Bethesda, Maryland, Dec. 14, 2012 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT: IGC), acompany competing in the rapidly growing materials andinfrastructure industry in India and China, announced that onTuesday, December 11, 2012, it received a notice from the NYSE MKTLLC (the "Exchange") stating that the Company is not in compliancewith Section 1003(f)(iv) of the Exchange's CompanyGuide. Specifically the Exchange Staff has determined that the Companyhas not paid the outstanding listing fees balance for a substantialperiod of time and, pursuant to Section 1003(f)(iv) of the Companyguide, the Company's continued listing is predicated on itsubmitting all unpaid listing fees due to the Exchange by January10, 2013. As a consequence of the Company falling below listing standards,the Company, will continue to be included in a list of issuers thatare not in compliance with the Exchange's continued listingstandards and will remain subject to the indicator .BC to denoteits noncompliance. Both the website posting and the indicator willremain in effect until such time as the Company has regainedcompliance with all applicable continued listing standards. Ram Mukunda, CEO of IGC said, "The process of moving funds outof India involves applying to the Reserve Bank of India (RBI) forpermission to repatriate funds. While the process is streamlined,obtaining appropriate clearances can typically take 6 months andsometimes more. In our case we applied to the RBI over 6 months agoand believe that we are close to the end of the process. It hastaken inordinately long because this is the first time in fiveyears that the Company has applied to repatriate funds. We expectto receive the approval in the next few weeks and be in a positionto meet the obligation to the NYSE by January 10, 2013."
About IGC:Based in Bethesda, Maryland, India Globalization Capital, Inc.(IGC) is a materials and infrastructure company operating in Indiaand China. We currently supply Iron ore to SteelCompanies operating in China. For more information aboutIGC, 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 press release that arenot historical facts constitute forward-looking statements underthe federal securities laws. Forward-looking statementscan be identified by the 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 thoseterms. 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 and India. The Company undertakes no obligation to publicly update anyforward-looking statements, whether as a result of new information,future events, or otherwise. Other factors and risksthat could cause or contribute to actual results differingmaterially from such forward-looking statements have been discussedin greater detail in IGC's Schedule 14A, Form 10-K for FYE 2012 andForm 10-Q for the quarter ended September 30, 2012 filed with theSecurities and Exchange Commission on December 9, 2011, July 16,2012, and November 14, 2012, respectively.
CONTACT: Contact Information Investor Relations Contact: Mr. John Selvaraj 301-983-0998