Minaean Habitat Secures Further Contract for $ 190,000 from NTPC with Consolidated Contract Value now Exceeding $1.95 million
Vancouver, BC, Canada – April 11, 2013 – Minaean International Corp. (TSX-V: MIB; Berlin and Frankfurt Stock Exchanges: NJA) (“Minaean” or the “Company”), a Canadian-based developer of alternative building technologies using light-gauge steel, is pleased to announce that Minaean Habitat (India) Pvt. Ltd. (“MHI”), its wholly owned subsidiary operating in India has been awarded another contract for construction of ten modular cabins by National Thermal Power Corp.(“NTPC”), a Govt. of India Undertaking and a Fortune 500 company, for its Thermal Power Plant under construction at Bijapur, Karnataka, India. This contract valued at $ 190,000 has been awarded upon MHI successfully executing a similar contract of size and value, awarded in December 2012 and subsequently a larger contract, currently under execution for a total value of CAD $ 900,000. The consolidated contract value awarded by NTPC to MHI now exceeds CAD $ 1.95 million.
In addition to this contract, MHI is currently negotiating similar contracts with NTPC valued at CAD $1 million which are expected to be concluded and awarded shortly. This would potentially take the total contract value to $3 million – meeting the target laid out for the year 2013. Apart from NTPC contracts, MHI is also negotiating for contracts with Oil and Natural Gas Commission, the oil exploration giant of India, and Mazagaon Dock Ltd, a public undertaking unit dealing with construction of rigs and barges.
The Company continues to operate on a smart and efficient contract and supply chain management model maintaining a low capital investment budget and averting any risk that follows with such investments. It also enables the Company to provide mobile services and serve the client, such as NTPC, which is constructing thermal power plants in 7 different locations. Focusing on its core strengths in engineering, execution and contract management with reduced overheads and capital expenditure the Company is working towards becoming self sustaining and profitable during the current fiscal year. The Company is also working on larger contract opportunities for construction using its prefab technology through joint ventures.
India has been adjourned the fifth best country in the world for dynamic growing businesses, as per the Grant Thornton Global Dynamism Index. The index gives a reflection of how suitable an environment the country offers for dynamic businesses. With the easing of Foreign Direct Investment Policies, Indian companies have raised US$ 4.29 billion, through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) in October 2012, to fund modernization, foreign acquisitions, import of capital goods and onward lending. There is a renewed confidence of the foreign institutions and investors investing in India.
NTPC Limited (formerly National Thermal Power Corporation) (BSE: 532555, NSE: NTPC) is the largest Indian state-owned electric utilities company based in New Delhi, India. It is listed in Forbes Global 2000 for 2011 ranked at 348th in the world. It is an Indian public sector company listed on the Bombay Stock Exchange in which at present the Government of India holds 84.5% (after divestment of the stake by Indian government on 19 October 2009) of its equity. With an electric power generating capacity of 39,174 MW, NTPC has embarked on plans to become a 75,000 MW company by 2017. It was founded on 7 November 1975.
NTPC’s core business is engineering, construction and operation of power generating plants and providing consultancy to power utilities in India and abroad.
Minaean International Corp. specializes in design, engineering, production and installation of modular and prefabricated buildings using its light gauge steel construction system trade marked “Vesta Quik-BuildTM and Artisan Quik-BuildTM”. The Company operates through its two wholly owned subsidiaries, Minaean Habitat (India) Pvt. Ltd in India and Minaean Ghana Inc. in Ghana, Africa. Through the expansion of its business model, Minaean has entered the African housing market, promoting the business of affordable housing projects in Ghana, Africa .
As pioneers in the Indian market, Minaean’s success in supply of modular buildings, designed, engineered and prefabricated in the factory environment and capable of being assembled and delivered within 7 days, has been an addition to the Company’s innovative construction technologies. The application of the modular building concept has been expanded to produce and install Bus Queue Shelters, ATM Modular Buildings, Modular Toilets and Public Washrooms, office blocks and bunkhouses for campsites. The strong, affordable, ecologically sustainable structures present a promising solution to the mass housing shortages in developing countries and disaster-stricken areas, in addition to a range of conventional applications.
Through its “Artisan Quik-Build” system, Minaean has conducted engineering and constructed buildings up to 7 stories high in Oregon, USA.
Shares of Minaean International Corporation are publicly traded on the TSX Venture Exchange under the symbol “MIB” and on the Berlin and Frankfurt Stock Exchanges under the symbol “NJA”. For more information, please visit www.minaean.com.
On behalf of the Board of Directors
MINAEAN INTERNATIONAL CORP.
“Mervyn Pinto ”
Mervyn Pinto, President & Director
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