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Business Wire IndiaToday, Time Inc. announced the winners of the inaugural TIME India Awards, honoring leaders for manufacturing excellence in India, at the Make in India Week in Mumbai. McKinsey & Company is the knowledge partner for the awards. The awards encompassed three categories: Best in Class Manufacturing, Manufacturing Innovator of the Year and Young Maker of the Year.
Tata Steel won the award for Best in Class for Manufacturing; Hero MotoCorp was named the Manufacturing Innovator of the Year; and Yogesh & Rajesh Agrawal of Ajanta Pharma Limited were declared winners of the TIME India Young Maker of the Year.
Norman Pearlstine, Chief Content Officer for Time Inc. announced the winners at a ceremony in Mumbai today, at which Indian Prime Minister Narendra Modi was the guest of honor. The awards launched a weeklong series of events to mark the Indian Government’s “Make in India” initiative to boost the country’s manufacturing sector.
"The recipients of the first TIME India Awards are world-class companies that are making a real impact on the rapidly growing Indian economy,” said Pearlstine. "We are pleased to recognize them for their efforts during ‘Make in India’ Week."
Rajat Dhawan, Director, McKinsey & Company said, “In the coming years many Indian companies may take the big leap to become global multinationals. Winners of the future will be companies that not only `Make in India’ but `Make Better and More Efficiently in India.’”
The winners were selected among nine finalists, who were determined from a pool of approximately 3,000 manufacturing companies after extensive evaluation of qualitative and quantitative parameters. The finalists were announced at the World Economic Forum in Davos, Switzerland in January.
A jury of leading international business figures led by Norman Pearlstine selected the winners of the TIME India Awards in each category. Judges included General Electric Vice Chairman John Rice; Infosys Founder N.R. Narayana Murthy; ICICI Bank Managing Director and Chief Executive Officer Chanda Kochhar; Renault and Nissan Chief Executive Officer Carlos Ghosn; TIME Assistant Managing Editor Rana Foroohar; and Kevin Sneader, Chairman, Asia, at McKinsey & Co.
More on the winners:
TIME India Award for Best in Class Manufacturing: Tata Steel Limited
-- This category recognizes an organization in the Indian manufacturing sector that has transformed its business and the industry in which it operates, through manufacturing superiority. The organization has achieved this by creating all the building blocks of a sustainable business: Strong operational excellence, superior design & development capabilities, ability to scale up to global standards of quality, sustainable systems and strong corporate governance.
-- Established in 1907, Tata Steel is India’s first private sector steel company and is now a Fortune 500 enterprise. It is also amongst the world’s top 10 steel companies with annual crude steel capacity of approximately 30 million tonnes. A geographically-diversified steel producer, it employs over 80,000 people in 50 countries. It has operations in 26 countries with presence in Europe through its subsidiary Tata Steel Europe (erstwhile Corus) and in South East Asia through Tata Steel Thailand (erstwhile Millennium Steel) & NatSteel holdings.
-- Other finalists in this category were Hindustan Unilever Limited and Shahi Exports Private Limited.
TIME India Manufacturing Innovator of the Year: Hero MotoCorp Limited
-- This category recognizes an organization in the Indian manufacturing sector that has built up scale through innovation of products and processes in manufacturing. The organization must be a disruptor who has carved out a distinctive niche and established a sustainable platform for future growth.
-- Hero MotoCorp Ltd. is the flagship company of the Delhi-based US$ 5 billion Hero Group. The company is world’s largest two wheeler manufacturers by volume since 2001 and claims to enjoy 40% market share in India. Its products are sold through more than 6,500 customer touch points in India and exported to 25 countries.
-- Other finalists in this category were: Mahindra & Mahindra Limited and Samsung India Electronics Private Limited.
TIME India Young Maker of the Year: Yogesh & Rajesh Agrawal, Ajanta Pharma Limited
--This category recognizes an outstanding young entrepreneur(s) from the Indian manufacturing sector, who has displayed the dynamism to revitalize an existing enterprise and prepared it for a whole new vector of growth. This person leads a business with revenues of at least INR 250 crore (about US$ 40 million) and would have established a sustainable platform for growth that includes a leadership pipeline, innovation capability and scalability.
--Ajanta Pharma is a specialty pharmaceutical company focused on branded generics. The company employs more than 6,000 people globally with people from 28 nationalities; its Research & Development Centre located at Mumbai employs more than 640 people.
--Other finalists in this category were Anant Vardhan Goenka of CEAT Limited and Anil Rai Gupta, Havells India Limited.