<p>A M Naik stepped down as the chairman of L&T Group on Saturday.</p>.<p>He handed over the reins of the $23 billion conglomerate to S N Subrahmanyan at an event in Mumbai.</p>.<p>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.</p>.<p>India Post unveiled a postage stamp on Naik on the occasion.</p>.L&T bags Rs 7,000-crore contract for underground road project.<p>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.</p>.<p>Naik joined the company in 1965 as a junior engineer and went on to become its Group Chairman.</p>.<p>In the nearly three decades in leadership roles, Naik helped the company grow to its present size and stature, the statement said.</p>
<p>A M Naik stepped down as the chairman of L&T Group on Saturday.</p>.<p>He handed over the reins of the $23 billion conglomerate to S N Subrahmanyan at an event in Mumbai.</p>.<p>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.</p>.<p>India Post unveiled a postage stamp on Naik on the occasion.</p>.L&T bags Rs 7,000-crore contract for underground road project.<p>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.</p>.<p>Naik joined the company in 1965 as a junior engineer and went on to become its Group Chairman.</p>.<p>In the nearly three decades in leadership roles, Naik helped the company grow to its present size and stature, the statement said.</p>