The Confederation of Indian Industry (CII) announced Lakshmi Machine Works (LMW) – Textile Machinery Division as the most innovative company of the year 2020. The award ceremony was held online on 9, December, 2020. At the event, Lakshmi Machine Works -Textile Machinery Division (LMW-TMD) received the award for its innovative products namely, FixFil, Lap former LH20S and Speed frame LF4280 SX. This prestigious award serves as an important recognition for LMW’s consistent innovative efforts aimed at bringing the latest in textile spinning technology to its customers.
CII Industrial Innovation Awards were instituted in 2014 to identify and celebrate innovative Indian enterprises across industry segments and sectors. The awards serve as a platform to showcase to the world Indian companies known for their innovative products and services.
CII has formulated an Enterprise Innovation Maturity Framework which forms the basis for assessment of firms applying for CII Industrial Innovation Awards. The process of selecting the award is through a thorough audit that evaluates company’s vision statement, the innovation process, methodology, alignment of employees towards innovation goals, products that emanate from the system, benefits that accrue to the customer etc.
The audit process is well defined with collection of inputs through a questionnaire, followed by a two-stage audit, wherein the first stage activity is handled by an auditor who selects the top 25 innovative companies based on bench marked parameters. The selected companies are then evaluated by a grand jury that selects the toppers in various categories and announces the grand award. As a result, over the last six years, CII Industrial Innovation Awards have emerged as one of the most coveted innovation awards in the country.