L&T eyes green energy, plans to sell non-core biz as Naik exits

I am leaving, but I am still there," said A. M. Naik, the departing chairman of engineering and construction giant Larsen & Toubro (L&T) Ltd, while addressing his final and the conglomerate’s 78th annual general meeting (AGM) on Wednesday.

- Anirudh Laskar & Mayur Bhalerao

S. N. Subrahmanyan, the current chief executive of L&T will be taking over as the group’s chairman effective 1 October, while Naik, a legendary corporate leader, will head L&T Employee Trust, which, with 14%, is the largest shareholder in L&T and will benefit the most from the special dividend of ₹6 per share, which was announced as a “parting gift" for the shareholders on the eve of Naik’s departure.

“I will be the chairman emeritus for L&T but I will be associated with the group as the chairman of the largest shareholder group (L&T Employee Trust) whose stake is worth ₹52,000 crore," said Naik, who evoked mixed emotions during the AGM that reflects his widely-known closeness to L&T and somewhat his unwillingness to dissociate from the eight-decade-old group.