Tata Steel wins TIME's best in class for manufacturing award

Yogesh and Rajesh Agrawal of Ajanta Pharma Limited declared winners of TIME India Young Maker of the Year

American publishing company, Time Inc on Sunday announced the winners of the inaugural TIME India awards, honouring leaders for manufacturing excellence in India, at the Make in India week here.

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, while Hero MotoCorp was named the manufacturing innovator of the year and Yogesh and Rajesh Agrawal of Ajanta Pharma Limited were declared winners of the TIME India Young Maker of the Year.

Norman Pearlstine, the chief content officer for Time Inc. announced the winners at a ceremony here, at which Prime Minister Narendra Modi was the guest of honour. 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. We are pleased to recognise them for their efforts during 'Make in India' Week ," said Pearlstine.

"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," said Rajat Dhawan, director, McKinsey & Company.

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.