Billionaire AM Naik pledged to submit 75% of his total life income to charity as he got ready to retreat from active leadership of Larsen & conglomerate which is an engineering conglomerate worth $16- billion.
The Billionaire speaking to ETin in an interview said that Charity was his personal desire. He added that both his father and grandfather were charitable. Naik has set up two charitable trusts one for education and skill training named “Naik Charitable Trust” and the other being “Nirali Memorial Medical Trust” named after his Granddaughter Nirali who passed away in 2007 due to cancer.
Naik bagged around 200 crores cash in compensation in 2010-2016 that included L&T’s stock options. Sources suspect that the billionaire has given away about Rs. 125 crores to charitable initiatives.
Naik’s philanthropic actions are assisted by his sister’s family whereas his assets are managed by a company. In 1999, Naik was made the chief executive of the company. He became the chairman in 2003.