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Reliance Industries Ltd has received the prestigious Golden Peacock Innovation Award for the year 2005 in the petroleum sector.
The company informed the stock exchanges that it had received the award for development of zeolite based sulpur selective catalyst and for developing the process of manufacturing para-diethylbenzene (commonly known as PDEB).
The innovation has enabled the company to broaden business avenues and led to strategic utilization of resources, foreign exchange saving and total import substitution, helping it to capture the global market of PDEB.
Reliance has also filed for IPR for Indian and International patents covering the catalyst and the process.
The award, which had received 116 applicants this year, has been given to seven companies in different categories.
All manufacturing or service organizations in the private and public sectors operating in India, or individuals who are Indian citizens were eligible to participate for this award.
The categories were broadly divided into 'Technology Innovation' and 'Business Innovation', which encompasses the formation of new ideas, new products, patents, inventions, services, processes, new financial techniques or business structures.