Bethesda, Maryland, Dec. 20, 2012 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT:IGC) (NYSE Amex: IGC), a company competing in the rapidly growingmaterials and infrastructure industry in India and China, announcedtoday that a final court ruling has been rendered, in the Company'sfavor, against the National Highway Authority of India (NHAI),granting an award of $2.2 million (INR 125 million). The claim hadbeen filed by IGC's subsidiary TBL on behalf of a joint venture inwhich TBL is the 95% partner. The final judgment was passedon December 19, 2012. As previously disclosed, the Company hadreported that it had access to about INR 140 million ($2.5 millionat an exchange rate of 55 INR to 1 USD) in funds deposited by theNHAI with the High Court in Delhi against the arbitration award wonby TBL. In further negotiations with the NHAI and a court appointedexpert, the Company, rather than continue to litigate and prolongthe outcome, agreed to a small reduction in return for a finalsettlement and judgment. About IGC: Based in Bethesda, Maryland, India GlobalizationCapital, Inc. (IGC) is a materials and infrastructure companyoperating in India and China. We currently supply Ironore to Steel Companies operating in China. For moreinformation about IGC, please visit IGC's Web site at www.indiaglobalcap.com. For information 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. Thesestatements are not a guarantee of future developments and aresubject to risks, uncertainties and other factors, some of whichare beyond IGC's control and are difficult topredict. 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 publiclyupdate any forward-looking statements, whether as a result of newinformation, future events, or otherwise. Other factorsand risks that could cause or contribute to actual resultsdiffering materially from such forward-looking statements have beendiscussed in greater detail in IGC's Schedule 14A, Form 10-K forFYE 2012 and Form 10-Q for the quarter ended September 30, 2012filed with the Securities and Exchange Commission on December 9,2011, July 16, 2012, and November 14, 2012, respectively.
CONTACT: Investor Relations Contact: Mr. John Selvaraj 301-983-0998