CEAT Kelani Holdings, an indo-Sri Lanka Joint Venture between Kelani Tyres PLC of Sri Lanka and CEAT Ltd. of India, was honoured for outstanding performance in business at the prestigious National Business Excellence Awards presented by the National Chamber of Commerce of Sri Lanka.
CEAT Kelani Holdings emerged as the winner in the Manufacturing – Large Scale (Others) category at the 2010 edition of this annual event. The company’s strong business performance amidst trying economic conditions in the financial year 2009-10 was a key factor that enabled it to outshine many other contenders in the category.
The company increased its profits by a striking 419 per cent in the last financial year, mainly due to a 96 per cent improvement in export sales achieved through increased export-market penetration.
Advancements in other important areas including enhanced quality standards and product range, process development, employee empowerment and technology also earned CEAT Kelani Holdings additional points to secure the award.
The company spent Rs. 15 million on research and development in 2009 and Rs. 360 million on capital investments in 2007-09 with the objective of improving quality, productivity and sustainability. The instalment of new bio mass boilers and improved IT facilities in plants were among the developments achieved through these investments.
CEAT Kelani Holdings also launched comprehensive employee development programmes under which over 300 employees received formal training while 177 long standing employees were rewarded. In-plant training was provided to undergraduates, diploma students and others following courses at advanced technical training institutions.
The applicants for the National Business Excellence Awards were judged on diverse aspects including business and financial performance, global reach, knowledge integration, technological investment, capacity building, performance management, corporate governance and social responsibility.
“Achieving the highest possible performance on a balanced scorecard is the job of corporate management,” CEAT-Kelani Holdings Managing Director Randeep Narang said. “It is nevertheless pleasing to be chosen from one’s peer companies for a prestigious award of this nature. We are proud to be acknowledged also as a contributor to the economic growth of the country.”
He said a series of change management initiatives entailing buy-in and team work across all management and operational aspects of the company had generated unprecedented growth in the last financial year.
CEAT-Kelani Holdings had also contributed substantially to the community, Narang said. Besides many CSR projects including Road Safety programmes, Foster Care programmes and the ‘Saksham’ initiative for career aspirants, the company is a major sponsor of sports in the country and supports cricket, motor racing and football.
The National Business Excellence Awards recognise business organisations making a significant contribution to the socio-economic development of the country, through exemplary business practices. The awards programme commenced in 2004.
The distinguished panel of judges this year comprised of Dr. Uditha Liyanage, Director, Postgraduate Institute of Management (PIM); M.R. Prelis, Company Director; Claus Astrup, Senior Country Economist, World Bank; Prof. Lakshman R Watawala, President, Institute of Certified Management Accountants of Sri Lanka (CMA) and Prof. David Evans, Visiting Lecturer, Postgraduate Institute of Management.
Sri Lanka’s leading pneumatic tyre manufacturer, CEAT-Kelani Holdings has three manufacturing units manufacturing truck, light truck, radial, motorcycle, three-wheeler and agricultural tyres and a total workforce of 900 employees. The company is the market leader in the commercial tyre segment, and is the largest selling single brand in the radial segment.