ONGC bags prestigious National Awards for Excellence in Cost Management
ONGC CMD Mr. Sudhir Vasudeva (second from left) and Director (Finance) Mr. A.K. Banerjee (leftmost) receiving National Awards for Excellence in Cost Management from Dr. M Veerappa Moily, Minister for Corporate Affairs
ONGC received a major boost at the 9th National Awards for Excellence in Cost Management held at New Delhi on July 17, 2012 when two of the company's units (Karaikal and Western Offshore) bagged two prestigious prizes in the category of 'Public Manufacturing: Unit (Large)'.
CMD Mr. Sudhir Vasudeva received the Awards from Dr. M Veerappa Moily, Hon'ble Minister for Corporate Affairs.
Reacting to the recognition for the organization that has been bestowed by the distinguished jury, CMD said, "Ethical responsibility and a transparent management ethos lie at the core of ONGC's philosophy of doing business.These awards are respectable testimony of the continuous work and dedication that ONGC has rendered in the service of the nation for more than half a century."
Oil and Natural Gas Corporation Ltd.
Corporate Communications, New Delhi,
Notes to Editors :
1. The Institute of Cost Accountant of India (ICAI) instituted the Awards in 2003 to recognize the qualitative cost management practices adopted by the industry and encourage the corporate sector to get due national and global recognition for the success of the Cost Management initiatives they follow. The Award promotes a culture of Cost Management practices in wider scale in Indian Corporate sector by recognizing leadership efforts in cost management and encouraging on other industry members on innovative practices and their functioning.