Minaean Signs Agreement to Set Up a Roll Forming Plant in India
Minaean International Corp. (TSX VE: MIB; Berlin and Frankfurt Stock Exchanges: NJA) is pleased to announce that it has entered into an agreement for the formation of a Joint Venture Company with Tulsi Concast Pvt. Ltd.
Vancouver, BC (PRWEB) December 9, 2004
Minaean International Corp. (TSX VE: MIB; Berlin and Frankfurt Stock Exchanges: NJA) is pleased to announce that it has entered into an agreement for the formation of a Joint Venture Company with Tulsi Concast Pvt. Ltd. (TCPL), based in Jhansi, India, to set up and operate a roll forming plant. This facility will enable Minaean to assume full control of the roll forming of Vesta Quik-Build panels and Artisan Quik-Build studs in India.
Minaean will hold a 60% equity stake in the joint venture in exchange for its technology and TCPL will invest U. S.$ 800,000 for a 40% equity stake in the joint venture. Under the agreement Minaean will control the production, marketing and distribution functions of the joint ventureÂ’s business. It is anticipated that the roll forming plant will be put into operation within 90 days.
With this roll forming plant in place, Minaean will be in a position to roll out millions of square feet of Vesta Quik-Build panels and Artisan Quik-Build studs to meet the product requirements of its licensee, Jamshedpur Utilities and Services Co. Ltd. (“JUSCO”), a wholly owned subsidiary of the corporate giant Tata Iron and Steel Co. Ltd. (“TATA Steel”), which is presently finalizing an MOU with the Govt. of Jharkand for the construction of over 3,000 health care units throughout the state. Product from the roll forming unit will be marketed, both, throughout the Indian market and also abroad.
The roll forming plant will further strengthen Minaean’s ability to capitalize on the enormous opportunity unfolding in the Indian housing market. India is a country of in excess of one billion people with a recorded shortfall of 41 million homes (as per Business India Magazine, August 19th, 2002 issue). Minaean is poised to take advantage of its association with TATA Steel with which the Company entered into an agreement last year. This agreement has resulted in TATA Steel creating a new division called “Construct Solutions Group” to promote and market Minaean’s light-gauge steel construction systems all over India.
Subject to regulatory approval, a finderÂ’s fee will be payable on this transaction.
About Minaean International Corp.
Minaean International Corp. and its wholly owned subsidiary, Minaean Building Solutions Inc., is a Canadian-based developer of alternative building technologies using light-gauge steel. Minaean's building system uses100-per cent recyclable steel. Construction methods reduce building time and costs, requiring less water, wood and concrete than wood-framed structures. Other benefits include resistance to earthquakes, fire, windstorms, moisture and pests.
Contact Information:
Peeyush Varshney
Director
Minaean International Corp.
Tel: 604.684-2181
Peeyush@varshneycapital. com
Media Contact:
David Davies
Harbourwerks Communications
Tel: 250.382.4332
Ddavies@harbourwerks. com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.
Contact:
Investor Relations
Phone (604) 684-2181
Investors@minaean. com
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