Bethesda, April 29, 2013 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT: IGC) ("IGC" or "the Company") announced the achievement of a further milestone in the execution of its strategic plan. It has established a shipping hub at the border of Mongolia and China to provide iron ore to its customers in China and source raw materials for its beneficiation plants.
The hub is positioned to deliver various grades of iron ore to its customers in China and has begun moving its first test shipment as part of the Company's production ramp up. Iron ore exports from Mongolia were virtually nonexistent in 2008, and have experienced rapid growth since that time. According to Mongolia Asset Management, for the year 2012, Mongolia exported approximately 5.75 million tons of iron ore representing a 61% increase over the previous year.
Ram Mukunda, CEO of India Globalization Capital, said, "The opening of this hub required about 6 months of planning, negotiations and preparation. We are currently moving a test shipment of 300 tons from Mongolia to China. Once successfully delivered in the next week or so, we expect to ramp up to between 8,000 and 12,000 tons a month."
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.net.
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-K for FYE 2012, Form 10-Q for the quarter ended September 30, 2012, filed with the Securities and Exchange Commission on December 9, 2011, July 16, 2012, and November 14, 2012, respectively.
CONTACT: Investors Contact Information Claudia Grimaldi 301-983-0998
Source:India Globalization Capital