$16.5 Million Contract Awarded to India Globalization Capital’s Subsidiary, Sricon Infrastructure, for Surface Mining and Extraction of Limestone

2008-08-07 07:00:00

$16.5 Million Contract Awarded to India Globalization Capital’s Subsidiary, Sricon Infrastructure, for Surface Mining and Extraction of Limestone

    Company Increases Backlog of Orders to $382 Million from $366 Million

    BETHESDA, Md., Aug. 7 /EMWNews/ -- India Globalization

Capital, Inc. (Amex: IGC), a company developing infrastructure in India,

announced today that its subsidiary, Sricon Infrastructure Private Limited

(Sricon), was awarded a $16.5 million surface mining contract by Ultratech

Cement Company (Ultratech) for the extraction, transportation, and delivery

of limestone to Ultratech's Gujarat Cement Works plant in the city of

Amreli in Gujarat, India. The contract, which will commence in early 2009

and continue for a period of three years, increases the Company's backlog

to approximately $382 million from $366 million.

    Ram Mukunda, CEO of India Globalization Capital, commented, "Since we

consummated the acquisitions in March of 2008, our Indian companies have

been awarded an impressive $140 million in new infrastructure contracts. We

continue to be aggressive in pursuing new contracts and we are currently

pursuing approximately $327 million worth of new contracts, which if we are

successful in winning, would dramatically increase our projected revenue

and earnings for the years ahead."

    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 owns sixty-three percent of Sricon

and seventy-seven percent of TBL. IGC has three core competencies: 1)

Highway and other heavy construction, 2) Mining & quarrying and 3) Civil

construction and engineering of high-temperature plants. The Company's

medium term plans are to expand each of these lines of business.

    Most of IGC's operations are based in India. The company has offices in

Maryland, Mauritius, Nagpur, Cochin, Delhi and Bangalore. Copies of the

Form S-3 and IGC's other filings with the SEC containing information about

IGC, our Indian operations and other relevant documents, are available at

no charge at the SEC's Internet site (http://www.sec.gov). For more

information about IGC, visit the company's web site at


    Forward-Looking Statements:

    This press release may contain forward-looking statements. 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, which

could cause actual results to differ, relate to: (i) the ability of the

parties to successfully win new contracts, execute on contracts and

business plan, (ii) our ability to raise additional capital and the

structure of such capital including the exercise of warrants, and (iii)

changes in the exchange rate between the U.S. dollar and the Indian Rupee.

We undertake 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 10-KSB, definitive proxy

statement and supplement filed with the SEC and incorporated by reference

into the Form S-3.

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