Anil Manibhai Naik was among the top 10 donors in India in 2022. He donated Rs 142 crore.
Larsen and Toubro, popularly known as L&T, has been in the news for the past few weeks as the multinational conglomerate is constructing the prestigious Ayodhya Ram Temple. L&T is involved in construction, EPC Projects, manufacturing and more. Larsen and Toubro currently has a market cap of more than Rs 419000 crore. Although there are several big names that are behind the success of this conglomerate, there’s one man who helped the behemoth reach new heights is Anil Manibhai Naik. Popularly known as AM Naik, Anil Manibhai Naik is the Chairman Emeritus of Larsen and Toubro which currently has a market cap of more than Rs 459000 crore. Born in 1942, in Gujarat, Anil Manibhai Naik is son of freedom fighter Manibhai Nichhabhai Naik who left his job to contribute to rural India. Anil Manibhai Naik followed the same path after reaching the heights of his career.
He is also one of the biggest philanthropists of the country. In 2016, he pledged 75 percent of his entire income to charity. In the year 2022, he was among the top 10 donors in India. He donated Rs 142 crore. AM Naik publicly owns 9 stocks with a net worth of over Rs 171.3 crore, according to corporate shareholdings filed for March 31, 2023, according to Times Now. He is a recipient of Padma Vibhushan, India's second highest civilian award.
AM Naik holds a degree in Mechanical Engineering from Birla Vishvakarma Mahavidyalaya Engineering College but it wasn’t enough to get a job in L&T as the firm used to give priority to IIT graduates. After facing rejection from L&T, he joined Nester Boilers but again applied for a job in the construction giant after gaining some experience. He joined the company in 1965 at a salary of Rs 670, 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. 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 2003, he became the chairman of the group. The company's total assets under him grew to 870 crore dollars. 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.
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