New Delhi:

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.

AM 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.

India Post unveiled a postage stamp on AM Naik on the occasion.

AM Naik’s attention going forward will be on his philanthropic initiatives, including the Naik Charitable Trust which focuses on education and skill-building of the underprivileged, and the Nirali Memorial Medical Trust dedicated to facilitating super speciality healthcare at subsidised 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.