On 15 March 1965, Naik joined L&T, as a junior engineer. A rapid rise followed. He was appointed Assistant Manager within three years and 15 days of joining – a record at L&T. He was promoted as General Manager in 1986. He became Member of board of L&T Limited on 23 November 1989. In 1999, he took over as the chief executive officer and managing director. In 2003, he became the chairman of Larsen & Toubro, the first employee in the company's history to be elevated to this post. At the helm, Naik initiated the transformation process that made L&T into a more entrepreneurial organisation with increased emphasis on wealth creation for all stakeholders. In an interview to
McKinsey, Naik explained his reasons for the portfolio rationalisation that he undertook. In 2017, he stepped aside from executive responsibilities, and took over as Group Chairman. In May 2023, Naik was appointed the Chairman Emeritus of the company.
Ring fencing L&T In the late 1980s, L&T encountered a takeover attempt by a large business group (
Reliance group) which seized a substantial stake in the company. The management of L&T staunchly resisted these attempts to take over the company, wanting to maintain it as India's premier, indeed only, professionally run conglomerate. The central government, through various agencies, public sector banks, insurance companies, etc., held a large portion of L&T's shareholding. A succession of governments (as many as seven) held office during this period, but L&T's prestige and standing was such that none of them did anything to contravene the wishes of the board of professionals. Finally, the predatory investor gave up and sought a settlement. In 2002, the predatory group's entire holding was transferred to a different family-owned business house (
Birla group). The following year, this shareholding was purchased by an "employee welfare trust" funded and controlled by L&T itself. In this way, the company not only fended off the predator but also fortified its position as a professionally run company by gaining control of a large shareholding. The way in which Naik thwarted the take-over and fortified L&T against such threats has been widely covered in the media. The matter thus ended in a 'win-win', with all parties concerned being happy with the outcome.
S. Gurumurthy, currently on the Board of the Reserve Bank of India described the events as a 'security threat for L&T being converted into a security ring.' The Employee Stock Options which emanated from the successful resolution of the issue gave financial security to a large section of employees, and allowed them to share in the company's growth.
Shaping L&T into a 'Nation Builder' Naik's stewardship of L&T is characterised by a sharper focus on sectors of national significance - defence, nuclear, aerospace, infrastructure, oil & gas and power. He has been instrumental in imparting a strong, nationalistic orientation to the company's products, offerings and capabilities, giving rise to its description as 'the company that is building 21st Century India'. He has retired from Larsen & Toubro Limited on 30 September 2023. == Chairman – NSDC ==