London: Leading NRI business magnet Karan Bilimoria has been voted Entrepreneur of the Year at the National Business Awards, considered the 'Business Oscars' given for exceptional development of an owner-led business.

"It is an honour to have been awarded the Entrepreneur of the Year Award, and it is a true testament to the strength of the whole Cobra team, without whom Cobra Beer would not be the global beer brand it is becoming," Bilimoria, founder of the Beer major, said after receiving the award at a function in South East of England.

"I hope too that this will inspire other growing companies working in a currently difficult business climate to keep focused on their goals," he said.

Sponsored by Orange, the National Business Awards have been acknowledged by the Chancellor of the Exchequer Gordon Brown as the "Business Oscars". These are the only awards to encompass all types of business from FTSE 100 to blue chip companies and brand new ventures.

The judges of the Entrepreneur of the Year Award look for the outstanding individual who can best demonstrate exceptional vision and leadership in the establishment and development of an owner-led business.

The judges look for clear identification of a market opportunity, innovation, growth and evidence of strong financial performance in terms of sales and profit growth.

The National Business Awards have recognised the achievements of companies such as British Gas, Walkers Snack Foods, Hertz and Sainsbury's, who each won their individual categories in 2003.