$16.5 Million Contract Awarded to India Globalization Capitals Subsidiary, Sricon Infrastructure, for Surface Mining and Extraction of Limestoneadmin
Thursday, August 7th 2008
India Globalization Capital, Inc., 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.”
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 www.indiaglobalcap.com.