AM Naik, the chairman of L&T Group, has resigned.
In an event in Mumbai, he took over the reins of the conglomerate, and sacked SN Subrahmanyan.
The employee trust chairman, AM Naik, 81, will now become the chairman of the company's board of directors. He is expected to focus on increasing the number of philanthropic initiatives he has been pursuing for the past few years.
AM Naik will be addressing his philanthropic initiatives, such as the Naik Charitable Trust that focuses on education and skill-building of the underprivileged, and the Nirali Memorial Medical Trust dedicated to facilitating super-specialized healthcare at reduced expenses.
In 1965, he joined the company as a senior engineer and went on to become its Group Chairman.
In the nearly three decades in leadership roles, AM Naik helped the company grow to its current size and stature, the statement said.