Bethesda, April 4, 2013 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT: IGC), acompany competing in the rapidly growing materials andinfrastructure industry in India and China, announced today that onMarch 31, 2013 it completed the previously announced acquisition ofthe remaining 23.13% of the TBL shares that were still owned by theFounders of TBL for about $185,000. Following thru with IGC's consolidation effort, and as per theAgreements announced on October 18, 2013, TBL became a fully-ownedsubsidiary of IGC. This acquisition gives IGC control over TBL, acompany with 1) assets in excess of $3 million including operatingassets that can deployed in our mining operations; 2) a priorhistory and qualifications for bidding on construction contracts inIndia; and 3) an import/export license that can be used to tradevarious commodities worldwide. This acquisition also providesIGC and the founders of TBL with customary releases andindemnities. IGC's CEO, Mr. Ram Mukunda, said: "TBL is expected to add valueby allowing us to consolidate our operations in India.Additionally, TBL has approximately $6.5 million of potentialclaims that we are currently pursuing against construction projectsthat have been completed." About IGC: Based in Bethesda, Maryland, India GlobalizationCapital, Inc. (IGC) is a materials and infrastructure companyoperating in India and China. We currently supply iron ore to steelcompanies operating in China. For more information about IGC,please visit IGC's Web site at www.indiaglobalcap.com. Forinformation about Ironman, please visit www.hfironman.net. Forward-looking Statements: Some of the statements contained in this pressrelease that are not historical facts constitute forward-lookingstatements under the federal securities laws. Forward-lookingstatements can 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 future developmentsand are subject to risks, uncertainties and other factors, some ofwhich are beyond IGC's control and are difficult to predict.Consequently, actual results may differ materially from informationcontained in the forward-looking statements as a result of futurechanges or developments in our business, our competitiveenvironment, infrastructure demands, Iron ore availability andgovernmental, regulatory, political, economic, legal and socialconditions 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 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,Form 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: Investors Contact Information Claudia Grimaldi 301-983-0998