India is on the move. Best way to experience it is to jump into the iconic black-and-yellow auto rickshaw in Mumbai’s Bandra Kurla Complex.

As the driver manoeuvres expertly the narrow streets busy with pedestrians and street vendors, visibility is key. As soon as it swings into the wider road filled with cars honking, overloaded buses and six-wheeler trucks inches away, control becomes paramount too. Let us say the ride is not for the faint-hearted.

It is not a dissimilar experience CFOs and treasurers face at India’s fast-growing enterprises. Operating in the world’s fastest-growing major economy, they have to keep pace with the demands of a changing business landscape.

On the one hand, visibility is key, maintaining cash flow especially during times of rapid market change. On the other hand, it is also vital to maintain control safeguarding against potential financial irregularities. Add to that is helping to drive growth, capturing the emerging opportunities of a rising India, to ensure the company arrives at its financial destination.

This year’s The Asset Triple A Treasurise Awards for Industry Leadership recognized a record number of topnotch CFOs and treasurers leading the way, a testament to how these companies in India are strengthening the foundation of their financial organization as they prepare to make the most of what’s ahead.

And the Triple A Leadership Awardees, India are –

Prabhakar Iyer, CFO at Ingram Micro India, embraced the power of technology that his firm is in to transform a conventional finance operation into a digital hub. He led the digitization of the supply chain and the financial processes making it paperless and touchless across the value chain. This resulted in significant working capital savings, productivity gains and enhanced transparency translating into value for customers and vendors. It is about moving from controllership to a strategic digital partner for the organization. He is The Asset Triple A CFO of the Year, TMT.

Deepesh Baxi, CFO and whole-time director at Castrol India and South Asia, led the group’s financial transformation and drove its business growth. Under his watch, Baxi doubled market volume growth within three years, achieving the highest turnover and ebitda. He also established strategic partnerships with the likes of Tata, Mahindra, and Uber, among others, while also spearheading sustainability initiatives and ESG frameworks to align with global standards. He is The Asset Triple A CFO of the Year, Industrial.

Bhawani Jhanwar, CFO at Credit Saison India, is another strong believer in technology as the way forward. He took the lead in driving the firm’s digital transformation setting it up for future growth and scalability. He leads with data in decision-making. With his focus on performance, the company achieved a growth in assets under management of 200% since it was set up in 2019 and a CAGR profit growth of 121%. In April 2025, Credit Saison successfully raised US$300 million, its maiden offshore borrowing. He is The Asset Triple A CFO of the Year, NBFC.

Kumar Rajesh, CFO at Patanjali Foods, brought together a number of factors: a structured framework to evaluate cash flow dynamics and assess borrowing requirements, and also aligning them with the availability of funds for investments, structured trade finance initiatives, supply chain solutions, and comprehensive risk mitigation strategies. Combined with that was his strength in cultivating and sustaining relationships with broad array of financial institutions, including domestic and international banks. The result is his ability in driving cost efficiencies including in areas such as hedging. He is The Asset Triple A CFO of the Year, FMCG.

Cherag Merchant, treasury manager at Castrol India led a cross-functional team of 125 people in undertaking a landmark treasury transformation to a new platform that took four years. As part of that transition, he was able to deliver a state-of-the-art based automated collections solution handling INR2,900 crore ( US$350 million ) annually with 350+ distributors resulting in improved cash flow management reduced manual efforts. He is The Asset Triple A Treasurer of the Year, Industrial.

Anushree Bafna, head of treasury at Hindustan Zinc, took charge of automating the treasury function to drive operational efficiency and positioned the group into the future. She led the first-ever issuance of commercial paper using blockchain technology, and successfully implemented automation across the investment domain leading to real-time accounting, automated mark-to-market calculations, and the replacement of manual processes such as Excel spreadsheets. She is The Asset Triple A Treasurer of the Year, Commodities.

Abhishek Sipani, treasurer at Tata Electronics, rode the wave of India’s push into the electronics sector handling the day-to-day treasury activities. For Tata Electronics, however, which was set up in October 2020, it is about scaling up fast. He implemented various tasks to match the speed of the company’s growth including streamlining cash flow, raising short-term trade linked self-liquidating working capital, receivables purchase and inventory financing achieving a cash surplus position for the company and its subsidiaries. He is The Asset Triple A Treasurer of the Year, TMT.

The treasury team at Patanjali Foods revolutionized financial planning, budgeting, and forecasting, enhancing efficiency and visibility across treasury operations through automation. The team launched a a digital receivables platform that improved liquidity by reducing days sales outstanding and a custom funds transfer portal that enhanced cash flow transparency. The integration of a fully automated payment system with SAP R3 streamlined workflows and reduced approval cycles. The team is The Asset Triple A Treasury Team of the Year, FMCG.

The treasury team at Cummins India navigated complex challenges—ranging from securing new funding sources and managing foreign exchange exposure to automating treasury operations and complying with evolving regulatory requirements. Their visionary multi-year transformation plan has driven deep integration with business functions, fostered strong stakeholder relationships, and introduced innovative financing strategies that directly support business growth. The team is The Asset Triple A Treasury Team of the Year, Manufacturing.

The treasury team at GE Vernova India led by Himanshu Kundoo deployed innovative technology to reduce manual errors while also streamlining operations such as automating routine process on guarantee issuances and cross border flows. The team also implemented comprehensive strategies such as multiple contract novation, counterparty risk assessments, business reorganization to meet the organization’s objectives as it takes on an independent role since April 2024 to focus on energy solutions. The team is The Asset Triple A Treasury Team of the Year, Energy.

The treasury team at Tata Power-Delhi Distribution led a multi-year journey managing significant working capital requirements to ensure both short-term and long-term financing activities are handled efficiently. The treasury unit plays a critical role in managing cash flow, financing needs, and associated risks. The past two years, the team succeeded to bring down long term interest cost by over 39% and reducing outstanding debt by 35%. Free cash flow shot up from 51 crore in FY23 to 649 crore in the nine months ending December 2024. The team is The Asset Triple A Treasury Team of the Year, Utilities.

To join the in-person annual celebratory dinner on in Hong Kong, please contact us at celebrate@theasset.com.

To learn more about these awards, please click here.

Stay tuned in the coming days as we announce the winners of The Asset Triple A Treasurise Awards 2025.