The president of the Bombay Chamber of Commerce and Industry (BCCI), K Ramachandran while inaugurating the Bombay Chambers 167th Foundation Day Celebrations at the Taj Mahal Hotel, Mumbai, conferred the 'good corporate citizen award 2001-2002' to Tata Power Company Ltd on September 19, 2002. K Ramachandran, president of the chamber said, "BCCI is honoured to present the 'good corporate citizen award 2001-2002' to Tata Power Company Ltd, a corporate organisation which has reached out beyond its business interests and adopted a holistic approach to work towards the creation of a better society".

F A Vandrevala, managing director of Tata Power, requested Adi Engineer, ex-managing director of Tata Power Company Ltd to join him while receiving the citation award. F A Vandrevala said, "Tata Power’s outlook towards community development is a continuation of late J R D Tata’s philosophy who believed that ‘what comes from the people, must go back to the community’ and this recognition of our commitment will spur us to contribute more to society."

The decision for this year's award was made by a panel of eminent judges, nominated by the BCCI, who scrutinised the applications for the above award, based on the vision, mission and values the company has set for itself along with its business performance, corporate interests, employee welfare, customer satisfaction and awareness and social investment.

For the year 2000-2001, Hindustan Lever Ltd was the recipient of the 'good corporate citizen award'. Others who have received the award over the years are Excel Industries, L&T, TISCO, NOCIL, Hindalco and Telco.

Some of the prominent corporate leaders who were present during the 'good corporate citizen award 2001-2002' ceremony were Azim Premji of Wipro Ltd, Dr Ashok Ganguly, chairman, ICI Ltd, Ashok Advani, chairman, Blue Star, P K Srivastava, CMD, Shipping Corporation of India, Nasser Munjee, MD and CEO, IDFC, amongst others.