LTIMindtree's chairman emeritus Naik has shared that the conglomerate would start to look for a successor to CEO Debashis Chatterjee only six to nine months before his term ends.
Between the two companies, L&T Group has trained around 35,000-40,000 engineers in generative AI skills.
Moneycontrol was the first to report about AM Naik’s decision to step down and SN Subrahmanyan succeeding him. Subrahmanyan takes over the top job on June 27
Naik will retire at the conclusion of the companies’ annual general meeting on June 26, which marks the infrastructure veteran's exit from the board of all the L&T group companies
The company will use the funds to build a Rs 300-crore integrated manufacturing facility for neurovascular devices at Mysore.
Naik, 81, will now be chairman of IT companies and the employees trust along with the focus on scaling up the philanthropic initiatives that he has been undertaking for the past few years, L&T said in a statement.
In his final address to the shareholders of L&T, Naik said that in the last 25 years, L&T has been able to live up to its mantra of "constantly adding value in everything we do."
'Many times I would miss the last bus at 12 midnight. I slept on my office table,' the 81-year-old L&T boss said.
'I believe the best students of second-level colleges are better than the bottom quadrant of the first-level colleges,' L&T chairman AM Naik said.
Naik is set to address his last annual general meeting on August 9.
According to Naik, India's approach over the past five decades might not have been as prudent as it could have been. He believes that the nation could have significantly focused on bolstering its manufacturing sector, similar to China's trajectory, to attain self-sufficiency in defense.
Naik will continue to be the chairman of the L&T Employees Trust, which is the single largest shareholder of the company.
Naik highlighted that the current government under the leadership of Prime Minister Narendra Modi, central policies have helped boost manufacturing capacities in India.
The Rs 6 dividend to shareholders is only a token of our affection, esteem and, most importantly, gratitude (towards A M Naik).