Build publisher works perfectly within the LAN network, and other networks where there are no proxies in between. In a corporate environment, the build publish transmitter is behind a proxy and the build receiver is outside (i.e. a public web server)
The plugin doesn't seem to use the settings available under the pluginManager/Advanced tab for proxy settings. Verified that the plugin manager is able to connect to jenkins-ci.org to download plugins, so it is not a configuration problem.
The issue is not resolved even if JVM is invoked with -DproxySet=true -DproxyHost=<proxy> -DproxyPort=<port>. [Even in this case, the plugin manager is able to utilize these settings, while the build publisher is not]