freedom fighter who quit his job in a Mumbai school to contribute to rural India. AM Naik's grandfather was also a teacher. Naik was born on June 9, 1942, in Gujarat. He holds a degree in Mechanical Engineering from Birla Vishvakarma Mahavidyalaya Engineering College, Gujarat. He joined the company in 1965 at a salary of Rs 760, as assistant engineer. Within six months, he was promoted to a supervisory role. Eighteen months after his joining the company, he was made in-charge of 800 people. He hadn't turned 25 at that time.
Before joining the company, he had been rejected. At that time, the company used to prefer IITians. He joined Nester Boilers. He came to know about hiring in L&T. He again went tfor an interview. This time, he was hired.
AM Naik told in several interviews that he never thought he would achieve the professional heights he is on. He used to think he would retire at a salary of Rs 1000.
He became the CEO of the company in 1999. In July 2017, he became the chairman of the group. The company's total assets under him grew to 870 crore dollars.
AM Naik is known to be a humble person. In an interview, he said he owns only 2 pairs of shoes, six shirts and two suits. He owns as much as he needs.
This, despite the fact that he is one of the most well paid corporate leaders. In 2017-2018, the company paid him a whopping Rs 137 crore. The company encashed his leaves for over Rs 19 crore. His net worth in 2016 was estimated to be Rs 400 crore.
He is also one of the biggest philanthropists of the country. In 2016, he pledged 75 percent of his entire income to charity. He also said that he would donate his entire wealth if his son and daughter-in-law didn't return to India from the United States -- where they work.
In the year 2022, he was among the top 10 donors in India. He donated Rs 142 crore.
His son Jignesh A Naik works with Google in California. His daughter-in-law Rucha works with Safeway. His daughter and son-in-law are doctors in the US.
He is a recipient of Padma Bhushan, India's third highest civilian award.
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