Mumbai, January 30, 2017 /PRNewswire/ – Mahindra & Mahindra Ltd (M&M Ltd), a part of the Mahindra Group, a global diversified federation of companies headquartered in India, received the prestigious 'Innovator for the Year' award at the second annual TIME India Awards 2017.

Intended to honour leaders for manufacturing excellence and exceptional financial results, the awards recognised eight world-class manufacturing companies across eight different categories.

The winners were selected from among 18 finalists, who were shortlisted from a pool of approximately 15,000 manufacturing companies after an extensive evaluation of qualitative and quantitative parameters by McKinsey & Co., the knowledge partner for the awards. The finalists were announced at the World Economic Forum in Davos, Switzerland.

According to McKinsey & Co., the knowledge partner for the awards, M&M Ltd. was selected as a winner for being one of India's most versatile automotive majors with a portfolio built on a bedrock of technological prowess. The company stood out for its unrivalled ability to constantly innovate in both its products and processes, in an industry that is on the cusp of major disruption. McKinsey went on to add that M&M's success has been driven by years of investments in building an organization that is obsessed with innovation and is already thinking ahead of the market.

The awards assessment of each of the participants was done across four core themes:
a) Their historical financial performance
b) Historical operational performance
c) Contribution to Make in India and
d) Uniqueness and worthiness for the award category applied.