L&Ts big opportunity is in India: Naik

Surely,the issue of succession must be topmost on the Larsen & Toubro bosss mind,but surprisingly he doesnt show it. Even as he turned 68 last month,just two years away from retirement in September 2012,the indomitable Anil Manibhai Naik,chairman & managing director of the countrys biggest engineering & construction company,is busy fighting multi-pronged battles for the Rs 43,970-crore conglomerate he has led for the last 11 years. A sharp and straight shooter,Naik leads his 35,000-people strong company right from the frontwhether it is the much-reported lobbying with the powers that be for a level playing field vis-a-vis the Chinese in power equipment business...

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Surely,the issue of succession must be topmost on the Larsen & Toubro bosss mind,but surprisingly he doesnt show it. Even as he turned 68 last month,just two years away from retirement in September 2012,the indomitable Anil Manibhai Naik,chairman & managing director of the countrys biggest engineering & construction company,is busy fighting multi-pronged battles for the Rs 43,970-crore conglomerate he has led for the last 11 years.

A sharp and straight shooter,Naik leads his 35,000-people strong company right from the frontwhether it is the much-reported lobbying with the powers that be for a level playing field vis-a-vis the Chinese in power equipment business,modelling the L&T of 2015 or calling for a radical change in Indias defence procurement administration. L&Ts core is to serve the nation,but at 11% (profit before interest & taxes) and not 2%.

In fact,Naik wears his nationalism proudly on his sleeve,and that has a bearing on how he has led the roads-to-rigs behemoth for the last 11 years. Or even how he plans for its future. I am deeply committed to be an Indian (company) so I would not give control to anyone. It was this philosophy that dictated L&Ts umpteen partnerships in the past,and equally its future course.

We have decided that we will not cross the threshold of 20% (of sales) outside India, quips a candid Naik when we ask him how L&Ts international operations,which currently contributes roughly 13-15% of sales,are faring.

And just why,you wonder? The main reason to go outside India is to become sharper and make the global benchmarking (cut). We are now facing competition from multinationals in India; so,even to protect our home turf,we have to work outside India. (But) we dont want to miss major opportunities in India just because of our over-commitment outside (India). As the Indian economy looks to crank up over 8% GDP this fiscal,Naik believes L&Ts big growth opportunity still lies domestically.