Gujarat Ambuja - Redefining Operational Efficiency

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EXHIBIT III
VARIOUS AWARDS WON BY GACL

· Ranked as the fourth best managed company in India by Asiamoney, in 1996.

· Ranked among the 20 most competitive companies in Asia by Arthur D Little, in 1997.

· Runner's Up Award for Excellence in Investor Relations from Investor Relations magazine, in 1997.

· National Quality Award for commitment to quality (Only Indian cement company to receive this award), in 1992.

· National Quality Award for outstanding pollution control.

· ISO 9002 quality certification (First Indian cement company to get this certification), in 1993.

· ISO 14000 environment management certification, in 1999.

· Best Corporate Performance Award by The Economic Times, Harvard Business School Association of India.

· Special Export Award, in 1995 and 1996.

· Cement National Award, for best energy performance in industry.

· GOLD EGO-STAR rating by Tata Energy Research Institute for world class performance in areas relating to environment, health and safety.

· Various other productivity and mines safety awards.

Source: ICMR.

ADDITIONAL READINGS & REFERENCES:

1. Prabhakar Mohana, a Blistering Pace, Business India, February 27, 1995.
2. Prabhakar Mohana, an Ever Firmer Foundation, Business India, April 24, 1995.
3. Gujarat Ambuja Cements - On Firm Foundation, Hindu Business Line, February 7, 1999.
4. Case Study (ACC – Cement Industry), Analyst, March 1998.
5. Gujarat Ambuja Cement, www.capitalideasonline.com, March 25, 2000.
6. GACL, Strategic Management Case Studies On Indian Companies – Volume I, January 2000.
7. Gujarat Ambuja Q3 Net Slips 9.27% to Rs 54.38 Cr., Financial Express, April 23, 2002.
8. Sircar Subhadip, Gujarat Ambuja Faces Dilution in Cost Leadership, Business Standard, March 25, 2002.
9. www.capitalmarket.com.
10. www.gujaratambuja.com.
11. www.indiainfoline.com.
12. www.equitymaster.com.