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<SEC-DOCUMENT>0000950137-05-005983.txt : 20050513
<SEC-HEADER>0000950137-05-005983.hdr.sgml : 20050513
<ACCEPTANCE-DATETIME>20050513172759
ACCESSION NUMBER:		0000950137-05-005983
CONFORMED SUBMISSION TYPE:	S-1
PUBLIC DOCUMENT COUNT:		21
FILED AS OF DATE:		20050513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			India Globalization Capital, Inc.
		CENTRAL INDEX KEY:			0001326205
		IRS NUMBER:				202760393
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-124942
		FILM NUMBER:		05830683

	BUSINESS ADDRESS:	
		STREET 1:		4336 MONTGOMERY AVENUE
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		301-983-0998

	MAIL ADDRESS:	
		STREET 1:		4336 MONTGOMERY AVENUE
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1
<SEQUENCE>1
<FILENAME>c95282sv1.htm
<DESCRIPTION>FORM S-1
<TEXT>
<HTML>
<HEAD>
<TITLE>sv1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt;">
<B>As filed with the Securities and Exchange Commission on
May&nbsp;13, 2005</B>
</DIV>

<DIV align="right" style="font-size: 10pt;">
<B>Securities Act File
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>
</DIV>

<DIV align="center" style="font-size: 4pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 1pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Form S-1</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>REGISTRATION STATEMENT</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>UNDER</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 22pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>India Globalization Capital, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Exact name of Registrant as specified in charter)</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B>Maryland</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>6770</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>20-2760393</B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <I>(State or other jurisdiction of<BR>
    incorporation or organization)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <I>(Primary Standard Industrial<BR>
    Classification Code Number)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <I>(I.R.S. Employer<BR>
    Identification Number)</I></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 2pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4336 Montgomery Ave.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Bethesda, Maryland 20814</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(301)&nbsp;983-0998</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Address, including zip code, and telephone number, including
area code, of registrant&#146;s principal executive offices)</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 2pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Ram Mukunda</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Chairman, Chief Executive Officer and President</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>India Globalization Capital, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>4336 Montgomery Ave.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Bethesda, Maryland, 20814</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(301)&nbsp;983-0998</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Name, address, including zip code, and telephone number,
including area code, of agent for service)</I>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>Copies to:</I></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B>Michael E. Blount, Esq.<BR>
    Stanley S. Jutkowitz, Esq.<BR>
    Seyfarth Shaw LLP<BR>
    55 East Monroe Street, Suite&nbsp;4200<BR>
    Chicago, Illinois 60603-5803<BR>
    Telephone: (312)&nbsp;346-8000<BR>
    Facsimile: (312)&nbsp;269-8869</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>Jay M. Kaplowitz, Esq.<BR>
    Peter J. Bilfield, Esq.<BR>
    Peter J. Gennuso, Esq.<BR>
    Gersten, Savage, Kaplowitz, Wolf &#38;<BR>
    Marcus, LLP<BR>
    600 Lexington Avenue<BR>
    New York, New York 10022<BR>
    Telephone: (212)&nbsp;752-9700<BR>
    Facsimile: (212)&nbsp;980-5192</B></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Approximate
date of commencement of proposed sale to the public:</B> As soon
as practicable after the effective date of this registration
statement.
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to
Rule&nbsp;415 under the Securities Act of 1933 check the
following
box:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#254;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is filed to register additional securities for an
offering pursuant to Rule&nbsp;462(b) under the Securities Act,
please check the following box and list the Securities Act
registration statement number of the earlier effective
registration statement for the same
offering:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is a post-effective amendment filed pursuant to
Rule&nbsp;462(c) under the Securities Act, check the following
box and list the Securities Act registration statement number of
the earlier effective registration statement for the same
offering:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is a post-effective amendment filed pursuant to
Rule&nbsp;462(d) under the Securities Act, check the following
box and list the Securities Act registration statement number of
the earlier effective registration statement for the same
offering:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
delivery of the prospectus is expected to be made pursuant to
Rule&nbsp;434, please check the following
box:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#254;
</FONT>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR style="font-size: 7pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Amount of</B></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD align="center" nowrap><B>Title of Each Class of</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Amount Being</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Offering Price</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Aggregate Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Registration</B></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD align="center" nowrap><B>Security Being Registered</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Registered</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>per Security</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Price(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Fee</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Units, consisting of one share of Common Stock, $.0001 par
    value, and two Warrants(2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    23,000,000 Units</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $6.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $138,000,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $16,242.60</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shares of Common Stock included as part of the Units(2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    23,000,000 Shares</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    (3)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Warrants included as part of the Units(2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    46,000,000 Warrants</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    (3)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shares of Common Stock underlying the Warrants included in the
    Units(4)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    46,000,000 Shares</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $5.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $230,000,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $27,071.00</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Representative&#146;s Purchase Option (&#147;Option&#148;)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    1</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $100</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $100</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    (3)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Units underlying the Option (&#147;Representative&#146;s
    Units&#148;)(4)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    1,500,000 Units</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $7.50</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $11,250,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $1,324.13</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shares of Common Stock included as part of the
    Representative&#146;s Units(4)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    1,500,000 Shares</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    (3)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Warrants included as part of the Representative&#146;s Units (4)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    3,000,000 Warrants</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    (3)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shares of Common Stock underlying Warrants included in the
    Representative&#146;s Units(4)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    3,000,000 Shares</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $6.25</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $18,750,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $2,206.88</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $398,000,100</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $46,844.61</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Estimated solely for the purpose of calculating the registration
    fee.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Includes 3,000,000 Units and 3,000,000 Shares of Common Stock
    and 6,000,000 Warrants underlying such Units which may be issued
    upon exercise of a 45-day option granted to the Underwriters to
    cover over-allotments, if any.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    No fee required pursuant to Rule&nbsp;457(g).</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    Pursuant to Rule&nbsp;416, there are also registered such
    indeterminable additional securities as may be issued as a
    result of the anti-dilution provisions contained in the Warrants
    or the Option.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Registrant hereby amends this Registration Statement on such
date or dates as may be necessary to delay its effective date
until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall
thereafter become effective in accordance with Section&nbsp;8(a)
of the Securities Act of 1933 or until the Registration
Statement shall become effective on such date as the Commission,
acting pursuant to said Section&nbsp;8(a), may determine.</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 2pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 4pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" cellpadding="5" style="border: 3pt double #000000; margin-bottom: 6pt; font-size: 10pt"><TR><TD>
<FONT style="font-size: 9pt" color="#E8112D">The information in
this prospectus is not complete and may be changed. We may not
sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This
prospectus is not an offer to sell these securities and it is
not soliciting an offer to buy these securities in any state
where the offer or sale is not permitted.

