MECON bags 1st prize in Cost Management

New Delhi: MECON Limited has won the 1st prize at the 16th National Award on Excellence in Cost Management 2018, which was organised by the Institute of Cost Accountants of India (ICAI) in New Delhi.

The award, Excellence in Cost Management 2018, was given to MECON in consulting and other categories, by the ICAI. The prize was received by MECON's Director (Finance) Rajendra Harbhagwan Singh Juneja and Executive Director Chaitanya Das Goswami, while other senior officials were present on the occasion. Minister of State for Finance & Corporate Affairs Anurag Thakur was the Chief Guest and Secretary, Ministry of Power, SC Garg, was guest of honour on the occasion.

MECON Limited

MECON Limited, formerly known as Metallurgical & Engineering Consultants (India) Limited, is a Public Sector Undertaking under the Ministry of Steel. It began in 1959 as the Central Engineering and Designing Bureau (CEDB) of the Hindustan Steel Limited (HSL), the first public sector steel company. Subsequently, CEDB grew as Metallurgical and Engineering Consultant (MECON), a subsidiary of the Steel Authority of India Limited (SAIL) in 1973. It later became an autonomous company reporting to the Ministry of Steel in 1978. 1 April is observed as Foundation Day in MECON.

National Awards for Excellence in Cost Management

The ICAI, a premier statutory cost and management accounting body, instituted the National Awards for Excellence in Cost Management in the year 2003 to recognise and honour the organisations which have implemented efficient and innovative cost management techniques. Participation by a large number of companies, small, medium and large, across various sectors of the economy in the recent years demonstrates the popularity of the award and its impact on spreading the message of cost-consciousness and cost management.