Indian Court Awards India Globalization Capital Subsidiary $2.2M
Bethesda, Maryland, Dec. 20, 2012 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (IGC.U) (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 301-983-0998
Source: India Globalization Capital 2012 GlobeNewswire, Inc.