</FONT>
</TD></TR></TABLE>

<DIV align="center" style="font-size: 9pt; margin-top: 1pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT color="#E8112D">SUBJECT TO COMPLETION, DATED MAY 13,
2005</FONT></B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PRELIMINARY PROSPECTUS</B>
</DIV>

<DIV align="center" style="font-size: 13pt; margin-top: 8pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>$120,000,000</B>
</DIV>

<DIV align="center" style="font-size: 23pt; margin-top: 8pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>India Globalization Capital, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 13pt; margin-top: 8pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>20,000,000 Units</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
India Globalization Capital, Inc. is a blank check company
recently formed for the purpose of acquiring, through a merger,
capital stock exchange, asset acquisition or other similar
business combination, one or more operating businesses with
primary operations in India.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
This is an initial public offering of our securities. Each unit
that we are offering consists of:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    one share of our common stock; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    two warrants.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
Each warrant entitles the holder to purchase one share of our
common stock at a price of $5.00. Each warrant will become
exercisable on the later of our completion of a business
combination
or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2006 <B>[one year from the date of this prospectus]</B>, and
will expire
on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2010 <B>[five years from the date of this prospectus]</B>, or
earlier upon redemption.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
We have granted the underwriters a 45-day option to purchase up
to 3,000,000 additional units solely to cover over-allotments,
if any (over and above the 20,000,000 units referred to above).
The over-allotment will be used only to cover the net syndicate
short position resulting from the initial distribution. We have
also agreed to sell to Ferris, Baker Watts, Inc., the
representative of the underwriters, for $100, an option to
purchase up to a total of 1,500,000 units at $7.50 per unit
(125% of the price of the units sold in the offering). The units
issuable upon exercise of this option are identical to those
offered by this prospectus, except that each of the warrants
underlying such units entitles the holder to purchase one share
of our common stock at a price of $6.25 (125% of the exercise
price of the warrants included in the units sold in the
offering). The purchase option and its underlying securities
have been registered under the registration statement of which
this prospectus forms a part.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
There is presently no public market for our units, common stock
or warrants. We anticipate that our units will be quoted on the
OTC Bulletin Board under the
symbol &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
or promptly after the date of this prospectus. Each of the
common stock and warrants may trade separately beginning on the
90th day after the date of this prospectus unless Ferris, Baker
Watts, Inc. determines that an earlier date is acceptable. Once
the securities comprising the units begin separate trading, we
anticipate that the common stock and warrants will be traded on
the OTC Bulletin Board under the
symbols &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
respectively.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
<B>Investing in our securities involves a high degree of risk.
See &#147;Risk Factors&#148; beginning on page 7 of this
prospectus for a discussion of information that should be
considered in connection with an investment in our
securities</B>.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
<B>Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal
offense.</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="53%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Underwriting</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Public Offering</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Discount and</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Proceeds, Before</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Price</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Commission(1)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Expenses, to Us</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Per unit</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5.49</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Total</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>120,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>10,200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>109,800,000</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Includes a non-accountable expense allowance in the amount of
    2.5% of the gross proceeds, or $.12 per unit ($3,000,000 in
    total), payable to Ferris, Baker Watts, Inc., the representative
    of the underwriters.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
Of the net proceeds we receive from this offering, $107,498,000
(approximately $5.37 per unit) will be deposited into a trust
account at United Bank Inc. maintained by Continental Stock
Transfer &#38; Trust Company acting as trustee.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
We are offering the units for sale on a firm-commitment basis.
Ferris, Baker Watts, Inc., acting as representative of the
underwriters, expects to deliver our securities to investors in
the offering on or
about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005.
</DIV>

