According to official sources, the award sponsored by the Unit Trust of India will be given to Mr Tata by the finance minister Yashwant Sinha on March 27, in Mumbai. The award is given to individuals with exemplary performance in the field of corporate governance, with strong code of ethics and excellence in performance.

Last year, this award went to Infosys chairman NR Narayana Murthy. This award is well deserving as the Tata group, as a whole, is undergoing restructuring in all aspects spanning across the group so as to face the competitive environment not only with super managerial skills and technical expertise, but above all, being the industrial group with best of trade practices. In order to march ahead in the twenty-first century, the group installed the biggest ever change initiative - The Tata Business Excellence Model (TBEM).

As per the TBEM award, each company will be qualitatively and quantitatively evaluated on the basis of seven criteria - leadership, strategic planning, customer and market focus, information and analysis, process management, human resource and business results. The model has been incorporated in almost all the group companies. Tata Iron and Steel Company Ltd has already received the JRD Tata QV award for crossing the 600 benchmark and scoring 616 in the TBEM scale.