Symbolising their growing economic clout, Indian companies have won five of the seven Golden Peacock Awards instituted by World Council for Corporate Governance for their outstanding performance.

Announcing the awards, Robert Hiscox, Director Communications of World Council for Corporate Governance said the seven companies were chosen from out of 225 companies nominated.

Pritish Nandy Communications, the first publicly traded motion picture company in India, received the award in the category of emerging economy in the private sector, while Oil and Natural Gas Company, one of the largest in the world, was selected for the award for its stellar role in the public sector in India.

The National Thermal Power Corporation, the largest power company in India, also received the award in the emerging economy in public sector.

ITC, one of India's foremost private sector companies which has moved from tobacco to paper, food, hotel, agricultural exports and forestry to apparel, and the Life Insurance Corporation of India were chosen for the Golden Peacock Awards in the category of Corporate Social Responsibility.

Ola Ullsten, former Prime Minister of Sweden and Chairman of the World Council for Corporate Governance and Madhav Mehra, President of World Council for Corporate Governance jointly presented the awards to the winners in London on Thursday night.