<DIV align="center" style="font-size: 17pt; margin-top: 5pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Ferris, Baker Watts</B>
</DIV>

<DIV align="center" style="font-size: 16pt;">
<B>Incorporated</B>
</DIV>

<DIV align="center" style="font-size: 9pt; margin-top: 5pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The date of this Prospectus
is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left" style="font-size: 10pt;">

</DIV>

<DIV align="left" style="font-size: 10pt;">
<!-- TOC -->
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>TABLE OF CONTENTS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Page</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#101'>Prospectus Summary</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#102'>The Offering</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#103'>Summary Financial Data</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#104'>Risk Factors</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#105'>Forward-Looking Statements</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#106'>Use Of Proceeds</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#107'>Capitalization</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#108'>Dilution</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#109'>Management&#146;s Discussion And Analysis
    Of Financial Condition And Results Of Operations</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#110'>Proposed Business</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>27</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#111'>Management</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#112'>Certain Relationships And Related
    Transactions</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#113'>Principal Stockholders</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>43</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#114'>Description Of Securities</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#115'>Underwriting</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>49</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#116'>Legal Matters</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>53</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#117'>Experts</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>53</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#118'>Where You Can Find Additional
    Information</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>53</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#119'>Index to Financial Statements</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv1w1.htm">Form of Underwriting Agreement</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv1w2.htm">Form of Selected Dealer Agreement</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv3w1.htm">Articles of Incorporation</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv3w2.htm">By-laws</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv4w1.htm">Specimen Unit Certificate</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv4w2.htm">Specimen Common Stock Certificate</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv4w3.htm">Specimen Warrant Certificate</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv4w4.htm">Form of Warrant Agreement</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv4w5.htm">Form of Purchase Option</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv10w1.htm">Letter Agreement</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv10w2.htm">Letter Agreement</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv10w3.htm">Letter Agreement</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv10w4.htm">Form of Investment Management Trust Agreement</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv10w5.htm">Promissory Note</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv10w6.htm">Form of Stock Escrow Agreement</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv10w7.htm">Form of Registration Rights Agreement</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv10w9.htm">Form of Office Service Agreement</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv10w10.htm">Letter Advisory Agreement</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282exv23w1.htm">Consent of Goldstein Golub Kessler LLP</A></FONT></TD></TR>
</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt;">
<!-- /TOC -->
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>You should rely only on the information contained or
incorporated by reference in this prospectus. We have not and
the underwriters have not authorized anyone to provide you with
different information. We are not making an offer of these
securities in any jurisdiction where the offer is not permitted.
You should not assume that the information in this prospectus is
accurate as of any date other than the date on the front cover
of this prospectus, regardless of the time of delivery of this
prospectus or of any sale of our securities.</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<P align="center" style="font-size: 10pt;">

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10pt;">
<A name='101'></A>
</DIV>

