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GAIL gets 2 Awards for Excellence in Cost Management
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New Delhi, May 02, 2008
GAIL (India) Limited has once again received the
National Award for Excellence in Cost Management from The
Institute of Cost and Works Accountants of India (ICWAI).
GAIL’s JLPL unit won the Second Award in public sector
- Service category and Gandhar LPG unit won the Third
Award in public sector manufacturing category of National
Award for Excellence in Cost Management 2007.
In a function held at Vigyan Bhavan on 1st May 2008,
the award has been received by R K Goel, Director
(Finance) on behalf of GAIL. |
R K
Goel, Director (Finance), GAIL (India) Limited receiving
the ICWAI National Award for Excellence
in Cost
Management from Prem Chand Gupta, Union Minister for
Corporate Affairs, Government of India |
Prem Chand Gupta, Union Minister for Corporate Affairs,
Government of India presented the awards. This is the fourth
time in a row that GAIL has secured the award for Excellence
in Cost Management.
GAIL’s units have achieved excellence in Cost Management by
following the best practices and the corporate guidelines. The
cost reduction has been achieved in Direct Manpower Cost by
Manpower rationalization, Power, Water & Fuel Cost by
reduction in Specific fuel consumption, Interest Cost due to
prepayment of debt, Repair Maintenance and Stores & Spares
Cost by Preventive Maintenance systems.
GAIL (India) Limited is among the “Navaratna” enterprise of
India. It is one of the outstanding public enterprises in the
country today and has recorded excellent growth and
performance over the years. The several initiatives like
Budgetary Control System, Proper costing system, Inventory
Management System, Benchmarking, ERP systems, E-banking,
Working Capital Management, Corporate Planning, TQM, and
Strategic Sourcing etc facilitate GAIL to achieve the
excellence in cost Management.
Cost Management Strategies of Cost Control, Cost Reduction,
Value Re-engineering, Budgetary Control have played a vital
role in enlarging ‘value creation’ in Indian industry and
enhancing its’ competitiveness and thus, become an integral
part of the corporate strategy. As a leading professional
institute in India, specialized in the field of Management
Accountancy ICWAI is presenting the ‘ICWAI National Award for
Excellence in Cost Management-2007’. A high profile Jury
members led by the former chief Justice of Supreme Court of
India, Justice J S Verma, chose the winners after the
comprehensive selection process. The criteria for selection
were better applications of Cost Management Systems,
Efficiency Parameters like Capacity Utilization, Manpower,
Material, Power & Fuel Consumption & Cost Management etc.
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