Mumbai, Aug 27 (IANS): Forbes has named TCS as "one of the World's Most Innovative Companies", and positioned it 57th as the highest-ranking global IT services provider on this year's top-100 list, a statement said here Wednesday.

The World's Most Innovative Companies List is developed annually by Forbes Magazine, recognising corporate excellence in fostering innovative and creative business thinking and solutions.

"It is an honour and distinction to be recognised by Forbes for our industry-leading commitment to innovation," Tata Consultancy Services (TCS) CEO and Managing Director N. Chandrasekaran said.

"TCS continues to invest in global capabilities to help customers fully leverage today's disruptive digital technologies in simplifying operations and fundamentally re-imagining their business models, processes and products," he added.

The companies are ranked by Forbes by their "innovation premium", or the difference between their market capitalisation and a net present value of cash flows from the existing business.

TCS, the leading IT services, consulting and business solutions organisation, started delivering its innovative solutions by opening its first research and development lab in 1981 when the technology industry in India was just taking shape.

The company has established a global network of Innovation Labs spanning industries and services.

Its Co-Innovation Network provides value to customers across the entire technology and business landscape, forging and nurturing bonds with academic institutions, start-ups, venture funds, strategic alliance partners, multilateral organisations and TCS customers.

There are other innovations also at TCS.

Last last year, TCS opened its first all-Business Process Services Centre in Saudi Arabia in collaboration with General Electric and Saudi Aramco.

In north America, it expanded its flagship goIT Student Technology Awareness Program to 10 cities this year and continues its lead partnership roles in extensive national STEM education initiatives with the likes of Million Women Mentors, US2020 and nPower.