Yesterday, India Globalization Capital announced that on March 31, it completed its acquisition of the remaining 23.13% of the TBL shares still owned by the Founders of TBL. This previously announced acquisition was completed for around $185,000.
As per the agreement announced on Oct. 18, 2012, and following through with IGC’s consolidation effort, TBL became a fully owned IGC subsidiary. As a result of this acquisition, IGC has gained control over TBL, which is a company possessing assets exceeding $3 million, including operating assets that can be deployed in IGC’s mining operations. TBL also has a previous history and qualifications to bid on construction contracts in India, as well as an import/export license that can be used for trading various commodities throughout the world. The acquisition additionally provides IGC and TBL founders with customary releases and indemnities.
IGC anticipates that TBL will add value to the company by allowing IGC to consolidate its operations in India. TBL additionally has $6.5 million of potential claims that IGC is currently pursuing against construction projects that have been completed.
India Globalization Capital is a company competing in the rapidly growing materials and infrastructure industry in both India and China. The company, based in Bethesda, Md., currently supplies iron ore to steel companies operating in China.
For more information about IGC, visit www.indiaglobalcap.com
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