The State-run Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) has received the prestigious Porter Prize for its Neem Project, which has become an initiative for women empowerment and value creation for the fertilisers' player.
The award instituted by the Institute for Competitiveness, India Chapter affiliated to the Harvard Business School, USA is named after Harvard professor, Michael E. Porter and conferred on companies for contribution to value creation, innovation, and strategy.
GNFC won the award under the category of ‘Creating Shared Value’, which recognises the company’s successful efforts in creating synergy between social and economic progress through its competitive strategy.
Prof Porter is well-known for his theories on economics, business strategy, and social causes.
GNFC’s Neem Project is focused on empowering marginalised communities and the rural poor with a targeted focus on women empowerment. In 2015-17, the Neem Project generated direct employment for 2.25 lakh women, creating supplementary income of Rs 25 crore and indirect employment for around 75,000 people.
The company's managing director, Dr. Rajiv Kumar Gupta, received the award from Prof. Porter at a function held in Mumbai on Wednesday.
GNFC is the first public sector company in India to be honoured with this recognition.