AM Naik, the outgoing Chairman of L&T, spoke about what he considered his "single biggest, most vital contribution" to his company. Naik was addressing a ceremony where he handed over the baton, which was L&T's flag, to the incoming Chairman, SN Subrahmanyam. Reflecting on his 20-year tenure as Chairman, Naik stated that his most significant contribution to the company had been "protecting the identity of L&T."

He mentioned that they had faced a takeover threat from one of the largest industrial conglomerates in the country. Naik added that Mahatma Gandhi had stayed in their house in Delhi, hinting at the close connections of four generations of the industrial conglomerate.

Without explicitly naming the industrial house, he was referring to Birla, specifically Kumara Mangalam Birla. He explained that his skillful actions had thwarted the takeover attempt, even though the industrial house had managed to acquire what it desired, which was the cement business. Naik emphasised that if they had succeeded in taking over L&T, L&T would not exist today. His remarks garnered enthusiastic applause from the audience.