SOURCE: India Globalization Capital, Inc.

India Globalization Capital, Inc.

June 17, 2010 09:05 ET

India Globalization Capital Announces Rock Aggregate Supply Contract With Indian Road Development Company

Contract Valued at Approximately $945,000

BETHESDA, MD--(Marketwire - June 17, 2010) -  India Globalization Capital, Inc. (NYSE Amex: IGC), a rapidly growing materials and infrastructure company in India, announced today it has signed a rock aggregate supply contract with a large road development company in India. The contract is valued at approximately $945,000.

Under terms of the agreement, IGC will deliver 120,000 MTs (Metric Tons) of rock aggregate to a large road development company in India. Delivery is expected to start in the company's third quarter (October -- December) 2010.

Ram Mukunda, Chief Executive Officer of India Globalization Capital, commented, "We have successfully branded ourselves as a leading local provider of rock aggregate in the construction and road development space. The demand in Infrastructure projects in India continues to grow and IGC is well positioned to benefit by providing basic raw materials to various infrastructure industries. We are very pleased to be partnering with one of the larger Indian road builders to supply rock aggregate and look forward to having a continuous supply relationship with them moving forward."

Mr. Mukunda also stated, "We continue to see a robust Indian economy that has been growing steadily despite the economic turmoil in Europe and the fears of a 'bubble' in China. India remains in our view a fundamentally sound economy with a sustainable GDP growth and strengthening currency."

About India Globalization Capital:

India Globalization Capital is a materials and infrastructure company operating in India. We build roads, bridges and highways, and provide materials to the infrastructure industry in India and China. The Company has offices in Maryland, Mauritius, Nagpur, Cochin, Delhi, and Bangalore. For more information about India Globalization Capital, please visit http://www.indiaglobalcap.com/.

Forward-Looking Statements:

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect management's current views and are subject to risks and uncertainties that could cause actual results to differ materially from those projected, expressed or implied in these statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. Factors that could cause actual results to differ relate to the ability of the Company to execute on the initial contract and to persuade the customer to exercise its option for additional purchases. 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 the company's Form 10-K for the fiscal year ended March 31, 2009 and our other filings with the Securities and Exchange Commission.

Contact Information

  • Investor Relations Contact:
    Howard Gostfrand
    American Capital Ventures
    305-918-7000
    Email Contact