<!-- link1 "PROSPECTUS SUMMARY" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PROSPECTUS SUMMARY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>This summary highlights certain information appearing
elsewhere in this prospectus. For a more complete understanding
of this offering, you should read the entire prospectus
carefully, including the risk factors and the financial
statements, and the related <BR>
 notes and schedules thereto. Unless otherwise stated in this
prospectus, references to &#147;we,&#148; &#147;us&#148; or
&#147;our&#148; refer to India Globalization <BR>
 Capital, Inc. sometimes referred to herein as IGC, Inc. You
should rely only on the information contained or incorporated by
reference in this prospectus. We have not authorized anyone to
provide you with different information. We are not making an
offer of these securities in any jurisdiction where that offer
is not permitted. Unless we tell you otherwise, the information
in this prospectus assumes that the underwriters have not
exercised their over-allotment option.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Unless we tell you otherwise, the term &#147;business
combination&#148; as used in this prospectus means an
acquisition of, through a merger, capital stock exchange, asset
acquisition or other business acquisition, one or more operating
businesses. In addition, unless we tell you otherwise, the term
&#147;public stockholder&#148; as used in this prospectus refers
to those persons that purchase the securities offered by this
prospectus including any of our existing stockholders that
purchase these securities; provided that our existing
stockholders&#146; status as &#147;public stockholders&#148;
shall exist only with respect to those securities so purchased
in the open market. Certain numbers in this <BR>
 prospectus have been rounded.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
IGC, Inc. is a recently organized Maryland blank check company
formed on April&nbsp;29, 2005, for the purpose of acquiring,
through a merger, capital stock exchange, asset acquisition or
other similar business combination or acquisition, one or more
businesses with operations primarily in India. To date, our
efforts have been limited to organizational activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that the future potential of the Indian economy and
current market conditions present favorable opportunities for
acquisitions of Indian companies. We further believe that we can
buy a business that is a market sector leader, or can become one
through an exposure to foreign markets. The Indian economy has
posted a growth rate of approximately 6.8% since 1994, and
according to the World Factbook published by the U.S. Central
Intelligence Agency, it has become the fourth largest economy in
the world. The Indian economy had a Gross Domestic Product in
2004 of approximately $3.319 trillion and its growth rate in
2004 was approximately 6.2%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, since mid-1991, the Indian government has committed
itself to implementing an economic structural reform program
with the objective of liberalizing India&#146;s exchange and
trade policies, reducing the fiscal deficit, controlling
inflation, promoting a sound monetary policy, reforming the
financial sector, and placing greater reliance on market
mechanisms to direct economic activity. A significant component
of the program is the promotion of foreign investment in key
areas of the economy and the further development of, and the
relaxation of restrictions in, the private sector. As a result,
the regulatory environment for foreign investment has become
more favorable. Moreover, India has seen the benefits from the
deregulation of its economy. There are already a number of
industry sectors that have been deregulated <BR>
 whereby foreign investors can own and control Indian companies
and where profits can be reinvested in India or repatriated to
the U.S.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
While we are not limiting our acquisition of target businesses
in India to any particular sector, we believe that the following
two sectors are illustrative of the opportunities that we may
consider for prospective target businesses: (1)&nbsp;business
process outsourcing and information technology and (2)
infrastructure. Our strategy in any sector will be to identify
potential &#147;market sector leaders&#148; which we think will
grow at a substantially faster rate than the overall economy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our management team is experienced in starting, financing,
growing, operating, sourcing, structuring and consummating
business combinations in India as well as in North America,
Europe and Asia. Through our management team, directors and our
advisors, we believe that we have extensive contacts and
sources, including private equity and venture capital funds,
public and private companies, investment bankers, attorneys and
accountants, from which to generate acquisition opportunities.
Our management team intends to use its operating and transaction
experience to find and evaluate potential target companies and
to maintain
</DIV>
</DIV>

<P align="center" style="font-size: 10pt;">1
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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10pt;">
and build on the relationships that they have developed through
their years of experience in the U.S. and Indian business arenas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
While we may seek to effect business combinations with more than
one target business, our initial business acquisition must be
with one or more operating businesses whose fair market value,
collectively, is at least equal to 80% of our net assets at the
time of such acquisition. Consequently, if we cannot identify
and acquire multiple operating businesses contemporaneously, we
will need to identify and acquire a larger single operating
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
IGC, Inc is a Maryland corporation formed on April&nbsp;29,
2005. Our offices are located at 4336&nbsp;Montgomery Avenue,
Bethesda, Maryland 20814. Our telephone number is
(301)&nbsp;983-0998.
</DIV>
</DIV>

<P align="center" style="font-size: 10pt;">2

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10pt;">
<A name='102'></A>
</DIV>

<!-- link1 "THE OFFERING" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>THE OFFERING</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>In making your decision on whether to invest in our
securities, you should take into account not only the
backgrounds of the members of our management team, but also the
special risks we face as a blank check company, as well as the
fact that this offering is not being conducted in compliance
with Rule&nbsp;419 promulgated under the Securities Act of 1933,
as amended, and, therefore, you will not be entitled to
protections normally afforded to investors in Rule&nbsp;419
blank check offerings. You should carefully consider these and
the other risks set forth in the section below entitled
&#147;Risk Factors&#148; beginning on page 7 of this
prospectus.</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Securities Offered:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    20,000,000 units, at $6.00 per unit, each unit consisting of:</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;one share of common stock; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;two warrants.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    The units will begin trading on or promptly after the date of
    this prospectus. Each of the common stock and warrants will
    trade separately on the 90th day after the date of this
    prospectus unless Ferris, Baker Watts, Inc. determines that an
    earlier date is acceptable. In no event will Ferris, Baker
    Watts, Inc. allow separate trading of the common stock and
    warrants until we file an audited balance sheet reflecting our
    receipt of the gross proceeds of this offering. We will file a
    Current Report on Form&nbsp;8-K, including an audited balance
    sheet, upon the consummation of this offering, which is
    anticipated to take place three business days after the date of
    this prospectus. The audited balance sheet will include proceeds
    we receive from the exercise of the over-allotment option if the
    over-allotment option is exercised prior to the filing of the
    Current Report on Form&nbsp;8-K.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common Stock:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Number of shares that will be outstanding before this offering:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    3,500,000 shares</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Number of shares to be outstanding after this offering:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    23,500,000 shares</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Warrants:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Number of warrants outstanding before this offering:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    0 warrants</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Number of warrants to be outstanding after this offering:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    40,000,000 warrants</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Exercisability:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Each warrant is exercisable for one share of common stock.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Exercise price:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    $5.00</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Exercise period:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    The warrants will become exercisable on the later of:</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;the completion of a business combination on terms as
    described in this prospectus; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2006 <B>[one
    year from the date of this prospectus].</B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;The warrants will expire at 5:00 p.m., Washington,
    DC time,
    on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2010 <B>[five years from the date of this prospectus]</B>, or
    earlier upon redemption.</TD>
</TR>

