Minaean Habitat Secures Contract for $ 900,000 Canadian from NTPC
Vancouver, BC, Canada – March 26, 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 staff quarters by National Thermal Power Corp.(“NTPC”), a Govt. of India Undertaking and a Fortune 500 company, for its Thermal Power Plant under construction at Solapur in Maharashtra, India. This contract has been awarded upon MHI successfully executing a similar contract of smaller size and value, announced through the News Release of January 28th, 2013. The total value of this contract is CAD $900,000. Successful execution of this contract is likely to lead to further opportunities valued at in excess of $2 million from this group alone in 2013. In addition to this contract, MHI is currently negotiating for similar contracts with Oil and Natural Gas Commission, the oil exploration giant of India and Mazagaon Dock Ltd
The restructuring of the company towards an outsourced model has proved to be a success and with established supply chains in place, the company is able to focus on its core strengths in engineering, execution and contract management. With this business model and with reduced overheads and capital expenditure the Company is working towards a major bounce back in 2013. Additional contract opportunities for execution under joint venture are also under negotiation at present.
India, having surpassed a GDP growth of 9% in 2007-08, has reported a modest growth of 5.5% for the year 2011-12. The budget announced recently is focusing towards kick starting the economy in 2013 with the liberalization of Foreign Direct Investment (FDI) rules to attract foreign investments in the retail sector. The removal of the ceiling on FDI and permitting the retail sector to enter the market would work out to be a start to fuel the growth. With a population of over 1.20 billion people, the country thrives on its consumer market driven by the masses and is on track of achieving its targeted growth for the coming year. With major power plants and manufacturing industries being set up in rural India, the solution to set up their offices and staff quarters at the site can only be provided by prefabricated structures and modular buildings. Minaean Habitat (India) Pvt. Ltd. being a pioneer in this field, is poised to attract larger contracts in due course.
ABOUT NTPC
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.
ABOUT MINAEAN
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
