The board of L&T met here on Saturday and unanimously approved of Naik's candidature as the new CEO of the company.

"I feel great and will do my best to take L&T further during my next five years as chief," a beaming Naik said. Today, he is the most vital cog to the EPC (engineering, procurement and construction) business of L&T which by itself contributes to nearly 60 per cent of the turnover.

The 57-year-old Naik has been with L&T since 1965. "I have worked very hard. In the first 22 years of my tenure, I did not take a single day off. In fact, there were times I worked 15-18 hours a day. Even today, I put in at least 12 hours daily. Though on paper, I have been here for 35 years, in practice it is over 60 years," he quipped.

Naik is categoric that L&T should become totally globalised and become an Indianmultinational company. "That is my dream and aspiration for our shareholders," he reiterated. "Kulkarni has done a great job and I want this to continue. L&T should, and will, maintain its leadership in the years to come," he added.

On the driving force that motivates the L&T employee to continue to strive for excellence, Naik said, "The company gives a lot of freedom to its people and allows them to do what they want. The management has tremendous faith and confidence in its staff. This is a people's company where employees feel a sense of belonging."

Asked whether he expected to come this far in L&T, the new CEO replied, "Ambition levels for a young graduate from an engineering college in Gujarat were very modest. Yet, the fact that I am here today shows clearly that in this company, merit is the key. A young engineer who joins L&T can make his way to the top through sheer hard work and perseverance." Naik is the man responsible for a series of initiatives within the organisation that have contributedsignificantly to its growth during the past decade.

Prior to 1990, group 2 existed as a single entity comprising all business lines in equipment manufacturing and very few project-related activities like small dairy plants, chemical plants and cement plants & machinery. The management of the group headed by Naik felt that each of these product lines had the inherent potential to generate substantial business and eventually establish a position of prominence. In 1990, group 2 was restructured into the unit equipment and projects group. The idea behind this move was to ensure that each slot would meet the needs of vital industries like fertiliser, power, cement and process industries like heavy chemicals, aromatics, downstream petrochemicals, oil and gas etc. Between late 1994 and 1995, Naik decided to divide the unit equipment group into four strategic business units which focused individually on each product line. The fifth SBU was formed in 1997 which specialises in power plant equipment. The EPC conceptsoon caught the fancy of the Naik-led team which incorporated it as the main thrust area of the projects group.

Holck-Larsen delighted

"I am very happy. We really cannot find anyone better for the job," said a delighted Holck-Larsen, the founder of L&T, after the board meeting here on Saturday. The 90-year-old chairman emeritus said the company had full confidence in Naik's capability. "There was no uncertainty on the successor issue. It was a natural choice," Larsen said. "He is very competent and dynamic and L&T will continue to grow the way it has over the last 60 years," he added.