Indian industry veteran Anil Manibhai Naik is poised to step down as the non-executive chairman of Indian engineering and construction giant Larsen & Toubro (L&T) after 58 years with the company.
L&T has diverse interests in multiple key sectors including energy, construction, shipbuilding and information technology and has expanded exponentially over the past few decades, with its current market capitalisation nearing $39 billion.
The company recently confirmed the leadership development and added that current chief executive and managing director SN Subrahmanyan will take over as chairman and managing director with effect from 1 October.
The private sector company said that Naik has been with L&T for more than 58 years, and the board “highly appreciated” his “unparalleled contribution to the company”, whicch included “an upsurge in shareholder value creation” during his stewardship.
Under Naik’s leadership, the company has greatly expanded its global footprint in the hydrocarbons sector, gaining a strong presence in the Middle East and Africa.
Naik’s tenure is due to end on 30 September, following which he would continue with the company as “chairman emeritus”, L&T stated.
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“L&T has been my life. I am immensely proud that I could play a significant part in its growth. The growth trajectory that the company has charted in the last two to three decades is exemplary,” Naik said.
Subrahmanyan joined L&T in 1984 and has been the company’s chief executive since 2017.
L&T has recorded remarkable success in Saudi Arabia, recently winning at least six new offshore contracts from Saudi Aramco together valued between $1.5 billion to 2 billion.