New Delhi: Goa Shipyard Limited (GSL), a prominent Defence Public Sector Undertaking (DPSU) under the Ministry of Defence, has achieved an outstanding double triumph at the 19th National Awards for Excellence in Cost Management and the 8th CMA Awards 2024, hosted by the Institute of Cost Accountants of India (ICMAI).
The prestigious ceremony took place at Vigyan Bhawan, New Delhi, celebrating exemplary performance in financial stewardship, cost efficiency, and corporate governance across sectors.
Top Honour in Manufacturing – Public – Medium Category
GSL emerged as the Winner (1st Position) in the ‘Manufacturing – Public – Medium’ category for Excellence in Cost Management – 2024. This award highlights the company’s unwavering focus on cost optimisation, value creation, and financial prudence in the defence shipbuilding sector — a strategically vital area for India’s maritime defence capability.
Director (Finance) Sunil S Bagi Named Best CMA CFO – 2024
In a parallel achievement, Sunil S Bagi, Director (Finance) at GSL, was honoured with the Best CMA CFO Award – 2024 in the ‘Public Manufacturing – Medium’ category. The award recognises his leadership in financial strategy, commitment to cost-effective governance, and contributions to institutional excellence at GSL.
The awards were presented by Bhartruhari Mahtab, Member of Parliament and Chairperson of the Parliamentary Committee on Finance, underscoring their national significance.
Collective Vision, Operational Excellence
Expressing his gratitude, Bagi said, “This recognition is not just an individual honour but a testament to the collective vision and dedication of the entire GSL team. We remain committed to transparency, efficiency, and nation-building through financial and operational excellence.”
GSL’s dual recognitions reaffirm its strategic alignment with the Government of India’s Atmanirbhar Bharat and Make in India missions in defence production. Through continuous innovation, efficiency, and disciplined cost management, the company is helping pave the path to self-reliance in defence manufacturing.
Legacy of Maritime Excellence
With a longstanding reputation in defence shipbuilding, Goa Shipyard Limited continues to play a pivotal role in bolstering India’s maritime security infrastructure. These awards serve as a validation of its institutional excellence and dedication to nation-first goals.
About GSL
Goa Shipyard Limited (GSL) is a leading shipbuilding and repair yard in India, established in 1957 and functioning under the administrative control of the Ministry of Defence, Government of India. It’s a public sector undertaking known for designing and building a wide range of sophisticated vessels, including those for the Indian Navy and Coast Guard. GSL also undertakes commercial shipbuilding and repair work.
