Coimbatore-based textile machinery manufacturing major Lakshmi Machine Works has received the Confederation of Indian Industry’s (CII) “The Most Innovative Company of the Year - 2020” award.
The company said in a press release that the CII Industrial Innovation Awards were instituted in 2014 to identify innovative Indian enterprises across industry sectors. Recently, the CII announced the awards through an online function and the textile machinery division of LMW won “The Most Innovative Company of the Year- 2020” award.
The CII follows a process for selecting the winners and conducts an audit that evaluates the vision statement of the competing companies, the innovation process, methodology, alignment of employees towards innovation goals, products that emanate from the system, benefits that accrue to the customer etc. In the first round, the top 25 innovative companies are identified based on bench-marked parameters. The selected companies are then evaluated by a jury that selects the toppers in various categories.
The textile machinery divison of LMW won the award for three products it had developed and sold commercially recently - FixFil, Lap former LH20S and Speed frame LF 4280 SX. These three are new technologies that provide better efficiency, occupy less space, and are smart machinery.
