Secures 3rd Prize in the Mega Industries Category
Award Ceremony to be Held on June 23 at Vigyan Bhavan, New Delhi
HYDERABAD, JUNE 18, 2025: The cost control measures implemented by Singareni Collieries Company Limited has received national-level recognition. The Institute of Cost Accountants of India (ICMAI), a prestigious statutory body established under an Act of Parliament, has selected Singareni for its annual national-level award. Acknowledging the company’s exemplary cost control practices, ICMAI has awarded the 3rd Prize in the Mega Industries category.
For the year 2024, the Singareni has been selected for the National Award for Excellence in Cost Management – 3rd Prize, as confirmed by ICMAI President CMA Bibhuti Bhushan Nayak. He stated that a jury panel led by Justice S.J. Mukhopadhaya, retired Supreme Court Judge and Chairperson of the National Company Law Appellate Tribunal (NCLAT), selected the best companies, which include SCCL. The award will be presented at a ceremony scheduled for the evening of June 23 at Vigyan Bhavan, New Delhi. On the same day, award recipients have also been invited to participate in the 12th National Students’ Convocation, to be held in the morning at Vigyan Bhavan, where President of India Droupadi Murmu will be the Chief Guest.
SCCl CMD N Balram expressed his happiness over Singareni being awarded third place among several mega public sector industries in the country. He stated that this award is a recognition of the collective efforts of the employees and officers of Singareni.
Serving not only as CMD but also having rendered distinguished service as Director (Finance) for over seven years, Sri N. Balram has placed special focus on cost control measures. He has introduced several financial reforms, especially to reduce production costs. The financial strategies adopted in coal production and overburden removal have significantly contributed to enhancing productivity and efficiency.
Previously, spare parts for heavy machinery were procured in excess and in an unorganized manner. However, under new measures, procurement is now based strictly on accurate needs assessment, resulting in significant cost savings. Additionally, unnecessary expenditure across all departments has been curtailed, and mine-specific cost control strategies have been implemented with great success.
Most importantly, the implementation of SAP across all financial operations of SCCL has ensured transparency and eliminated scope for extravagance.
Major financial transactions such as coal sales, procurement of machinery and materials, availed services, employee salaries, allowances, bonuses, and other key aspects are now managed through SAP, leading to substantial cost control and improved financial governance.
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