SOURCE: India Globalization Capital, Inc.

India Globalization Capital, Inc.

October 01, 2009 09:42 ET

India Globalization Capital Appoints Head of Indian Operations

BETHESDA, MD--(Marketwire - October 1, 2009) - India Globalization Capital, Inc. (NYSE Amex: IGC), a company developing infrastructure in India, today announced that it has appointed Mr. K. Parthasarathy as Executive Director and Head of its Indian operations.

Mr. Parthasarathy will be responsible for day-to-day operations, facilitating the Managing Directors, as well as focusing the majority of his time on business development and the continued operational build-out of India Globalization Capital's interests in the region. He will also be heading up an aggressive and long-term claim resolution and recovery campaign, which the Company expects will generate significant cash.

Mr. Parthasarathy has a long and distinguished career in leadership positions both in the private and public sectors in India and has been a chartered accountant for more than 20 years. Most recently, Mr. Parthasarathy has been the Chairman and Managing Director of Hindustan Steelworks Construction Limited, (HSCL), an infrastructure company owned by the Government of India. His appointment was made under the Indian Ministry of Steel; prior to this appointment, he was also the Director of Finance for the company. Mr. Parthasarathy grew HSCL to over $140 million of revenue with a construction backlog of orders of over $300 million and a work force of over 1,200.

"We are all very excited to have someone with Mr. Parthasarathy's experience on our team and we expect his arrival, and subsequent mission execution, to bring a greater degree of cohesion and direction to the initiatives we have laid out for our Indian operations," said Ram Mukunda, Chief Executive Officer of India Globalization Capital. "Mr. Parthasarathy will be working out of our Bangalore offices and will begin work immediately," Mr. Mukunda added.

About India Globalization Capital

India Globalization Capital, Inc. is a materials and construction company operating in India, which builds roads, bridges and highways, and provides materials to the infrastructure industry in India and China.

For more information about India Globalization Capital, visit the company's web site at: www.indiaglobalcap.com. Our filings are also available at no charge on the SEC's website at www.sec.gov.

Forward-Looking Statements:

The statements contained in this document or in videos associated with this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "will," "would," and other variations or negative expressions of these terms, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. 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. Factors that could cause actual results to differ, relate to: (i) ability of the parties to successfully execute on contracts and business plans, (ii) ability to raise capital and the structure of such capital including the exercise of warrants, and (iii) exchange rate changes between the U.S. dollar and the Indian Rupee. 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 the company's definitive proxy statement and supplement filed with the SEC and incorporated by reference into the Form S-3.

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