Bethesda, Maryland, Dec. 27, 2012 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT: IGC), a companycompeting in the rapidly growing materials and infrastructureindustry in India, announced today that its board of directorsaccepted the resignation of Director Ranga Krishna, effectiveDecember 21, 2012. Mr. Krishna submitted his written requestto resign from the board and all committees due to personal reasonsand confirmed that there are no conflicts between him and theCompany. Mr. Ram Mukunda, CEO of IGC, commented: "We thank Mr. Krishnafor his guidance over the past seven years. While he will no longerbe a member of the Board, we will continue to seek his valuableadvice. He will continue to serve the Company in the capacity ofSenior Advisor." 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. For information 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: Investor Relations Contact: Mr. John Selvaraj 301-983-0998