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 as a organization won the second award under the category of Public Sector Manufacturing (Large), GAIL’s Pata unit won the Second Award in public sector - Manufacturing (Large) category & Vijaipur LPG unit won the Good Performance Award in public sector manufacturing (Large) category of National Award for Excellence in Cost Management 2008.
In a function held at Vigyan Bhavan on 13th March 2009, the award has been presented by Shri Anurag Goel, Secretary, Ministry of Corporate Affairs, Government of India to Shri R K Goel, Director (Finance) on behalf of GAIL. This is the fifth time in a row that GAIL has secured the award for Excellence in Cost Management.
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-2008’. 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.
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 the areas like Manpower, Power, Water & Fuel, Interest, Repair Maintenance and Stores & Spares etc.
GAIL (India) Limited is a “Navaratna” enterprise of Government 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 system, E-banking, Working Capital Management, Corporate Planning, TQM, and Strategic Sourcing etc facilitate GAIL to achieve the excellence in cost Management.