Chairman and managing director of Biocon Kiran Mazumdar-Shaw has been honoured with the 'Veuve Clicquot Initiative for Economic Development for Asia' award. The award for Economic Development was introduced for the first time in 2007. There were three Economic Development awards that went to three women from Asia (India) Latin America (Bolivia) and Africa (Algeria).

Started in 1972, the Veuve Cliquot Business Woman Award was created to pay lasting tribute to one of the world's greatest businesswomen, probably the very first one, Madame Clicquot. The award celebrates special women who have demonstrated undisputable business success, clear strategic vision, entrepreneurship, daring vision and unique leadership skills, providing them wide recognition within their business sector as well as the media.

This is a special award that looks beyond business success to CSR and a combined effort to bring about economic change in developing economies. Kiran Mazumdar-Shaw has been nominated as the very first winner for Asia. Shaw was presented the award at Reims, one hour away from Paris over a unique two-day function.

Highly prized, it is the first and original award for women in business life. In its 35th year, the Award was founded to celebrate the memory of Madame Clicquot, who created the Champagne House that bears her name. Her audacity, bravery and creativity are celebrated each year, in the light of the finalists whose achievements, in their turn, present role models for women aspiring to take their place in the business world.

Past winners represent some of the most famous women in business: Dame Marjorie Scardino; Dame Anita Roddick; Dianne Thompson; Ann Gloag; Linda Bennett. Last year's winner was Vivienne Cox, executive vice president and CEO, BP Gas.