Sub Heading: #PorterPrize was presented to TATA Chemicals, Tata Community Trust Initiatives, Bajaj Allianz General Insurance, Renew Power, Janssen India, ICICI Foundation for Inclusive Growth, Laurus Labs and Godrej Properties across various categories
New Delhi, India / 18th October 2019
Michael Porter, professor at Harvard Business School and leading management thinker, addressed a gathering of government dignitaries, top industry leaders and thinkers at #PorterPrize 2019 held on October 17, 2019 at Taj Mahal Hotel, Mann Singh Road, New Delhi. #PorterPrize is an award given to the corporates for their best strategic management practices. A rigorous process is followed from making an application to interacting with the top management team and finally the jury assessment. The participating organizations are evaluated on the basis of strategy like trade-offs, creating distinctive value, fit, et al. that drive the competitive advantage of firms.
Highlights:
- Eight Companies received the #PorterPrize 2019 across seven categories on October 17 at Taj Mahal Hotel, New Delhi
- Michael E. Porter, Professor, Harvard Business School addressed the gathering at the event followed by presentation of the awards
- Bibek Debroy, Chairman, EAC-PM presented the awards and also delivered a keynote on Governance at the event
- Following CEOs were present on behalf of their companies to receive the award: Tapan Singhel (Bajaj Allianz), Sumant Sinha (Renew Power), Zarir Langrana (Tata Chemicals), Dr. Satya Chava (Laurus Labs), Sarthak Ranade (Janssen India), Anuj Agarwal (ICICI Foundation for Inclusive Growth), Anita Rajan (Tata Community Initiatives Trust)
The event to present the Porter Prize included several keynotes including one by Michael Porter. Professor Porter talked about “The Pursuit of Purpose” for businesses, especially in an Indian context. He urged the corporate leaders present at the event to define “the role of business in advancing society.” He added, “Although few Indian companies have started down the path of creating societal impact, but the trend is yet to gain momentum.” “The purpose of business is to create economic value in a way that also creates shared value for society.” “This idea is especially critical today at a time when capitalism is under attack and the general perception is that capital is enriching the few without benefitting the many.”
Thereafter the awards were presented to the corporates by Dr. Bibek Debroy, Chairman of the Prime Minister’s Economic Advisory Council. The award was presented to the following recipients:
- Bajaj Allianz Insurance was presented the ABP News Porter Prize for Creating Distinctive Value. Mr. Tapan Singhel, MD & CEO, Bajaj Allianz Insurance received the award on behalf of his company. The citation reads “For your outstanding performance in the industry and ability to offer unique solutions to the customers. You effectively created new market spaces, segments and provided solutions that redefined the market.”
- Janssen India (Pharmaceutical companies of Johnson & Johnson) were presented the Porter Prize for Creating Shared Value. Mr. Sarthak Ranade, Managing Director, Janssen India received the award on behalf of his company. The citation reads “For your outstanding performance in the industry and to recognize the high impact your organization has created by reconceiving products & markets, redefining productivity in the value chains, enabling community development and in turn creating economic progress.”
- ReNew Power was presented the ABP News Porter Prize for Industry Architectural Shift. Sumant Sinha, Chairman & Managing Director, ReNew Power received the award on behalf of the company. The citation reads “For your outstanding performance in the industry and to recognize you for redefining the industry structure by challenging the very basis of competition, creating new business models, challenging the status quo and exploiting change.”
- Laurus Labs was presented the Porter Prize for Exploiting Trade Offs. Dr. Satyanarayana Chava, Founder, Laurus Labs, received the award on behalf of his company. The citation reads “For your outstanding performance in the industry and to recognise choices that made your strategy sustainable as they were not easy to match or neutralize due to which you were able to create barriers pertaining to emulation.”
- ICICI Foundation for Inclusive Growth and Tata Community Initiatives Trust was presented the Porter Prize for Enabling Social Progress. Mr. Anuj Agarwal, COO, ICICI Foundation for Inclusive Growth and Ms. Anita Rajan, CEO Tata STRIVE & VP Tata Community Initiatives Trust received the award on behalf of their companies. The citation reads “For your outstanding contribution to the society to meet the basic human needs, establishing blocks that allow communities to sustain quality of life and creating conditions for individuals to reach their potential.”
- Godrej Properties was presented the Porter Prize for Leveraging Unique Activities. The citation reads “For your outstanding performance in the industry and to recognize your effective rendering of activities across the value chain that create competitive advantage. You clearly reflected tat good strategies depend on the connection among many things and on making interdependent choices”
- Tata Chemicals was presented the Porter Prize for Excellence in Corporate Integration and Governance. Mr. Zarir Langrana, Executive Director and President (Global Chemicals Business), Tata Chemicals, received the award on behalf of his company. The citation reads “For your outstanding performance driven through excellence in corporate governance that is reflected in synergies between different aspects of business, superior performance and control mechanisms.”
Michael Porter congratulated the winners after the presentation of the awards to the respective companies. The event was also marked by a keynote from Dr. Bibek Debroy on “Governance”. Dr. Debroy stated, “Governance is like oxygen. You know when it is bad.” He added, “Governance is something that goes beyond government. The latter is only a part of the former. But governance is also defined by the role that community plays within it. A government cannot become efficient when the rest of society is not, which is the same with governance.”
For more details of the event visit https://www.competitiveness.in/event/porter-prize-2019/
About Porter prize
Porter Prize is named after Michael E. Porter, an economist, researcher, author, advisor, speaker and teacher. Throughout his career at Harvard Business School, he has brought economic theory and strategy concepts to bear on many of the most challenging problems facing corporations, economies and societies, including market competition and company strategy, economic development, the environment and health care. His research has received numerous awards, and he is the most cited scholar today in economics and business. http://porterprize.in
