The India CFO Awards instituted by IMA India and American
Express unanimously awarded the CFO of the Year 2003 Award
for financial excellence in business transformation to
B R Jaju, CFO of Crompton Greaves Ltd.
actions of Jaju, which led to receiving this distinction,
consisted to facilitate closure and exit of certain under-performing
businesses, innovative fiscal measures to reduce the borrowings
and interest costs, disinvestment of unproductive assets
and joint venture businesses to generate cash and enhance
operating performance as also focus on non-conventional
areas like materials management, quality, HR and IT.
award recognises his successful efforts to restore and
improve the profitability and sound financial health of
the company. During this period, the shareholders were
rewarded in terms of market capitalisation of more than
600 per cent.