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BANISTER SUBSIDIARY AWARDED INDIA CONTRACTS

 SCARBOROUGH, Ontario, Canada, May 26 /PRNewswire/ -- Banister Inc. (AMEX: BAN) announced today that its civil construction subsidiary, The Foundation Company of Canada Limited, in joint venture with Continental Construction Limited of New Delhi India, has been awarded contracts nos. 1 (civil works for dam) and 2.1 (civil works for head race tunnel) of the Nathpa Jhakri Hydro Electric Project in Northern India.
 Foundation's 45 percent share of these contracts is valued at approximately $200 million, with the foreign currency portion financed by the World Bank.
 It is expected that work will commence in July and both contracts are scheduled for completion in 1999.
 Banister Inc. is a Canadian-based building, civil, industrial, pipeline and utility construction company worldwide.
 -0- 5/26/93
 /CONTACT: N.A. Harrison, executive vice president or C.N. D'Croix, vice president and chief financial officer of Banister, 416-754-8735/
 (BAN)


CO: Banister Inc. ST: Ontario IN: CST SU: CON

WB -- NY064 -- 2590 05/26/93 16:18 EDT
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Publication:PR Newswire
Date:May 26, 1993
Words:161
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