India Globalization Capital Announces The Exchange Of Outstanding Promissory Note For New Note

Bethesda, Oct. 15, 2012 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT:IGC) (NYSE Amex: IGC), a company competing in the rapidly growingmaterials industry in India and China, announces the filing of an8-K detailing that it has agreed, subject to customary closingconditions, to exchange an outstanding promissory note for a newnote and shares of the Company's common stock.

Pursuant to a 2012 Note and Share PurchaseAgreement with Bricoleur Partners, L.P. ("Bricoleur"), the Companyexchanged an unsecured promissory note in the principal amount of$1,800,000 at zero percent interest and 3,000,000 shares of theCompany's common stock and penalty shares of 171,000 beginningFebruary 1, 2013 for every month that the note remains unpaid forthe previously outstanding 2011 Unsecured Promissory Note issued toBricoleur in the principal amount of $1,800,000 on February 25,2011. The new note is due and payable on the earlier of (i)December 31, 2012 (the "Maturity Date"), or (ii) upon customaryoccurrences of an event of default. Like the prior note, the newnote may be prepaid in whole or in part at any time without penaltyor premium.

About IGC:

Based in Bethesda, Maryland, India GlobalizationCapital (IGC) is a materials and infrastructure company operatingin India and China.  We currently supply Iron ore toSteel Companies operating in China.  For more informationabout IGC, please visit IGC's Web site at www.indiaglobalcap.com. Forinformation about Ironman, please visit www.hfironman.com.

Forward-looking Statements:

Some of the statements contained in this pressrelease that are not historical facts constitute forward-lookingstatements under the federal securitieslaws.  Forward-looking statements can be identified bythe use of the words "may," "will," "should," "could," "expects,""post", "plans," "anticipates," "believes," "estimates,""predicts," "intends," "potential," "proposed," "confident" or"continue" or the negative of those terms.  Theseforward-looking statements are based on the existing beliefs,assumptions, expectations, estimates, projections andunderstandings of the management of IGC concerning PRC Ironman withrespect to future events at the time these statements aremade.  These statements are not a guarantee of futuredevelopments and are subject to risks, uncertainties and otherfactors, some of which are beyond IGC's control and are difficultto predict.  Consequently, actual results may differmaterially from information contained in the forward-lookingstatements as a result of future changes or developments in ourbusiness, our competitive environment, infrastructure demands, Ironore availability and governmental, regulatory, political, economic,legal and social conditions in China.

Factors that could cause actual results todiffer, relate to the (i) ability of IGC to successfully execute oncontracts and business plans, (ii) ability to raise capital and thestructure of such capital including the exercise of warrants, (iii)exchange rate changes between the U.S. dollar, the Chinese RMB andthe Indian rupee, (iv) weather conditions in China and India, (v)uncertainties with respect to the People's Republic of China'slegal, regulatory and licensing environment, and (vi) ability ofthe Company to access ports on the coasts ofIndia.  Readers are cautioned not to place undue relianceon these forward-looking statements.  The Companyundertakes no obligation to publicly update any forward-lookingstatements, whether as a result of new information, future events,or otherwise.  Other factors and risks that could causeor contribute to actual results differing materially from suchforward-looking statements have been discussed in greater detail inIGC's Schedule 14A and Form 10-K for FYE 2012 filed with theSecurities and Exchange Commission on December 9, 2011 and on July16, 2012, respectively.

CONTACT: Investor Relations Contact:         Mr. John Selvaraj         301-983-0998 

IGC

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