International Market Assessment (IMA), India (formerly known as EIU, India), a part of The Economist newspaper Group, U.K. and American Express came together in 2001 to institute the India CFO Awards for strategic excellence in the finance function. The India CFO Awards, 2002, drew in 145 nominations from across the country.

Suresh Senapaty of Wipro was adjudged ‘CFO of the year’ by the India CFO awards, 2002. CFOs of Tata Engineering, Owens Corning and Standard Chartered Bank were honoured for their remarkable achievements in Cost Optimisation, Information & Knowledge Management, and Mergers & Acquisitions respectively.

In the most competitive category of cost optimisation, Praveen Kadle, Executive Director (Finance & Company Affairs), Tata Engineering has been selected as the role model CFO in the design and execution of finance reengineering initiatives. Praveen Kadle’s efforts represent a well-woven approach to optimising costs – combining financial restructuring, and derisking of the revenue model. Cost reduction was a key element in Tata Engineering’s turnaround – and the success of the efforts is there for everyone to see – Tata Engineering has achieved a savings of Rs. 750 crores in the last two and a half years.