</TABLE>
</CENTER>
</DIV>

<P align="center" style="font-size: 10pt;">3
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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Redemption:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    We may redeem the outstanding warrants:</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;in whole and not in part;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;at a price of $.01 per warrant at any time after the
    warrants become exercisable;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;upon a minimum of 30&nbsp;days&#146; prior written
    notice of redemption; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;if, and only if, the last sales price of our common
    stock equals or exceeds $8.50 per share for any 20 trading days
    within a 30 trading day period ending three business days before
    we send the notice of redemption.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    OTC Bulletin Board symbols for our securities:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Units:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common Stock:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Warrants:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Offering proceeds to be held in trust:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    $107,498,000 of the proceeds of this offering (approximately
    $5.37 per unit) will be placed in a trust account at United Bank
    maintained by Continental Stock Transfer &#38; Trust Company
    acting as trustee, pursuant to an agreement to be signed on the
    date of this prospectus. These proceeds will not be released
    until the earlier of (i)&nbsp;the completion of a business
    combination on the terms as described in this prospectus or
    (ii)&nbsp;our liquidation. Therefore, unless and until a
    business combination is consummated, these proceeds held in the
    trust account will not be available for our use for any expenses
    related to this offering or expenses which we may incur related
    to the investigation and selection of a target business and the
    negotiation of an agreement to effect the business combination.
    These expenses may be paid prior to a business combination only
    from the net proceeds of this offering not held in the trust
    account (initially, approximately $1,900,000 after the payment
    of the expenses relating to this offering).</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    None of the warrants may be exercised until after the
    consummation of a business combination and, thus, after the
    proceeds of the trust account have been disbursed, the warrant
    exercise price will be paid directly to us.</TD>
</TR>

</TABLE>
</CENTER>
</DIV>

<P align="center" style="font-size: 10pt;">4

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    The stockholders must approve business<BR>
    combination:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    We will seek stockholder approval before we effect our initial
    business combination, even if the nature of the acquisition
    would not ordinarily require stockholder approval under
    applicable state law. In connection with the vote required for
    our initial business combination, all of our existing
    stockholders, including all of our officers, directors and
    special advisors, have agreed to vote the shares of common stock
    owned by them in accordance with the majority of the shares of
    common stock voted by the public stockholders. We will proceed
    with a business combination only if a majority of the shares of
    common stock voted by the public stockholders are voted in favor
    of the business combination and public stockholders owning less
    than 20% of the shares sold in this offering exercise their
    conversion rights described below.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Conversion rights for stockholders voting to reject a business
    combination:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Public stockholders voting against a business combination will
    be entitled to convert their stock into a pro rata share of the
    trust account, including any interest earned on their portion of
    the trust account, if the business combination is approved and
    consummated.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Liquidation if no business combination:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    We will dissolve and promptly distribute only to our public
    stockholders the amount in our trust account plus any remaining
    net assets if we do not effect a business combination within
    18&nbsp;months after consummation of this offering (or within
    24&nbsp;months after the consummation of this offering if a
    letter of intent, agreement in principle or definitive agreement
    has been executed within 18&nbsp;months after consummation of
    this offering and the business combination relating thereto has
    not yet been consummated within such 18-month period). The
    existing stockholders have agreed to waive their respective
    rights to participate in any liquidation distribution occurring
    upon our failure to consummate a business combination, but only
    with respect to those shares of common stock acquired by them
    prior to this offering; they will participate in any liquidation
    distribution with respect to any shares of common stock acquired
    in connection with or following this offering.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Escrow of existing stockholder shares</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    On the date of this prospectus, all of our existing stockholders
    (which includes all of our officers, directors and special
    advisors) will place the shares of common stock they own before
    this offering into an escrow account maintained by Continental
    Stock Transfer &#38; Trust Company, acting as escrow agent.
    Subject to certain limited exceptions, these shares will not be
    released from escrow until six months after the consummation of
    a business combination.</TD>
</TR>

</TABLE>
</CENTER>
</DIV>

<P align="center" style="font-size: 10pt;">5

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10pt;">
<A name='103'></A>
</DIV>

<!-- link1 "Summary Financial Data" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Summary Financial Data</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The following table summarizes the relevant financial data
for our business and should be read in conjunction with our
financial statements, and the related notes and schedules
thereto, which are included in this prospectus. To date, our
efforts have been limited to organizational activities so only
balance sheet data is presented.</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>May 10, 2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Actual</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>As Adjusted(1)</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Balance Sheet Data:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Working capital</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(67,500</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>109,410,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>109,410,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total liabilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>187,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Value of common stock that may be converted to cash<BR>
    (approximately $5.37 per share)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21,488,850</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Stockholders&#146; equity</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>87,921,650</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

