UK-based news magazine, The Economist, on Monday named Tata Group Chairman Ratan Tata [ Images ] as the winner of the eighth edition of its annual 'Business Process Innovation Award' for the successful development and launch of the world's cheapest car, the Tata Nano [ Images ].

In a statement, the magazine said Tata was selected for "...forging a company that is shaping businesses across the globe and changing the way Indian companies conduct business.

The company is also responsible for inventing the Tata Nano, the world's lowest-cost car. Innovative methods through which the car is designed and manufactured enable Tata Motors [ Get Quote ] to offer a more affordable, safe and efficient form of mobility to families in emerging markets."

"Innovative ideas are everywhere," said Mark Langley, executive vice-president and COO of the Project Management Institute. "What we salute with the Business Process Award is rarer: The implementation, through effective projects and programmes that translate ideas into lasting change.

Tata Motors' Nano challenges the way automobiles have been made and marketed for a hundred years.

The application of project management is testimony to Tata Group's record of refining its processes, from boardroom to manufacturing floor, and promises transformation of an industry facing a billion new customers over the next generation."

This award from a prestigious UK-based magazine comes at a time when Tata's acquisition of British car brands Jaguar and Land Rover [ Images ] is being severely criticised, for reporting big losses after the take-over and also the most recent decision to rationalise one of its plants in the Midlands.