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Stock Market & Financial Investment News

News Breaks
December 20, 2012
10:14 EDTIGCIndia Globalization Capital unit awarded $2.2M by Indian court
India Globalization Capital announced that a final court ruling has been rendered, in the company's favor, against the National Highway Authority of India, granting an award of $2.2M. The claim had been filed by IGC's subsidiary TBL on behalf of a joint venture in which TBL is the 95% partner. The final judgment was passed on December 19. As previously disclosed, the company had reported that it had access to about $2.5M at an exchange rate of 55 INR to $1 in funds deposited by the NHAI with the High Court in Delhi against the arbitration award won by TBL. In further negotiations with the NHAI and a court appointed expert, the company, rather than continue to litigate and prolong the outcome, agreed to a small reduction in return for a final settlement and judgment.
News For IGC From The Last 14 Days
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October 9, 2014
08:03 EDTIGCIndia Globalization Capital receives land in India as settlement
India Globalization Capital announces that it has received land in Nagpur, India, valued at over $4M in exchange for IGC's 22% minority ownership in Sricon. IGC's heavy equipment rental business in India and the trading business in Hong Kong have a large potential for expansion. The company plans to use this land in Nagpur as collateral for bank lines that can provide increased liquidity for these businesses.

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