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History of New Standard Enginerring Comp. Ltd.

New Standard EngineeringCo. ltd. [NSEs] is a multi product, multi division enterprise established in 1939. It was promoted in 1939 by Mr. J. V. Patel. The Comp. was amalgamated with Burjorji Pestonji and Sons Pvt. Ltd., a Comp. incorporated on April 15, 1946. Its name was subsequently changed to new Standard Enginering Comp. limited on May 20, 1959. New Standard Engineering is a well diversified Comp. manufacturing textile spinning machinery, forging equipment, abrasives and onshore oil recovery equipment with technology from world leading corporations viz. Wheelabrator corporation Inc., U.S.A.; Davy Mckee [Sheffields] Ltd., U.K.; Salzgitter Machinenbau GmbH, Germany; and Schubert and Salzer, Ingolstadt, Germany. Due to prolonged depression in its hitherto main product line-textile machinery and the gestation period for its new products, the Comp. made losses from 1984 till 1990. As a result, the Comp. approached the BIFR to restructure its past dues. The BIFR package has restructured and rescheduled the past dues and also provides that all needbased working capital requirements of Comp. would be met by banks at an interest rate of 15% p.a. The Comp. has received an award for its outstanding performance in exports of textile preparatory and Spinning machinery for 1991-92. The Comp. has also reached an agreement with Wheelabrator Allevard, France, to set up a joint venture for manufacture of abrasives in India.