New Delhi:Shri K Biswal, Director (Finance), NTPC has been awarded CMA-CFO Award in the Public Sector (Manufacturing) category in recognition to the efforts made by him for application of innovative cost and management accounting techniques in work place.
The award was given by the Institute of Cost Accountants of India during its 56th Foundation Day at New Delhi. Hon’ble Justice Supreme Court Shri Deepak Misra presented the award to Shri Biswal. Ms. J M Shanti Sundaram, IRS, Chairperson, CBEC, Ministry of Finance & Shri SC Mohanty, President ICAI were present.
Shri Biswal became the Director (Finance) of Mahanadi Coal Fields Limited at a very young age of 49 years. As CFO of the company, he believes in becoming a ‘Value Creator’ who works as Strategic Business Partner with CEO. Following this principle, during his short tenure of 38 months in MCL, he strategically advocated the need for diversification beyond coal production and led the formation of Mahanadi Basin Power Limited for setting up a pit head Thermal Power Generation Plant and Neelanchal Power Transmission Company Ltd. into Transmission Business for gainful deployment of surplus fund and development of infrastructure in the State.
Shri Biswal has proven his leadership at personal, professional as well as business level. His rich and varied experience of 28 years in Corporate Finance Management particularly in Coal Sector as CFO MCL & Power Sector as CFO CERC, enabled him to take over the charge of Director (Finance), NTPC Limited, the Maharatna Company of Government of India.
In NTPC also, within a period of 6 months of joining, he has been instrumental in resolving long pending disputes with Coal India Limited, achieving the ambitious capex target of NTPC by incurring capex of Rs.21,705 crore in FY 14, raising Tax Free Bonds amounting to Rs.2250 crore, raising Foreign currency Loans of USD 350 million and closing of Accounts of NTPC for FY 14 within tight scheduled timeline.
Shri Biswal, with endearing inter personal skills, has grown to become a focused leader demonstrating unflinching determination to do whatever must be done to produce the best long-term results and inspiring his team for its contribution and taking responsibility for growth & improvement of the company.