Business

CII Awards LMW With Most Innovative Company Of The Year - 2020

CII Industrial Innovation Awards were instituted in 2014 by Confederation of Indian Industry (CII) to identify and celebrate innovative Indian enterprises across industry segments and sectors. The awards serve as a platform to showcase to the world Indian companies known for their innovative products and services. On December 9, CII, through an online ceremony, announced the CII Industrial Innovation Awards for the year 2020. At the event, Lakshmi Machine Works Limited - Textile Machinery Division (LMW-TMD) was named as "The Most Innovative Company of the Year - 2020". LMW was awarded for its innovative products namely, FixFil, Lap former LH20S and Speed frame LF4280 SX. CII has formulated an Enterprise Innovation Maturity Framework which forms the basis for assessment of firms applying for CII Industrial Innovation Awards. The process of selecting the award is through a thorough audit that evaluates company's vision statement, the innovation process, methodology, alignment of employees towards innovation goals, products that emanate from the system, benefits that accrue to the customer, etc. The audit process is well defined with collection of inputs through a questionnaire, followed by a two-stage audit, wherein the first stage activity is handled by an auditor who selects the top 25 innovative companies based on benchmarked parameters. The selected companies are then evaluated by a grand jury that selects the toppers in various categories and announces the Grand award. As a result, over the last six years, CII Industrial Innovation Awards have emerged as one of the most coveted innovation awards in the country.