A M Naik, the outgoing chairman of engineering and construction conglomerate Larsen & Toubro, will receive Rs 32.21 crore as leave encashment, according the company's 72nd annual report released recently. This forms 85 percent of his total retirement benefit, which stands at Rs 38.04 crore.
In 2016-17, Naik's total remuneration stood at Rs 78.91 crore which includes Rs 3.36 crore as salary, Rs 19.27 crore as perquisites and Rs 18.24 crore as commission.
Naik has served the company for over 52 years, of which 17 years were as it's head.
He became CEO and managing director in 1999 and was appointed as chairman in 2003.
Naik will assume the new role of non-executive chairman for a period of three years beginning 1 October, immediately upon his retirement as executive chairman on 30 September, the company had said in a statement earlier in April.
Under his leadership, L&T transformed into a $16 billion group with presence not only in engineering and construction but also in technology, manufacturing and financial services operating in over 30 countries.
The company's market capitalisation increased to Rs 1.58 lakh crore in 2017 from Rs 4,400 crore in 1999.
Naik led the company's foray into international markets and consolidated presence overseas with its global operations now account for around 30-35 percent of the total turnover.
Recognising Naik's contribution, Subodh Bhargava Chairman of the Nomination and Remuneration Committee had said: "A M Naik has been the soul of L&T, and has given his whole life to L&T. We are delighted that he has agreed to continue to help the company for the next 3 years."
With PTI inputs
Published Date: Aug 22, 2017 06:00 pm | Updated Date: Aug 22, 2017 06:29 pm