GAIL (India) Limited has received Award for Excellence in Cost Management from The Institute of Cost and Works Accountants of India (ICWAI). Shri P.K. Jain, Director (Finance), GAIL received the award from Dr. M. Veerappa Moily, Hon’ble Minister of Corporate Affairs, Government of India on behalf of GAIL, in a function held yesterday.
Shri R P N Singh, Hon’ble Minister of State for Corporate Affairs and Petroleum & Natural Gas and Shri D K Mittal, Secretary, Ministry of Corporate Affairs graced the occasion.
GAIL has received the award for Excellence in Cost Management from ICWAI for seventh time in row. This year, GAIL’s KG Basin and Vizag-Secuderabad LPG pipeline unit won the first and second award respectively under the category of Public Sector Manufacturing Unit.
GAIL is committed to operational excellence along with improvement in environmental performance. Continuous efforts of GAIL’s units towards achieving excellence in Cost efficiency by following innovative techniques for cost management has enabled the company to set new benchmarks and achieve this feat.
National Award for Excellence in Cost Management was instituted in the year 2003, by Institute of Cost and Works Accountants of India. The awards are presented annually to corporate entities in their journey towards cost excellence. The Institute of Cost and Works Accountants of India is continuously making pioneer efforts to promote, recognize and reward cost management culture in the corporates of Public & Private Sector. The winners were selected by a distinguished jury headed by Justice J.S. Verma, Former Chief Justice of India. The criteria for selection were Cost Management Practices and the performance of the company involved in manufacturing or service operation.
GAIL (India) Limited is a “Navaratna” enterprise of Government of India. GAIL (India) Ltd. is today an integrated energy Company along the natural gas value chain with global footprints. Having started as a gas transmission company in the year 1984, it grew organically over the years by building a large network of natural gas pipelines and a successful foray into segments like Petrochemicals, LPG, LPG Transmission, City Gas Distribution, E&P etc. GAIL has lined up massive expansion plans to capitalize on favorable demand-supply dynamics in of Natural Gas India. The company plans to double its Natural Gas Transmission capacity over the next three-to-four years. The company has ambitious plans for capital expenditure of over Rs. 35,000 crore in next five years.
[mappress] Source:GAIL , July 19, 2011;