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<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

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<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
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<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Excludes the $100 purchase price of the purchase option payable
    by Ferris, Baker Watts, Inc.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The working capital excludes $80,000 of costs related to this
offering which were accrued prior to May&nbsp;10, 2005. These
deferred offering costs have been recorded as a long-term asset
and are reclassified against stockholders&#146; equity in the
&#147;as adjusted&#148; column.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The &#147;as adjusted&#148; information gives effect to the sale
of the units we are offering, including the application of the
estimated gross proceeds and the payment of the estimated
remaining costs from such sale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The working capital (as adjusted) and total assets (as adjusted)
amounts include the $107,498,000 being held in the trust
account, which will be available to us only upon the
consummation of a business combination within the time period
described in this prospectus. If a business combination is not
so consummated, we will be dissolved and the proceeds held in
the trust account will be distributed solely to our public
stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will not proceed with a business combination if public
stockholders owning 20% or more of the shares sold in this
offering vote against the business combination and exercise
their conversion rights. Accordingly, we may effect a business
combination if public stockholders owning up to approximately
19.99% of the shares sold in this offering exercise their
conversion rights. If this occurred, we would be required to
convert to cash up to approximately 19.99% of the 20,000,000
shares of common stock sold in this offering, or 3,998,000
shares of common stock, at an initial per-share conversion price
of approximately $5.37, without taking into account interest
earned on the trust account. The actual per-share conversion
price will be equal to the amount deposited in the trust
account, including all accrued interest, through the record date
for the determination of stockholders entitled to vote on the
proposed business combination, divided by the number of shares
of common stock sold in the offering.
</DIV>
</DIV>

<P align="center" style="font-size: 10pt;">6
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<DIV align="left" style="font-size: 10pt;">
<A name='104'></A>
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>RISK FACTORS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>An investment in our securities involves a high degree of
risk. You should consider carefully all of the material risks
described below, together with the other information contained
in this prospectus, before making a decision to invest in our
securities. If any of the following risks occur, our business
and financial conditions may be materially adversely affected.
In that event, the trading price of our securities could
decline, and you could lose all or part of your investment.
Additional risks not currently known to us, or that we deem
immaterial, may also harm us or affect your investment.</I>
<I>We make various statements in this section which constitute
&#147;forward-looking statements&#148; under Section&nbsp;27A of
the Securities Act of 1933. See &#147;Forward-Looking
Statements.&#148;</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Risks associated with our business</B>
</DIV>

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    <TD></TD>
    <TD>
    <B><I>We are a development stage company with no operating
    history and, accordingly, you will have no basis upon which to
    evaluate our ability to achieve our business objective.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are a recently incorporated development stage company with no
operating results to date. Therefore, our ability to begin
operations is dependent upon obtaining financing through the
public offering of our securities. Because we do not have an
operating history, you will have no basis upon which to evaluate
our ability to achieve our business objective, which is to
acquire one or more operating businesses with primary operations
in India. We have not conducted any discussions and we have no
plans, arrangements or understandings with any prospective
acquisition candidates. We will not generate any revenues (other
than interest income on the proceeds of this offering) until, at
the earliest, after the consummation of a business combination.
We cannot assure you as to when or if a business combination
will occur.
</DIV>

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    <TD></TD>
    <TD>
    <B><I>We may not be able to consummate a business combination
    within the required time frame, in which case, we would be
    forced to liquidate.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We must complete a business combination with a fair market value
of at least 80% of our net assets at the time of acquisition
within 18&nbsp;months after the consummation of this offering
(or within 24&nbsp;months after the consummation of this
offering if a letter of intent, agreement in principle or a
definitive agreement has been executed within 18&nbsp;months
after the consummation of this offering and the business
combination relating thereto has not yet been consummated within
such 18-month period). If we fail to consummate a business
combination within the required time frame, we will be forced to
liquidate our assets. We may not be able to find suitable target
businesses within the required time frame. In addition, our
negotiating position and our ability to conduct adequate due
diligence on any potential target may be reduced as we approach
the deadline for the consummation of a business combination. We
do not have any specific merger, capital stock exchange, asset
acquisition or other similar business combination under
consideration and have not had any discussions, formal or
otherwise, with respect to such a transaction.
</DIV>

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    <TD></TD>
    <TD>
    <B><I>If we are forced to liquidate before a business
    combination, our public stockholders will receive less than
    $6.00&nbsp;per share upon distribution of the trust account and
    our warrants will expire worthless.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we are unable to complete a business combination and are
forced to liquidate our assets, the per-share liquidation will
be less than $6.00 because of the expenses related to this
offering, our general and administrative expenses and the
anticipated costs of seeking a business combination.
Furthermore, the warrants will expire worthless if we liquidate
before the completion of a business combination. For a more
complete description on the effects on our stockholders if we
are unable to complete a business combination, see the section
below entitled &#147;Proposed Business&nbsp;&#151; Effecting a
business combination&nbsp;&#151; Liquidation if no business
combination.&#148;
</DIV>

