GNFC wins the Porter Prize for second consecutive year

 

  • GNFC won the Porter Prize 2018 for ‘Enabling Social Progress’, which was awarded for its outstanding performance in the industry,while enabling upliftment of social indicators through their area of work.
  • GNFC Township became the first cashless township of India. Thereafter, GNFC did handholding and facilitation of across 100+ organisations in the oil, power,fertilizer, and other sectors,to turn their townships as cashless/less cash townships.
  • Porter Prize is named after a leading authority on competition & strategy Professor Michael E. Porter of the Institute for Strategy & Competitiveness,Harvard Business School,USA. It recognizes the strategic acumen of corporates in India.

Mumbai, 30th May 2018: Gujarat Narmada Valley Fertilisers & Chemicals Ltd (GNFC) won the prestigious Porter Prize for its innovative and pioneeri ng role in giving a thrust to cashless/less cash drive. The Prize is administered by the Institute for Competitiveness, India, which works in affiliation with Harvard Business School, USA. This recognition was established to felicitate Indian companies competing on the basis of value creation, innovation,and strategy.

Fulfilling Hon’ble Prime Minister’s vis ion of a cashless society and following his cla rion call to the nation to adopt digita l transactions,GNFC became the f irst fertilizer compa ny to create a vast infrastruct ure of PoS machines, special apps, and trained over two lakh far mers, fertilizer retailers and students in executing cashless transactions. So far, GNFC has sold approximately four million bags of fertilizer worth nearly INR 130 crore to over three lakh farmers via cashless means across many states of the country using PoS machines,BHIM, AEPS and other digital means.

GNFC also innovatively helped replicate the cashless I less cash township model in synergy with NITI Aayog by handholding and facilitating 100+ townships in the oil, power,fertilizer, and other sectors,to turn them into cashless/less cash townships. Hon’ble Prime Minister launched 81cashless/lesscash townships based on GNFC’s model in Nagpur on 14th April, 2017.

Shri Bibek Debray,Chairman of Economic Advisory Council to the Prime Minister gave away the awa rd to senior officials of GNFC Ltd at the gala event held at Taj Mahal Palace,Mumbai yesterday. The event was attended by distinguished business leaders from across various sectors.

The award follows an intense process of scrutiny with many phases that begins with internal strategy evaluation to identify distinct strategies that result in sustainable profita bility and enhance competitiveness of India. Out of 95 high-quality applications, 24 enter prises proceeded to the second stage of the process, out of which eight won. External Strategy Audit emphasized on the efforts ta ken by the company to created Susta inable Competitive Advantage and Shared Value.

GNFC has won this award for the second consecutive year. Last year, it became the first public sector company in India to be awarded Porter Prize for its Neem Project.