Tata Steel Conferred With ‘India’s Most Admired Company’ Award

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NEW DELHI:  Tata Steel was conferred with ‘India’s most admired company’ award in the capital today. The steel conglomerate has topped the list of India’s 50 most-admired companies in a survey compiled by Fortune India and global management consultancy Hay Group. Mr HM Nerurkar, Managing Director, Tata Steel received the award on behalf of the company. Also present at the ceremony were Mr Israel Berman (Managing Director – Europe, Hay Group) and Mr Gaurav Lahiri (Managing Director – Hay Group India).

On the occasion, Mr H M Nerurkar, Managing Director, Tata Steel said: “The strong value system drives our business philosophy within Tata Steel and has helped us achieve this unique distinction. We promote and encourage economic, social and educational development within communities while also giving active support to local initiatives. We are particularly thankful to all our employees and community in and around our areas of operation for making this journey a success”.

The list of most-admired Indian companies is first of the initiatives by the partners prepared basis a survey of 507 executives across 291 companies. Corporate governance, financial soundness, leadership, talent management and corporate social responsibility are a few key factors that were taken into consideration for the rankings. The final list was compiled after shortlisting 15 industries on the basis of various factors including size, contribution to national GDP, growth rate and national presence.

D.N. Mukerjea, Editor, FORTUNE India Magazine, said “Just as the FORTUNE India 500 is the definitive benchmark of size, the ranking of India’s Most Admired Companies is the stand-out indicator of reputation. I have always felt that reputation is the hardest to quantify, but it is the one characteristic that defines great corporations. Moreover, in times of economic uncertainty, a peer ranking such as this is a reassuring sign that India Inc is on the right track.”

Mr. Gaurav Lahiri, Managing Director, Hay Group India said, “Hay Group India is pleased to partner with FORTUNE India to roll out the inaugural edition of India’s Most Admired Companies. We would like to congratulate Tata Steel on emerging a star winner among the list of most admired companies. The rankings demonstrate the most progressive and effective market players across industries, as measured by company’s peers within the industry.”

Tata Steel has also been recognized as amongst the World’s Most Admired Companies in the Metals industry – a global feat it has achieved four years in a row. Hay Group also presented ‘World’s most admired company’ award to Mr. Nerurkar today.

Hay Group collaborates with Fortune magazine annually since 1997 to review and provide rankings to the world’s most admired companies and identify the business practices that make these companies highly regarded and successful.

Hay Group is a global management consulting firm that works with leaders to transform strategy into reality. They develop talent, organize people to be more effective and motivate them to perform at their best. Their focus is on making change happen and helping people and organizations realize their potential. They have 2,600 employees working in 85 offices in 49 countries. Their clients come from the private, public and not-for-profit sectors, across every major industry and represent diverse business challenges. For over 60 years, they have been renowned for the quality of their research and the intellectual rigor of their work.

FORTUNE magazine is a global leader in business journalism with a domestic circulation of over 850,000 and a global readership of nearly 5 million, which include major franchises such as the FORTUNE 500 and the FORTUNE 100 Best Companies to Work For. FORTUNE Live Media extends the brand’s mission into live events, hosting a wide range of annual conferences, including FORTUNE’s Most Powerful Women and the FORTUNE Global Forum. FORTUNE publishes English-language editions in Europe and Asia, and local-language editions in China, Turkey, South Korea, Indonesia, India and Greece.

Established in 1907 as Asia’s first integrated private sector steel company, Tata Steel Group is amongst the leading steel manufacturers in the world with an annual crude steel capacity of over 27 million tonnes per annum (mtpa). It is now the world’s second-most geographically-diversified steel producer, with operations in 26 countries and a commercial presence in over 50 countries. The Tata Steel Group, with a turnover of US$ 26.64 billion in FY ’11, has over 81,000 employees across five continents .The Group’s vision is to be the world’s steel industry benchmark in “Value Creation” and “Corporate Citizenship” through the excellence of its people, its innovative approach and overall conduct. Underpinning this vision is a performance culture committed to aspiration targets, safety and social responsibility, continuous improvement, openness and transparency.