GAIL gets award for excellence in cost management from ICWAI

GAIL (India) Limited has received award for excellence in cost management from The Institute of Cost and Works Accountants of India (ICWAI). 

On behalf of GAIL, company director (finance) P.K. Jain, received the award from Dr. M. Veerappa Moily, minister of corporate affairs, company said in a statement. 

RPN Singh , minister of state for corporate affairs and petroleum & natural gas was also present at the award function. 

GAIL has received the award for excellence in cost management from ICWAI for seventh time in row, the statement said. 

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. 

The 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. 

GAIL, a navaratna enterprise, is 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 and E&P. 

GAIL has lined up massive expansion plans to capitalize on favorable demand-supply dynamics in of natural gas. The company plans to double its natural gas transmission capacity over the next four years. The company has ambitious plans for capital expenditure of over Rs 35,000 crore in next five years.( ET)