The prestigious award would be conferred to the two noted industrialists from India and the US on June 12, at the 37th annual gala of the US India Business Council, the largest bilateral trade organisation based in Washington and the premier business advocacy organisation advancing the US-India commercial and trade ties.

Felicitation of Mahindra and Mulally underscores USIBC's appreciation of the importance of deepening manufacturing collaboration between the world's largest free-market democracies, the council said in a statement ahead of its annual event.

External Affairs Minister S M Krishna, who is leading a high-powered Indian delegation to the third India-US Strategic Dialogue on June 13, would address the USIBC's annual event on June 12.

Earlier US Secretary of State Hillary Clinton, also was scheduled to address the USIBC event along with Krishna. However, Clinton pulled out of the USIBC gala because of her meeting at the White House.

Partnering with Confederation of Indian Industry (CII), USIBC is hosting a string of events for the week, including a US-India Economic Summit and USIBC's 37th Anniversary Leadership Summit, scheduled on June 12.

These business deliberations will consider ways to revitalise the US-India growth story.

American and Indian business leaders at these summits will formulate joint industry recommendations leading to greater US-India collaboration in economic and job security, energy security, defence and strategic security, and food and agricultural security.

According to the USIBC statement, US Secretary of Commerce John Bryson and Assistant to the US President Michael Froman will welcome Krishna, as chief guest for USIBC's 37th anniversary "India Week" deliberations.

Krishna's "participation will provide a boost of confidence into what has been a rewarding US-India commercial partnership these past 20 years, since India first opened its economy in 1991," USIBC president Ron Somers said.

"USIBC is bullish about an exciting period ahead - one that heralds tremendous opportunities for industry, working with our governments, to achieve deeper ties, spark new business partnerships, and establish innovative business models that will result in economic growth and prosperity and the creation of jobs in both countries," he said.

USIBC's 37th anniversary will highlight the business to business ties that have deepened the US-India commercial relationship, which has now reached record levels.

This year, two-way trade between the United States and India will surpass the $100 billion mark.

Indian companies are investing in the US at unprecedented rates, and American companies continue to commit long-term capital to India.

Also the outgoing USIBC Chair, Harold "Terry" McGraw III, Chairman, president, & CEO of The McGraw-Hill Companies, will formally pass the leadership mantle to his successor, MasterCard Worldwide president & CEO Ajay Banga, who will lead the organisation through this next complex phase of US-India relations.

Indian Ambassador to US, Nirupama Rao, and US Ambassador to India, Nancy J Powell, would also address the meetings.