Indian Film Company chairman Shyam Benegal has received this year's Dada Saheb Phalke Award, India's highest honour for cinema.

Indian President Pratibha Patil will present the award, along with a cash prize, to Benegal later this year.

Benegal is the director of classics including Ankur, Nishant, Kalyug and Bhumika. He currently is the chairman of the Film & Television Institute of India, Pune.

The award was founded in 1969 and is given annually for lifetime contribution to Indian Cinema.