Naik, 81, will now be the chairman of the employees trust. He will focus on increasing many philanthropic initiatives that he has been undertaking for the past few years, according to a statement.
AM Naik stepped down as the chairman of L&T Group on Saturday. He handed over the reins of the $23 billion conglomerate to SN Subrahmanyan at an event in Mumbai.
A M Naik steps down as chairman of L&T Group financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
L&T merges IT subsidiaries with LTI Mindtree tribuneindia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneindia.com Daily Mail and Mail on Sunday newspapers.
Wall Street's main indexes ended lower with Dow Jones falling 0.63 per cent and the S&P 500 losing 0.89 per cent. Also, Nasdaq lost around 1.12 per cent. Get more Markets News and Business News on Zee Business.