Bethesda, April 29, 2013 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT: IGC) ("IGC" or "theCompany") announced the achievement of a further milestone in theexecution of its strategic plan. It has established a shipping hubat the border of Mongolia and China to provide iron ore to itscustomers in China and source raw materials for its beneficiationplants. The hub is positioned to deliver various gradesof iron ore to its customers in China and has begun moving itsfirst test shipment as part of the Company's production ramp up.Iron ore exports from Mongolia were virtually nonexistent in 2008,and have experienced rapid growth since that time. Accordingto Mongolia Asset Management, for the year 2012, Mongolia exportedapproximately 5.75 million tons of iron ore representing a 61%increase over the previous year. Ram Mukunda, CEO of India Globalization Capital, said, "Theopening of this hub required about 6 months of planning,negotiations and preparation. We are currently moving a testshipment of 300 tons from Mongolia to China. Oncesuccessfully delivered in the next week or so, we expect to ramp upto between 8,000 and 12,000 tons a month." 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 press release that arenot historical facts constitute forward-looking statements underthe federal securities laws. Forward-looking statements can beidentified 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 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 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 publicly update anyforward-looking statements, whether as a result of new information,future events, or otherwise. Other factors and risks that couldcause or contribute to actual results differing materially fromsuch forward-looking statements have been discussed in greaterdetail in IGC's Schedule 14A, Form 10-K for FYE 2012, Form 10-Q forthe quarter ended September 30, 2012, filed with the Securities andExchange Commission on December 9, 2011, July 16, 2012, andNovember 14, 2012, respectively.
CONTACT: Investors Contact Information Claudia Grimaldi 301-983-0998