State-owned BHEL has been ranked the ninth most innovative company in the world by the renowned US business magazine Forbes.
BHEL is the only Indian engineering company on the list, and is ranked much higher than similar multinational companies in the power equipment field, a company statement said.
Not only does the ranking reflect the innovativeness of the companies, it also recognises the role of the innovative CEOs who have woven the code for innovation into their companies, it said.
The list is based on an eight-year study by Harvard Business School Professor Clayton M Christensen, along with Jeff Dyer, a professor at Brigham Young University, and Hal B Gregersen, a professor of leadership at INSEAD.
BHEL is one of the only four Indian companies and the only Indian Public Sector Enterprise figuring in 'The Global Innovation 1000' of Booz & Co., a list of 1,000 publicly-traded companies, which are the biggest spenders on R&D in the world.
During fiscal 2010-11, BHEL invested Rs 1,005 Crore on R&D efforts, 21% higher than the previous year.
Commercialisation of products and systems developed by way of in-house R&D contributed around 18% to the company's total turnover of Rs 43,337 Crore in 2010-11.
