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IGC India and china Indian Court Awards India Globalization Capital Subsidiary $2.2M
Press Release: India Globalization Capital – Thu, Dec 20, 2012 10:12 AM ESTEmail0Share0PrintRELATED QUOTESSymbol Price Change
IGC 0.1549 0.00

Bethesda, Maryland, Dec. 20, 2012 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (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.

About IGC:

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.