The 12th National Award for Excellence in Cost Management under the category of Private-Manufacturing: Organization (Medium) has been conferred upon Milacron. The award was handed over by Colonel Rajyavardhan Singh Rathore, Minister of State for Ministry of Information and Broadcasting to Vinod Bhalavat (CFO) and Rajendra Sharma (AGM-Finance) of Ferromatik Milacron India.

Ferromatik Milacron India has initiated various practices like 5S Initiative, Productivity Improvement, Six Sigma, Material Movement Cost, Energy Conservation and Water Conservation, to achieve cost reduction.

Vinod Bhalavat stated, "Various start-ups towards the achievement of Cost Management is not only helping us to save resources but also creating a long term sustainable environment. The overall reduction in cost also allows us to pass on the benefits to our customers."

The Institution of the National Award for Excellence in Cost Management was formed in 2003. The endevour of the Institute is to propagate and emphasis on wider application of Cost Management tools and technique and adoption of relevant Cost Management Strategies across various sectors for improving competitiveness of industry.
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