SOURCE: India Globalization Capital, Inc.

India Globalization Capital, Inc.

December 18, 2009 07:00 ET

India Globalization Capital (IGC) Regains Compliance With NYSE Amex Listing Standards

BETHESDA, MD--(Marketwire - December 18, 2009) - India Globalization Capital, Inc. (NYSE Amex: IGC) ("IGC"), a company competing in the materials and infrastructure industry in India, today announced it has resolved the continued listing deficiency referenced in the warning letter it received from NYSE Amex LLC staff on November 11, 2009 and has regained full compliance with NYSE Amex listing standards.

Specifically, on December 14, 2009, NYSE Amex approved the listing of additional shares of the Company's common stock and the shares underlining the warrants previously sold by the Company. Effective December 16, 2009, the Company will no longer be included in a list of noncompliant companies, and the Company's stock symbols ("IGC," "IGC-WT," and "IGC.U") will no longer be appended with ".BC" (below compliance).

"We are happy to have regained compliance with NYSE Amex listing standards," said Ram Mukunda, Chief Executive Officer of IGC. "We continue to ardently pursue a business strategy and operating principles that we believe will lead to positive results for our stakeholders."

About IGC

Based in Bethesda, Maryland, IGC operates through two infrastructure companies in India, Sricon Infrastructure Private Limited ("Sricon") and Techni Bharathi, Limited ("TBL"). IGC, through its subsidiaries, has three areas of expertise: (1) Highway and other heavy construction, (2) Mining & quarrying and (3) Civil construction and engineering of high-temperature plants. Most of IGC's operations are based in India. The Company has offices in Maryland, Mauritius, Nagpur, Cochin, Delhi and Bangalore. Copies of IGC's filings with the SEC containing information about IGC, its Indian operations and other relevant documents are available at no charge at the SEC's Internet site ( For more information about IGC, please visit the Company's web site at

Forward-Looking Statements

Statements contained herein that relate to the Company's future performance, including statements with respect to forecasted revenues, margins, cash generation and capital expenditures are "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 and set forth in the Company's Annual Report on Form 10-K for the year ended March 31, 2009 filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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