PM AM Naik, chairman of L&T Group, has resigned.
He reportedly handed over control of the $23 billion conglomerate to SN Subrahmanyan at an event in Mumbai.
AM Naik, 81, will now be chairman of the Employees Trust. He will focus on increasing many philanthropic initiatives that he has been pursuing over the past few years, he said in a statement.
PM AM Naik's greatest contribution to the community is his philanthropic initiatives, such as the Naik Charitable Trust, which focuses on education and skill-building of the underprivileged, and the Nirali Memorial Medical Trust, dedicated to facilitating super-specialized healthcare at subsidized cost.
AM Naik joined the company in 1965 as a junior 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 present size and stature, the statement said.