Burn Standard Company

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Burn Standard Company Limited (BSCL) is a Public Sector Undertaking (PSU) of the Government of India. Headquartered in Kolkota, India, BSCL is engaged in civil engineering projects and is a subsidiary of Bharat Bhari Udyog Nigam. The company was formed with the merger of two companies — Burn & Company and Indian Standard Wagon, and was nationalised in 1975. In fiscal 2006, the company reported aggregated revenues of Rs 13,727 lakh (US$ 349.65 million). According to UK based newspaper Independent John Messer, the lead in-house lawyer for US engineering group McDermott International, was back in India again in March 2008. It's a country he and his predecessors have got to know better than anyone would have imagined back in the late 1980s, when the contract was drawn up to build a giant offshore platform for the Mumbai High oil field. For the past 17 years, McDermott has been trying to get paid. In October 2006, Burn Standard, the Indian engineering company that sub-contracted work on the project to McDermott, lost its appeal against a court ruling instructing it to pay the US group $90m (£45m). The money has still to be received.(Ref 3)

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[edit] References

1. ^ Financial Statement
2. ^ About Us. Burn Standard Company Limited
3. ^ 'It's viewed as a game': Western groups recoil at India's culture of late payment - Business Analysis & Features, Business - The Independent