Calcutta, Dec 8: Burn Standard Co is looking for a strategic or joint venture partner for Bharat Brakes & Valves Ltd. Bharat Brakes, a subsidiary of Burn Standard, is one of the nine PSUs under holding company Bharat Bhari Udyog Nigam Ltd. Formerly known as Gresham & Cravena Ltd, Bharat Brakes makes railway accesories like slack adjusters for wagons and coaches, vacuum exhausters for electric and diesel locomotives and air brakes for wagons. When contacted, a senior Burn Standard official said, ``The lookout for a joint venture partner is on for quite sometime now. It is a part of Burn Standard's disinvestment drive.''
Burn Standard hasn't shortlisted any company for the deal so far. "We've just put the tender advertisement in the newspapers. Let us wait and see who bids for it," the Burn Standard official said.
Meanwhile, Burn Standard has maintained in the tender advertisement that it proposes to offer equity and management control of Bharat Brakes in favour of the new partner that it is seeking.
Some time back, Burn Standard had put up tender advertisements in the newspapers for a proposed sale of land in West Bengal and Tamil Nadu.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.