A M Naik, 81, has formally stepped down as the Chairman of Larsen & Toubro (L&T) Group, with S N Subrahmanyan taking over leadership of the $23 billion conglomerate. The transition occurred at an event in Mumbai, attended by senior employees and former directors of L&T. Naik will now serve as Chairman of the Group’s IT companies and employees’ trust, while focusing on philanthropic initiatives. The occasion saw the unveiling of a postage stamp in Naik’s honor, acknowledging his industrial and philanthropic contributions. Naik’s attention will be dedicated to initiatives like the Naik Charitable Trust and Nirali Memorial Medical Trust, emphasizing education, skill-building, and accessible healthcare.