Bethesda, April 8, 2013 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT:IGC) ("IGC" or "the Company") announced the achievement of animportant milestone in the execution of its strategic plan. It has scheduled to open the first of three beneficiation plants inInner Mongolia on April 10, 2013 to drive growth in its iron orebusiness. IGC has assembled an experienced team to manageboth onsite operations and reporting systems. The plant is equippedwith two stages of beneficiation. The first uses dry magneticseparation and the second uses a wet process. These are designed toproduce ore with about 66% iron content from low-grade ore. TheCompany has set an initial production target of 200 tons per daywith an approximate selling price of $115 per ton. IGC's initialgoal would be to increase incremental production to approximately500 tons per day as operations ramp-up to three plants. Ram Mukunda, CEO of India Globalization Capital,said, "Just over a year ago, we articulated a strategy of growththat includes shipping low-grade ore from India to the refiningfacilities, and through a beneficiation process efficiently convertthis ore to high-grade product. This will allow us to increase theout put of our plants and supply larger amounts of refined ore toour customers." As previously reported, IGC has four propertiesin Inner Mongolia with over $500 million of estimated reserves.Inner Mongolia, with its extensive coal and iron ore deposits, hasbecome an important steel production center. The Companycontracts with regional steel mills that require high-grade iron tofulfill growing demand. Mr. Mukunda continued, "Our short term strategyremains three pronged: 1) supply high grade iron ore from ourbeneficiation plants, 2) expand the supply chain for raw materialsby shipping low grade ore from India to China, and 3) activelyconsolidate additional mines in the Inner Mongolia region that canbe accretive to the Company."
About IGC:Based in Bethesda, Maryland, IndiaGlobalization Capital, Inc. (IGC) is a materials and infrastructurecompany operating 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.net.Forward-looking Statements:Some of thestatements contained in this press release that are not historicalfacts constitute forward-looking statements under the federalsecurities laws. Forward-looking statements can be identifiedby 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 those terms. These statementsare not a guarantee of future developments and are subject torisks, uncertainties and other factors, some of which are beyondIGC's control and are difficult to predict. Consequently,actual results may differ materially from information contained inthe forward-looking statements as a result of future changes ordevelopments in our business, our competitive environment,infrastructure demands, Iron ore availability and governmental,regulatory, political, economic, legal and social conditions inChina 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