The award is instituted by the Institute of Cost Accountants of India
‘Icons for the year 2013’ award was bestowed on RINL Chairman-cum-Managing Director P. Madhusudan at the 55th National Cost Convention – 2014 on Sunday.
The award is instituted by the Institute of Cost Accountants of India (ICAI), a statutory body under an Act of Parliament. Odisha Minister for Revenue and Disaster Management Surya Narayan Patro presented the prestigious award to Mr. Madhusudan at Bhubaneswar.
The ICAI organised the two-day Cost Convention on the theme ‘Building through cost competitiveness and responsible governance’ in Bhubaneswar, an RINL release said here. Mr. Madhusudan delivered a talk on ‘cost competitiveness for inclusive growth.’ He said cost competitiveness had become more critical than never before. Top performing business houses were constantly in pursuit of building flexibility into all aspects of business to achieve cost competitiveness. Though theoretically price was set by the market, strategic pricing had become the order of the day with concurrent focus on cost, he added.
While quoting RINL, Mr. Madhusudan said RINL was in a position to compete in the market today, primarily because of very value and strong leadership and cost competitiveness, despite being the only PSU without any captive iron ore or coal mines. “The raw material cost works out to be more than 70 per cent of the total cost, while it is less than 40 per cent in case of RINL competitors,” he said.