AM Naik: Billionaire with 2 pairs of shoes and 6 shirts, became the boss of the company where he had a job of ₹ 670, will now retire
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Who is AM Naik
AM Naik is the executive chairman of Larsen & Toubro. Born on 9 June 1942 in Gujarat, Naik belongs to a very simple family. Both his father and grandfather were teachers, so they focused on their children’s education and sent Naik for graduation from Birla Vishwakarma College in Gujarat, despite the financial condition not being good. After graduation, he decided to get a job. He applied for a job in L&T company, but he was rejected. After a few days, he got a job in Nestor Boilers, but his mind was stuck on L&T. When recruitment started there again, Naik applied again.
English improvement advice
IIT students were given more preference in L&T at that time. In an interview given to ETPanache in the year 2018, AM Naik told that for the first time during the interview in Larsen & Toubro (L&T), he was advised to improve his weak English. Although he got a job there, he was appointed as a junior engineer at a lower salary than before. On 15 March 1965, he joined the job in L&T. At that time his salary was Rs.670.
First salary of Rs.670
His salary was Rs 670 per month in N&T. At that time he thought that he would retire on a salary of Rs.1000. After six months, he got confirmation in the company and his salary increased to Rs 760. After one year his salary increased to Rs.950. After the union agreement, there was a further increase of Rs 75 in the salary and his salary became Rs 1025 only after one year. He was promoted from Junior Engineer to Assistant Engineer. Within a year, he proved his mettle.
Wherever you were rejected, you became the boss of that place.
In the year 1965, from where he started his job, in the year 1999 he became the CEO of the same company. In July 2017, he was made the chairman of L&T Group. L&T made a lot of progress under his leadership. In the year 2023, the company’s total assets were $ 41 billion. The company established its dominance in defence, IT, real estate, everywhere. Today, 90 per cent of L&T’s revenue comes from the businesses that Naik has started.
2 pairs of shoes and 6 shirts
AM Naik focus on work and not appearances. His lifestyle is very simple. He never shows off. He is a down to earth person. Growing up in the village, Naik has not been very fond of clothes and fashion. In an interview, he told that his wardrobe consists of only 2 pairs of shoes, 6 shirts and 2 suits. He does not pay much attention to all these things whether his wardrobe is full or not, how many shoes and slippers he has. Just work should be done, keep only that much stuff.
AM Naik’s net worth
Talking about Naik’s net worth, Naik’s salary in the year 2017 was 137 crores. His net worth was Rs 400 crore. The more they earn, the more they insist on donating. He donated 75 percent of his wealth in the year 2016. Naik spends most of his wealth on school-hospital charity. In the year 2022, he had donated Rs 142 crores. He said during an interview that if his son-daughter-in-law does not return to India, he will donate 100 percent of his property. Naik’s son and daughter-in-law live in the US. If his son Jagneesh A Naik works in Google. His daughter-in-law Rachna works in Safeway Company. Daughter-son-in-law are also doctors in America. He considers sending children to America as his biggest mistake. In the year 2022, he joined the top 10 Danveers of India.
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