On December 30, 2011 IGC shareholders approved the acquisition of Ironman. The Company's website is www.hfironman.net . A press release on this acquisition is in current news. The acquisition is expected to close this quarter.

Ram Mukunda CEO of IGC said, "PRC Ironman has audited revenues of approximately $13.5 million and approximately $5.9 million in net after tax earnings for FYE March 31, 2011 and a good liquid balance sheet. In addition to an immediate impact on earnings, this acquisition will greatly enhance our position in the materials business by creating a rapidly growing, profitable iron ore business for IGC. PRC Ironman refines low-grade ore to high-grade ore, which commands a higher price and margin in the market. Our strategy is to both mine and ship low-grade ore to the refining facilities and through a beneficiation process convert the ore to high-grade ore. Over the next 24 months, we expect to expand this business rapidly through organic growth. Additionally, there are great values in this space which may provide additional opportunities for bolt-on acquisitions. This is the first step towards creating a value added, vertically integrated iron ore business that extends from India into China."

India Globalization Capital, Inc. (NYSE AMEX: IGC), an infrastructure and materials company based in India, provides materials to the fast growing infrastructure industry in China and India.    The Company was incorporated in 2005 and is based in Bethesda, Maryland with offices in Mauritius, Nagpur, Cochin, Delhi and Bangalore.    IGC offers strategic high demand services including : 1) operations and supply of rock aggregate 2) the export of iron ore to China. 3) civil construction of roads and highways 4) the construction and maintenance of high temperature cement and steel plants, IGC’s present and past clients include various Indian government organizations and steel mills in China.    As of September 30, 2010, including subsidiaries, IGC has approximately 150 employees and contractors worldwide.    The Company is focused on building out rock aggregate quarries, expanding relations and export hubs for the export of iron ore to China, and winning construction contracts.

IGC’s subsidiaries include IGC-India Mining & Trading, Private Limited  (IGC-IMT) a company located in Chennai engaged in the export of iron ore to China, IGC Materials Private Limited. (IGC-MPL) a company located in Nagpur that operates rock quarries and provides construction material to the industry, Techni Bharathi Limited   ("TBL"), a construction company located in Kerala, IGC Logistics, Private Limited (IGC-LPL) a company that provides supply side logistics.

IGC’s goals are to grow organically as well as acquire and grow operating infrastructure businesses located in India.

IGC has four core competencies:

• Mining and Quarrying
  
• Beneficiation of Iron ore
  
• Export of iron ore to China
  
• Highway and Heavy Construction