Anil Manibhai Naik, widely known as AM Naik, serves as the Chairman Emeritus of Larsen and Toubro. His contributions in the company propelled it to new heights. In 2022, he ranked among the top 10 donors in India with total donations amounting to Rs 142 crore.
Larsen and Toubro, commonly known as L&T, has been making the headlines for its involvement in the construction of the famous Ayodhya Ram Temple. Presently, the company has a market value of Rs 4,19,000 crore. L&T deals in various kind of businesses such as construction, manufacturing, EPC Projects, and other sectors. While numerous businessmen have contributed to the company’s immense success, there is a pivotal figure who stands out among them.
Who is Anil Manibhai Naik?
Anil Manibhai Naik, widely known as AM Naik, serves as the Chairman Emeritus of Larsen and Toubro. His contributions in the company propelled it to new heights. Born in 1942 in Gujarat, AM Naik is the son of freedom fighter Manibhai Nichhabhai Naik, who quit his comfortable job to empower the rural India. Following in the footsteps of his father, AM Naik achieved incredible success.
Educational background
AM Naik holds a degree in Mechanical Engineering from Birla Vishwakarma Mahavidyalaya Engineering College. After completing his graduation, he applied for a job at L&T, but could not secure the position due to lack of experience. Instead, he found employment at Nester Boilers. However, after gaining valuable experience, he reapplied to L&T and was eventually hired in 1965 as an assistant engineer, starting with a salary of Rs 670.
Roles within the company
Within six months of joining L&T, AM Naik was promoted to a supervisory role. In the next 18 months, he assumed a managerial role and was entrusted with the responsibility of overseeing 800 employees. In multiple interviews with media agencies, AM Naik has shared that he never anticipated reaching the professional heights he attained in a short period. Initially, he had modest expectations of retiring with a monthly salary of Rs 1000.
Becoming the CEO
Anil Manibhai Bhai was appointed as the CEO of Larsen and Toubro in 1999. Later, in July 2003, he assumed the position of Chairman of the group. Under his leadership, the company’s total assets grew significantly, reaching 870 crore dollars. In the financial year 2017-18, he received Rs 137 crore as remuneration, with an additional Rs 19 crore encashed from his leaves. His net worth was around Rs 400 crore in 2016.
Donating Rs 142 crore
81-year-old Anil Naik is also recognized as one of the country’s most prominent philanthropists. In the year 2016, he had pledged to donate 75 percent of his entire income towards charitable causes. His philanthropic journey continued to make a significant impact, and in 2022, he ranked among the top 10 donors in India. That year, he donated a sum of Rs 142 crore. According to media reports, his net worth is valued at over Rs 171.3 crore, and he owns 9 stocks. Additionally, he has been honoured with the Padma Vibhushan, India’s second highest-civilian award.
Read Exclusive COVID-19 Coronavirus News updates, at MyNation.