The Prize of USD 50,000 was awarded in two categories; Education Innovation and Research Innovation.
Both winners were recognised for the development and implementation of innovative solutions to significant global issues.
Murthy was presented the PLuS Alliance Prize for Global Leadership while Professor Sahajwalla was awarded the PLuS Alliance Prize for Research Innovation for her project 'The new science of green manufacturing,' a Pluse Alliance release said.
The PLuS Alliance is an international collaboration between Arizona State University, King's College London, and UNSW Sydney.
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Launched in February 2016, it enables research-led solutions to global challenges while expanding access to world-class learning.
The winners who hail from India, the US, the UK and Australia were chosen by a jury consisting of eminent global industry leaders and experts.
Leadership plays such a vital role in fostering innovation so it's humbling to be recognised among so many innovators who are bringing about positive change in the world."
Sahajwalla said, "The work we've been doing to help global industries use green materials over virgin raw materials is vital to sustainability. This recognition by the PLuS Alliance for the work we've been doing to drive change and impact communities across the world is a real honour.