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NOTE 1 - OVERVIEW
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Jun. 30, 2012
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| Nature of Operations [Text Block] |
NOTE
1 – OVERVIEW
a) Description
of the Company
IGC,
a Maryland corporation, organized on April 29,
2005, as a blank check company formed for the purpose of
acquiring one or more businesses with operations primarily in
India through a merger, capital stock exchange, asset
acquisition or other similar business combination or
acquisition. On March 8, 2006, we completed an
initial public offering of our Common Stock. On
February 19, 2007, we incorporated India Globalization
Capital, Mauritius, Limited (IGC-M), a wholly owned
subsidiary, under the laws of Mauritius. On March
7, 2008, we consummated the acquisition of interests in two
companies in India, Sricon Infrastructure Private Limited
(“Sricon”) and Techni Bharathi Limited
(“TBL”). Currently, IGC owns 77% of
TBL and these shares are held by IGC-M. TBL is focused on the
infrastructure industry. On June 21, 2012, IGC
entered into a Memorandum of Settlement (the
“MoS”) with Sricon and related parties, pursuant
to which the Company gave up the 22% minority interest in
Sricon in exchange for approximately 5 acres of land in
Nagpur. The settlement is expected to close by the end
of this year.
On
February 19, 2009, IGC-M beneficially purchased 100% of IGC
Mining and Trading Private Limited (IGC-IMT) based in
Chennai, India. IGC-IMT was formed on December 16,
2008, as a privately held start-up company engaged in the
business of mining and trading. Its current activity is
to operate shipping hubs and to export iron ore to China from
India. On July 4, 2009, IGC-M beneficially purchased
100% of IGC Materials, Private Limited (IGC-MPL based in
Nagpur, India), which conducts IGC’s quarrying
business, and 100% of IGC Logistics, Private Limited
(IGC-LPL) based in Nagpur, India, which is involved in the
transport and delivery of ore, cement, aggregate and other
materials. Each of IGC-IMT, IGC-MPL and IGC-LPL
were formed by third parties at the behest of IGC-M to
facilitate the creation of the subsidiaries. The
purchase price paid for each of IGC-IMT, IGC-MPL and IGC-LPL
was equal to the expenses incurred in incorporating the
respective entities with no premium paid. India
Globalization Capital, Inc. (”IGC,” the
“Company,” or “we”) and its
subsidiaries are engaged in the sale of materials, and in
mining, quarrying, and construction.
On
December 30, 2011, IGC acquired a 95% equity interest in
Linxi HeFei Economic and Trade Co., aka Linxi H&F
Economic and Trade Co., a People’s Republic of
China-based company ("PRC Ironman") by acquiring 100% of the
equity of H&F Ironman Limited, a Hong Kong company ("HK
Ironman"). Collectively, PRC Ironman and HK Ironman are
referred to as "Ironman."
IGC
operates in India and China geographies specializing in the
infrastructure sector. Operating as a fully
integrated infrastructure company, IGC, through its
subsidiaries, has expertise in mining and quarrying, and road
building. The Company’s medium term plans
are to expand the number of iron ore mines it has in China
and continue to build its iron ore assets. The
business offerings of the Company include construction as
well as a materials business. The Company’s
core businesses are in mining, materials and
construction.
b) List
of subsidiaries with percentage holding
The
operations of IGC are based in India and China. The financial
statements of the following subsidiaries have been considered
for consolidation.
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