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India Globalization Will Amend Annual Statement for FYE 3/31/10


India Globalization Capital (NYSE: IGC) today announced that it filed a Form 8-K stating that it will restate the financial Statements for the Year Ended March 31, 2010 and the financial statements for the quarter ended December 31, 2009 to correct a miscalculation in EPS and a misclassification in the Statement of Cash Flows. The changes described are non-cash and do not impact the Company's operations.

As previously reported, effective October 1, 2009, we reduced our ownership in one of our subsidiaries, Sricon, from 63% to approximately 22 % simultaneously eliminating a debt of approximately $17.9 million. This deconsolidation of ownership was reported on Form 10-Q for the Quarter ended December 31, 2009. We have since determined that a certain part of the Statements of Cash Flow requires reclassification to reflect the deconsolidation. This reclassification will carry over to the Financial Statements for the Year Ended March 31, 2010.

Further, the fully diluted EPS reported for FYE March 31, 2010 requires a recalculation as it incorrectly takes into account warrants and options, reflecting a larger loss than should have been reported. The restatement will serve to reduce the fully diluted EPS loss that was previously reported.

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