INDIA GLOBALIZATION CAPITAL, INC. 
By Date of Report (Date of earliest event reported): January 29, 2014
INDIA GLOBALIZATION CAPITAL, INC.
(Exact name of registrant as specified in its charter)
Maryland | 001-32830 | 20-2760393 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
4336 Montgomery Ave., Bethesda, Maryland 20814
(Address of principal executive offices) (Zip Code)
(301) 98-30998
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14-a12 under the Exchange Act (17 CFR 240.14a-12)
o Pr-ecommencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pr-ecommencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
On January 30, 2014, India Globalization Capital, Inc. (the "Company") issued a press release announcing that it executed an off take agreement to support production growth of high-grade iron ore in Linxi, Inner Mongolia. A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated by reference into this Item 8.01 in its entirety.
Also, on January 29, 2014, India Globalization Capital, Inc. (the "Company") issued a press release announcing that it was invited to present at SeeThruEquity's Microcap Investor Conference on February 6, 2014 in New York City. A copy of the press release is attached to this report as Exhibit 99.2 and is incorporated by reference into this Item 8.01 in its entirety.
(d) Exhibits
99.1 Press Release dated January 30, 2014
99.2 Press Release dated January 29, 2014
SIGNATURESPURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO DULY AUTHORIZED.
INDIA GLOBALIZATION CAPITAL, INC.
Date: January 31, 2014 By: /s/ Ram Mukunda
Ram Mukunda
Chief Executive Officer and President
99.1 Press Release dated January 30, 2014
99.2 Press Rei ease dated January 29, 2014
Exhibit 99.1
India Globalization Capital Executes Off Take Agreement to Support Production Growth of High-Grade Iron Ore Company to Utilize Existing Beneficiation Plant
Bethesda, MD, January 30, 2014 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT: IGC), a company competing in the mining, materials and infrastructure industry, announced that it has executed an off take agreement with a high-grade mine located in Linxi, Inner Mongolia.
The mine, located about 30 miles from IGC's beneficiation plant, spans about 8.2 square miles and has deposits of iron ore and tin.
This agreement will allow IGC to purchase 20% magnetite ore and subsequently beneficiate it into high-grade ore. This has the potential to generate between 100,000 to 200,000 tons of finished high-grade ore and at the current market price of approximately $120 per ton, could potentially generate total revenue between $12 million to $24 million with approximately $1.6 million to $3.2 million of profit.
In addition, the Company has an option to invest directly in the mine subject to the successful completion of due diligence and securing financing at terms acceptable to IGC. The unconfirmed estimated reserves of iron ore are approximately 8 million tons of 20% Fe grade magnetite ore and approximately 42 million to of 40% Fe content hematite ore.
The potential cash flow derived from ownership of this mine, if all 8 million tons of 20% Fe grade magnetite ore are processed, could result in just over 2 million tons of high-grade ore with approximately $240 million in associated revenue and about $60 million in associated earnings. In addition, there are profitable streams supplement the base ore beneficiation process from the sale of non-magnetite iron ore and tin.
"Over the past several months we have diverted our resources to operationalize one plant. As previously announced, the Company started dry separatio processing a few months ago and we expect that the wet processing will commence soon as the weather gets warmer. This mine will provide us with a significant supply of raw materials for our beneficiation plant and given the close proximity, will allow us to integrate this into our 2014 production plan. We have shifted our focus from low margin trading to higher margin beneficiation as part of our strategy to become profitable in the next fiscal year. With the expectation that the commodity markets will rally given an anticipated uptick in global GDP, IGC is positioning to enhance shareholder value through production and acquisitions of distressed mining assets," stated Ram Mukunda, CEO.
Based in Bethesda, Maryland, India Globalization Capital, Inc. (IGC) is a mining, materials and infrastructure company operating in India and China. In India we mainly engage in supplying and trading iron ore and in leasing construction equipment. In Inner Mongolia we own and operate iron ore beneficiation plants and iron ore mines. For a short video showing the beneficiation process please visit us at http://www.indiaglobalcap.com/presentation.php.
Forward-looking Statements:
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-Q for fiscal quarters ended September 30, 2012 and December 31, 2012 and Form 10-K for fiscal year ended March 31, 2013, filed with the Securities and Exchange Commission on December 9, 2011, November 14, 2012, February 13, 2013 and July 16, 2013, respectively.
Claudia Grimaldi
301-983-0998
Exhibit 99.2
Bethesda, MD, January 29, 2014 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT:IGC), a company competing in the mining, materials and infrastructure industry announces that CEO Ram Mukunda will present at SeeThruEquity's Microcap Investor Conference on February 6, 2014 at 11:30 am. The Conference will be held at Convene Midtown East (730 Third Avenue) in midtown Manhattan, New York.
About IGC:Based in Bethesda, Maryland, India Globalization Capital, Inc. (IGC) is a mining, materials and infrastructure company operating in India and China. In India we mainly engage in supplying and trading iron ore and in leasing construction equipment. In Inner Mongolia we own and operate iron ore beneficiation plants and iron ore mines. For a short video showing the beneficiation process please visit us at http://www.indiaglobalcap.com/presentation.php.
About SeeThruEquity, LLCSeeThruEquity is an investment research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is unbiased and not paid for research. We don't do any investment banking or trading and don't own any of the stocks we cover. We are approved to distribute our research on Thomson Reuters One (First Call), CapitalIQ, FactSet, Zacks and StockTwits, as well as to our opt-in investors. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.
Forward-looking Statements:
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-Q for fiscal quarters ended September 30, 2012 and December 31, 2012 and Form 10-K for fiscal year ended March 31, 2013, filed with the Securities and Exchange Commission on December 9, 2011, November 14, 2012, February 13, 2013 and July 16, 2013, respectively.
Claudia Grimaldi
301-983-0998
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