V.O.C Port bags National Award for Excellence in Cost Management
TUTICORIN: V.O. Chidambaranar Port has bagged National Award for Excellence in Cost Management for the year 2018 – Second Place, from ‘The Institute of Cost Accountants of India’ under the category “Transportation and Logistics”.
On behalf of V.O. Chidambaranar Port, Shri T.K. Ramachandran, I.A.S., Chairman, V.O.Chidambaranar Port Trust, Shri N. Vaiyapuri, Deputy Chairman, V.O.Chidambaranar Port Trust and Smt. S. Shanthi, Financial Adviser & Chief Accounts Officer received the award from Shri Anurag Singh Thakur, Hon’ble Minister for Finance and Corporate Affairs and Shri Subhash Chandra Garg, Secretary, Ministry of Power,for the category Transportation and Logistics in a award ceremony held at New Delhi on 25.10.2019. It is matter of pride that the Port is receiving this award consecutively for the fourth time and in total six times. Earlier, the Port has received the award during the year 2008, 2012, 2015, 2016 and 2017. The award has been given for exemplary performance and initiatives of V.O. Chidambaranar Port towards reduction of cost per tonne, savings in electricity by installation of energy efficient LED Lightings, installation of Solar Energy Systems, Reduction of Overall Cost of Handling by Mechanization in Port operation which resulted in Improved Efficiency and quick evacuation of cargo. It is also pertinent to note that during the financial year 2017-18, the operating ratio of the Port was 39.28%, the best among the Major Ports of India.
The Institute of Cost Accountants of India, a statutory body under an Act of Parliament, presents awards for excellence in Cost Management to promote and recognize Cost Management practices in the Corporate Sector. The awards were distributed under various categories of Manufacturing sector and Service sector.