Indian multi-national conglomerate Larsen and Toubro has appointed SN Subrahmanyan as the CEO and MD of the organisation effective from July 1. Subrahmanyan currently serves as the Deputy Managing Director and President of the infra major.
AM Naik, who is currently the Group Executive Chairman of L&T, will move to a non-executive role from October 1, and will hold the post for three years.
CNBC-TV18 in an exclusive interview spoke to both about the transition and business outlook going forward.
Naik said L&T ability to have a diverse portfolio has made is a unique Indian Company and that he is very satisfied with the Company’s performance over the last 17-18 years. He also expressed full confidence in Subrahmanyan’s competence and his ability to lead the company.
Meanwhile, Subrahmanyan said stepping into Naik’s shoes would not be an easy task but is confident of taking the company forward on a high growth path and make Naik proud. He said Naik has made sure that the transition would be smooth.
Speaking on the business outlook, Naik said the coampny will see 12-15 percent growth in the current economic environment. Infra and defence would be the priority sectors for the company going forward, he said. He is confident that L&T would clock 15 percent compound annual growth rate (CAGR) in the coming years.
With continued guidance from Naik and with positive economic scenario likely going forward, there would be lots of positive trends in the sectors they operate in, said Subrahmanyan, adding that 2018 would be a good year.For the full discussion, watch video