The Hindu Business Line : ICWAI award for ONGC, BEL

NEW DELHI: ONGC has bagged the ICWAI National Award for Excellence in Cost Management for 2005 under the `Public Sector Manufacturing (turnover more than Rs 250 crore)' category.

The award was received here by the Director (Finance) of ONGC, Mr R.S. Sharma, on behalf of the company. On the occasion, he said that cost management is a prime focus area at all levels of operation in ONGC.

BANGALORE: Defence PSU Bharat Electronics Ltd has bagged the ICWAI (Institute of Cost and Works Accountants of India) award for PSUs for excellence in cost management for 2005.

Mr P.R.K. Hara Gopal, Director (Finance), received the award in New Delhi from the Secretary, Department of Company Affairs, Ms Komal Anand, a BEL release said.

The award is in recognition of BEL's various cost management initiatives that led to significant savings. The company spends 4-5 per cent of its turnover on R&D and is also implementing ERP to improve business performance.

The defence enterprise said it has adopted the business excellence model of the European Foundation for Quality Management sponsored by CII. Five of BEL's nine manufacturing units across the country have been selected for the CII-EXIM Bank Excellence Award. The Kotdwara unit was recently awarded the Frost & Sullivan Platinum Award for manufacturing excellence.