Tata Power, India’s largest integrated power company announced that the Company has been awarded for excellence in cost management in the ‘power distribution and transmission’ category at the 14th National Awards for Excellence in Cost Management 2016.
The award by the Institute of Cost Accountants of India (ICAI) is in recognition of Tata Power’s continued efforts towards cost reduction and cost competitiveness. The award was presented to the Company by Shri Piyush Goyal, Hon’ble Union Minister of State for Power, Coal, New & Renewable Energy and Mines; Shri Arjun Ram Meghwal, Hon’ble Minister of State for Finance and Corporate Affairs; and Shri Manoj Sinha, Hon’ble Union Minister of State for Railways
Tata Power has set industry benchmarks in the effective use of cost management techniques to increase its operational efficiency in a dynamic and changing business environment. The jury of the prestigious award constituted of a panel of eminent personalities headed by Hon’ble Justice Dr. A.S. Anand, former Chief Justice of India and former Chairman, National Human Rights Commission.
Talking about this award, Mr. Anil Sardana, CEO and MD, Tata Power, stated, “We, at Tata Power, feel privileged to have won this award. As a company, we have focused our efforts in developing a strong cost management strategy that will reap multiple long-term benefits such as increased efficiency and operational excellence. Awards like these not only acknowledge our efforts but also provide us with the extra push to go further in updating our best practices.”
The National Award for Excellence in Cost Management was instituted in 2003. It looks to propagate and emphasise on wider application of Cost Management tools and techniques and adoption of relevant Cost Management Strategies across various sectors for improving competitiveness of industry.