AM Naik, chairman of engineering and construction giant Larsen and Toubro (L&T), will be receiving Rs 32.21 crore as leave encashment according to the company’s 72nd annual report released recently. Naik who “made over 75% of what L&T is today,” rarely took a leave during his 52 years at L&T.
Naik will assume the new role of non-executive chairman for three years beginning 1 October, immediately upon his retirement as executive chairman on 30 September.
According to the 72nd annual report of the company for 2016-17, AM Naik will be paid Rs 38.04 crore as retirement benefits, which will include encashment of accumulated past service leave of Rs 32.21 crore.
Naik, who got a salary of Rs 3.36 crore and Rs 18.24 crore from commissions for 2016-2017, also got perquisites worth Rs 19.27 crore.
“Perquisites include perquisite value related to employee stock options exercised during the year in respect of stock options granted over the past several years by a subsidiary company,” the infrastructure major said in the annual report.
Overall Naik will be receiving a sum of Rs78.91 crore for 2016-17.
The 76-year-old joined L&T as a junior engineer in 1965 and rose through the ranks to become CEO and MD in 1999. In 2003, he became the chairman.
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.
Naik had pledged over 75 percent of his wealth for charity and offloaded some shares he previously held in L&T, in a series of transactions worth near Rs 72 crore in March 2014.
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