Business magazine Forbes has ranked state-owned Bharat Heavy Electrical Ltd (BHEL) as the ninth most innovative company in the world.
BHEL was the only Indian engineering company on the list and was ranked much higher than similar multinational companies in the power equipment field, according to a company release.
The release said the ranking not only reflected the innovativeness of the companies but also recognised the role of the innovative CEOs who had woven the code for innovation into their companies.
The list has been prepared on the basis of an eight-year study by Harvard Business School professor Clayton M Christensen, along with Jeff Dyer, a professor at Brigham Young University, and Hal B Gregersen, a professor of leadership at INSEAD.
BHEL is among four Indian companies and the only Indian public sector firm listed in 'The Global Innovation 1000' of Booz & Co, a list of 1,000 publicly-traded companies that are top spenders on R&D in the world.
In fiscal 2010-11, BHEL's investment in R&D was Rs1,005 crore, which was 21 per cent higher than in the previous year.
In the same fiscal, the company also commercialised products and systems developed through in-house R&D, which accounted for around 18 per cent of the company's total turnover of Rs43,337crore.