In today’s highly dynamic and rapidly changing environment, global competition among organizations has led to higher demands on the manufacturing organizations. The manufacturing industry has experienced an unprecedented degree of change in the last three decades, involving drastic changes in management approaches, product and process technologies, customer expectations, and competitive behavior. These challenges are forcing manufacturing organizations globally to foster high reliability, availability and maintainability in the manufacturing systems. The recent competitive trends have been putting maintenance function under the spotlight as never before. The ever increasing demands on manufacturing systems have contributed to complete overhaul of maintenance practices in manufacturing enterprises. Total Productive Maintenance (TPM) initiative has emerged as a key competitive strategy for business organizations in the global marketplace to enhance competitiveness of the enterprises. The study highlights the contributions of strategic TPM initiatives on manufacturing performance and demonstrates significant potential of TPM in achieving manufacturing excellence.