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    <TD></TD>
    <TD>
    <B><I>You will not be entitled to protections normally afforded
    to investors of blank check companies under federal securities
    laws.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Because the net proceeds of this offering are intended to be
used to complete a business combination with one or more
operating businesses that have not been identified, we may be
deemed to be a &#147;blank check&#148;
</DIV>

<P align="center" style="font-size: 10pt;">7

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<DIV align="left" style="font-size: 10pt;">
company under the federal securities laws. However, since we
will have net tangible assets in excess of $5,000,000 upon the
successful consummation of this offering and our units are being
offered at an initial price of $6.00&nbsp;per unit, we believe
that we are exempt from rules promulgated by the SEC to protect
investors of blank check companies such as Rule&nbsp;419.
Accordingly, investors will not be afforded the benefits or
protections of those rules. Because we do not believe we are
subject to Rule&nbsp;419, our units will be immediately
tradeable and we have a longer period of time within which to
complete a business combination in certain circumstances. For a
more detailed comparison of our offering to offerings under
Rule&nbsp;419, see the section below entitled &#147;Proposed
Business&nbsp;&#151; Comparison to offerings of blank check
companies.&#148;
</DIV>

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    <TD></TD>
    <TD>
    <B><I>If third parties bring claims against us, the proceeds
    held in trust could be reduced and the per-share liquidation
    price received by stockholders will be less than approximately
    $5.37&nbsp;per share.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our placing of funds in trust may not protect those funds from
third party claims against us. Although we will seek to have all
vendors, prospective target businesses or other entities we
engage execute agreements with us waiving any right, title,
interest or claim of any kind in or to any monies held in the
trust account for the benefit of our public stockholders, there
is no guarantee that they will execute such agreements. Nor is
there any guarantee that such entities will agree to waive any
claims they may have in the future as a result of, or arising
out of, any negotiations, contracts or agreements with us and
will not seek recourse against the trust account for any reason.
Accordingly, the proceeds held in trust could be subject to
claims which could take priority over the claims of our public
stockholders and the per-share liquidation price could be less
than approximately $5.37, plus interest, due to claims of such
creditors. If we are unable to complete a business combination
and are forced to liquidate, Ram Mukunda, our Chairman of the
Board, Chief Executive Officer and President, John Cherin, our
Chief Financial Officer, Treasurer, Secretary and a director,
and Ranga Krishna, our special advisor, will be personally
liable under certain circumstances to ensure that the proceeds
in the trust account are not reduced by the claims of various
vendors or other entities that are owed money by us for services
rendered or products sold to us. However, we cannot assure you
that Messrs.&nbsp;Mukunda, Cherin and Krishna will be able to
satisfy those obligations.
</DIV>

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    <TD width="3%"></TD>
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<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Because we have not currently selected any prospective
    target businesses with which to complete a business combination,
    investors in this offering are unable to currently ascertain the
    merits or risks of any particular target business&#146;
    operations.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Because we have not yet identified any prospective target
businesses, investors in this offering have no current basis to
evaluate the possible merits or risks of any particular target
business&#146; operations. To the extent we complete a business
combination with a financially unstable company or an entity in
its development stage, we may be affected by numerous risks
inherent in the business operations of those entities. Although
our management will endeavor to evaluate the risks inherent in a
particular target business, we cannot assure you that we will
properly ascertain or assess all of the significant risk
factors, or that we will have adequate time to complete due
diligence. We also cannot assure you that an investment in our
units will not ultimately prove to be less favorable to
investors in this offering than a direct investment, if an
opportunity were available, in any particular target business.
For a more complete discussion of our selection of target
businesses, see the section below entitled &#147;Proposed
Business&nbsp;&#151; Effecting a business
combination&nbsp;&#151; We have not identified any target
businesses.&#148;
</DIV>

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    <TD></TD>
    <TD>
    <B><I>We may issue shares of our capital stock, including
    through convertible debt securities, to complete a business
    combination, which would reduce the equity interest of our
    stockholders and likely cause a change in control of our
    ownership.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our certificate of incorporation authorizes the issuance of up
to 150,000,000&nbsp;shares of common stock, par value
$.0001&nbsp;per share and 1,000,000&nbsp;shares of preferred
stock, par value $.0001&nbsp;per share. Immediately after this
offering (assuming no exercise of the underwriters&#146;
over-allotment option), there will be 82,000,000 authorized but
unissued shares of our common stock available for issuance
(after appropriate reservation for the issuance of shares upon
full exercise of our outstanding warrants and the purchase
option granted to Ferris, Baker Watts, Inc.) and all of the
1,000,000&nbsp;shares of preferred stock available for issuance.
Although we have
</DIV>

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<DIV align="left" style="font-size: 10pt;">
no commitments as of the date of this offering to issue any
securities, we may issue a substantial number of additional
shares of our common stock or preferred stock or a combination
of both, including through convertible debt securities, to
complete a business combination. The issuance of additional
shares of our common stock including upon conversion of any debt
securities:
</DIV>

