This is how L&T Chief AM Naik is planning to spend his income after retirement

As Larsen & Toubro Chief AM Naik is due to retire next year in 2017, he has pledged to give away 75% of his lifetime income to charity.

Naik has two charitable trusts - the Naik Charitable Trust for education and skill training and the Nirali Memorial Medical Trust.

According to the ET Intelligence Group, Naik took home nearly Rs 200 crore in compensation in 2010-16.

"Charity is a personal desire. In my case, giving has continued for three generations. My grandfather and father did not have money so they lived their lives for poor people. I have committed to use 75% of my income for charitable purposes," Naik told ET.

Presently, Naik is engaged in building a school and hospital close to L&T's Powai campus and is also keen on setting up a fire station there.
Naik joined L&T as a junior engineer and was promoted to the ranks of CEO in 1999.

Naik told ET how his father asked him to explain where he got Rs 4 lakh to donate to a hospital in his village in 1995 to add a floor.

"He was such a principled man that he wanted to know the source of every penny. I had to show him my passbooks! I started charity when I did not have much money," Naik told ET.

Naik added, “My son is with Google and my daughter has a medical practice. Both of them are well settled in the US, and it is unlikely that they will return to settle down in India. As a father, I will always continue to hope that they will return to live in India.”