28 February 2020

Table of Contents for Post Event Report

Managing Physical Assets

Fostering Asset Management in India


The CEAI in collaboration with the Institute Asset Management, UK organised a seminar on ‘Management of Physical Assets To Deliver Business Outcomes Cost Effectively,’ which yielded constructive discussions on the much neglected subject of Asset Management.




The intent of the seminar was to draw attention to the fact that an asset is a boon only so long as it provides value to an organization and its stakeholders, or else it becomes a liability. The seminar focused on efficient asset management strategy, regardless of whether the assets are tangible or intangible, financial or non-financial,, would contribute to better operating results, service performance and ultimately improve the bottom line of the organization and at the same time sparing the masses the burden of funding for rebuilding the asset. The concepts and principals of asset management are not limited to organizations per se but can be equally be extended cities, regions and even to individuals.


The International Standards Organization (ISO) has created the ISO 55000 family of standards to give guidance on asset management best practice. This was a collaborative effort of 36 countries, including India. It focuses on helping to develop a proactive lifecycle asset management system, to optimize assets and reduce overall cost of ownership while helping to meet the necessary performance and safety requirements. It was released in 2014. Particioants agreed that incorporation of a chapter on Asset Management in National Building Code of India 2016 will give a much need impetus to proper maintenance of buildings. The seminar was well attended considering that it was on a captivating, educational and stimulating topical issue of managing physical assets.


The presentations were informative and give a range of perspectives on managing assets. A P Mull, Past President CEAI accorded a warm welcome to the Chief Guest, dignitaries and participants. Uttam Sengupta, Vice Chairman, CEAI and Chairman CEAI-WRC briefed participants about the seminar. Sayona Philip, President CEAI, stressed on the need for generating awareness on the seminar theme. Chief Guest Neeraj Bansal, Dy. Chairman, Jawaharlal Nehru Port Trust (JNPT) discussed proactive measures being taken by the Government to converge synergies between finance, logistics and physical management especially in the context of managing such a large asset as JNPT.


Dr. Harshavardhan Subbarao, after discussing considerations that led to deciding on the theme, convened proceedings of the day. David McKeown, CEO, Institute of Asset Management, UK advocated a business case for asset management and stimulated a discussion on how every human being is really as asset. He stressed that people from all professions and not only engineers need to be a part of the team for Asset Management.


Dr. Navil Shetty, Director, Fellow & Technical Chair for Asset Management, Atkins Ltd, UK, presented a summary of the ISO 55000 suite of standards, underlining practical advantages of optimising assets through a systematic management system leading to long term cost savings from proper asset management.


V Suresh, President, Good Governance India Foundation, Vice Chairman, National Building Code of India and former CMD HUDCO outlined the new chapter introduced in the National Building Code of India 2016 on Asset Management.


Holley Chant, Executive Director, Corporate Sustainability, KEO International Consultants spoke on link between sustainability and physical asset management, underlining earth as most valuable asset which need to be managed.


Dr. Barun Chakrabarti, General Manager, Asset Management, Engineering Services, L&T Hydrocarbon Engineering Limited spoke on asset management for chemical and industrial plants and steps taken to design the life of an asset.


Pravin R Shahu, Vice President, Tata Consulting Engineers Limited expounded on harnessing digital technology, and gave an insight on Resilient Infrastructure Modelling and Digitisation.


Dinesh Sharma, CEO, DNR Process Solutions PTE Ltd. spoke on by digitisation of asset management and gave a perspective on the use of technology to streamline it.


Ajay Mathur, Technical Director, PowerQ Technology Pte Ltd. explained proper commissioning of each system to obviate later problems.


The Panel Discussion on “Accelerating the adoption of Asset Management standards and best practices in India” discussed raising awareness in India, and role of Government, Regulatory Bodies, etc in ensuring it.

Jeffrey Nambiar, Hon, Secretary & Treasurer, CEAI-WRC, proposed the Vote of Thanks.


Leave a Comment

Email Address
(will not be published)