Bethesda, Maryland, Dec. 20, 2012 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT:
IGC) (NYSE Amex: IGC), a company competing in the rapidly growing
materials and infrastructure industry in India and China, announced
today that a final court ruling has been rendered, in the Company's
favor, against the National Highway Authority of India (NHAI),
granting an award of $2.2 million (INR 125 million). The claim had
been filed by IGC's subsidiary TBL on behalf of a joint venture in
which TBL is the 95% partner. The final judgment was passed
on December 19, 2012.
As previously disclosed, the Company had
reported that it had access to about INR 140 million ($2.5 million
at an exchange rate of 55 INR to 1 USD) in funds deposited by the
NHAI with the High Court in Delhi against the arbitration award won
by TBL. In further negotiations with the NHAI and a court appointed
expert, the Company, rather than continue to litigate and prolong
the outcome, agreed to a small reduction in return for a final
settlement and judgment.
Based in Bethesda, Maryland, India Globalization
Capital, Inc. (IGC) is a materials and infrastructure company
operating in India and China. We currently supply Iron
ore to Steel Companies operating in China. For more
information about IGC, please visit IGC's Web site at
www.indiaglobalcap.com. For information about Ironman,
please visit www.hfironman.com.
Some of the statements contained in this press
release that are not historical facts constitute forward-looking
statements under the federal securities
laws. Forward-looking statements 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 those terms. These
statements are not a guarantee of future developments and are
subject to risks, uncertainties and other factors, some of which
are beyond IGC's control and are difficult to
predict. Consequently, actual results may differ
materially from information contained in the forward-looking
statements as a result of future changes or developments in our
business, our competitive environment, infrastructure demands, Iron
ore availability and governmental, regulatory, political, economic,
legal and social conditions in China and India.
The Company undertakes no obligation to publicly
update any forward-looking statements, whether as a result of new
information, future events, or otherwise. Other factors
and risks that could cause or contribute to actual results
differing materially from such forward-looking statements have been
discussed in greater detail in IGC's Schedule 14A, Form 10-K for
FYE 2012 and Form 10-Q for the quarter ended September 30, 2012
filed 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