IGC's Shareholders Approve All Proposals Related to the Acquisition of Ironman

India Globalization Capital, Inc. IGC announces that a majority of its shareholders approved all proposals related to the acquisition of Ironman. Each of the proposals received more than the required 50% of the 20,960,433 shares of the Company's common stock issued and outstanding as of December 8, 2011. Ram Mukunda, CEO of IGC, said, "The acquisition provides an accretive platform for our materials business. We thank our shareholders for their support in approving the proposals during the busy holiday season. We look forward to an exciting 2012." IGC will issue 31,500,000 Common Shares to HK Ironman in exchange for 100% of the common stock of HK Ironman and elect Mr. Danny Qing Chang as a member of IGC's Board of Directors to hold office as a Class A director for a period to expire at IGC's 2014 annual meeting of stockholders. IGC will also issue 3,150,000 Common Shares to executive officers and directors of IGC and Ironman subject to a 12-month vesting period, as a retention incentive following the closing of the acquisition.