Kolkata-based ITC has been conferred with Porter Prize 2017 award in Mumbai for Excellence in Corporate Governance and Integration and its contribution in Creating Shared Value.
In a statement, the company said the award was in recognition of its performance, which is being reflected in synergies between different aspects of business, performance and control mechanisms.
The award for Creating Shared Value was in recognition of ITC's performance in the industry and the high impact that it has created by reconceiving products and markets, redefining productivity in the value chains, enabling community development and in turn creating societal and economic progress.
Sanjiv Puri, chief executive officer and executive director at ITC, received the award from Michael E Porter, Harvard Business School professor and a stalwart on competitive business strategies.
"We are indeed honoured that ITC was chosen for the prestigious Porter prize in the two categories. This reinforces ITC's strategy of creating larger societal value to meet national priorities together with delivering remarkable shareholder returns", Puri said in the statement.
The Porter Prize, organised by the Institute for Competitiveness, recognises the corporates for their exemplary acumen in competitive strategies.
The company was also conferred the World Business and Development Award 2012 at the historic Rio+20 United Nations Summit for its large scale Social and Farm Forestry Programme.