B L Joshi, Lt. Governor of Delhi presented the award to Banerjee in New Delhi. The award has been instituted by the Institute of Marketing and Management, New Delhi in recognition of "Banerjee''s leadership during the last four years, as a result of which, GAIL has been able to achieve record turnover, profitability and market capitalisation."

Banerjee is credited with launching strategic, marketing and organisation initiatives to make GAIL a global player as an integrated gas major. Taking GAIL into retails marketing, obtaining marketing rights for LPG, launching the ''national gas conservation programme'' and various IT initiatives are some of his major achievements.

GAIL''s profit has increased from Rs1,186 crores in 2001-02 to Rs1,954 crores in 2004-05.