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    <TD width="96%"></TD>
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    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may significantly reduce the equity interest of investors in
    this offering;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    will likely cause a change in control if a substantial number of
    our shares of common stock or voting preferred are issued, which
    may affect, among other things, our ability to use our net
    operating loss carry forwards, if any, and most likely also
    result in the resignation or removal of our present officers and
    directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may adversely affect the voting power or other rights of holders
    of our common stock if we issue preferred stock with dividend,
    liquidation, compensation or other rights superior to the common
    stock; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may adversely affect prevailing market prices for our common
    stock, warrants or units.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For a more complete discussion of the possible structure of a
business combination, see the section below entitled
&#147;Proposed Business&nbsp;&#151; Effecting a business
combination&nbsp;&#151; Selection of target businesses and
structuring of a business combination.&#148;
</DIV>

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    <TD>
    <B><I>We may issue notes or other debt securities, or otherwise
    incur substantial debt, to complete a business combination,
    which may adversely affect our leverage and financial
    condition.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although we have no commitments as of the date of this offering
to incur any debt, we may choose to incur a substantial amount
of debt to finance a business combination. The incurrence of
debt:
</DIV>

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    <TD width="3%"></TD>
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    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may lead to default and foreclosure on our assets if our
    operating revenues after a business combination are insufficient
    to pay our debt obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may cause an acceleration of our obligations to repay the debt
    even if we make all principal and interest payments when due if
    we breach the covenants contained in the terms of the debt
    documents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may create an obligation to immediately repay all principal and
    accrued interest, if any, upon demand to the extent any debt
    securities are payable on demand;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may hinder our ability to obtain additional financing, if
    necessary, to the extent any debt securities contain covenants
    restricting our ability to obtain additional financing while
    such security is outstanding, or to the extent our existing
    leverage discourages other potential investors.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For a more complete discussion of the possible structure of a
business combination, see the section below entitled
&#147;Proposed Business&nbsp;&#151; Effecting a business
combination&nbsp;&#151; Selection of target businesses and
structuring of a business combination.&#148;
</DIV>

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    <TD></TD>
    <TD>
    <B><I>Our ability to successfully effect a business combination
    and to be successful afterwards will be completely dependent
    upon the efforts of our key personnel, some of whom may join us
    following a business combination and whom we would have only a
    limited ability to evaluate.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our ability to successfully effect a business combination will
be completely dependent upon the efforts of our key personnel.
The future role of our key personnel following a business
combination, however, cannot presently be fully ascertained. Our
management and other key personnel, particularly, Ram Mukunda,
our Chairman of the Board, Chief Executive Officer and
President, John Cherin, our Chief Financial Officer, Treasurer,
Secretary and a director, and other officers, may not remain
associated with us following a business combination and we may
employ other personnel following a business combination. While
we intend to closely scrutinize any additional individuals we
engage after a business combination, we cannot assure you that
our assessment of these individuals will prove to be correct.
These individuals may be unfamiliar with the requirements of
operating a public company as well as United States securities
laws, which could cause us
</DIV>

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to have to expend time and resources helping them become
familiar with such laws. This could be expensive and
time-consuming and could lead to various regulatory issues that
may adversely affect our operations.
</DIV>

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    <TD></TD>
    <TD>
    <B><I>Our officers, directors and special advisors may allocate
    their time to other businesses, thereby causing conflicts of
    interests in their determination as to how much time to devote
    to our affairs. This may have a negative impact on our ability
    to consummate a business combination.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our officers, directors and special advisors are not required
to, and will not, commit their full time to our affairs, which
may result in a conflict of interest in allocating their time
between our operations and other businesses. This could have a
negative impact on our ability to consummate a business
combination. We do not intend to have any full time employees
prior to the consummation of a business combination. Each of our
officers are engaged in several other business endeavors and are
not obligated to contribute any specific number of hours per
week to our affairs. For example, Mr.&nbsp;Mukunda, our Chairman
of the Board, Chief Executive Officer and President, serves as
chairman and chief executive officer, and is a managing member
for Integrated Global Networks, LLC and Global Starlink LLC,
both privately-held telecommunications companies. If our
officers&#146; other business affairs require them to devote
substantial amounts of time to such affairs in excess of their
current commitment levels, it could limit their ability to
devote time to our affairs and could have a negative impact on
our ability to consummate a business combination. We cannot
assure you that these conflicts will be resolved in our favor.
For a complete discussion of the potential conflicts of interest
that you should be aware of, see the section below entitled
&#147;Certain Relationships and Related Transactions.&#148;
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD></TD>
    <TD>
    <B><I>Our officers, directors and special advisors are and may
    in the future become affiliated with entities engaged in
    business activities similar to those intended to be conducted by
    us and, accordingly, may have conflicts of interest in
    determining to which entity a particular business opportunity
    should be presented.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our officers, directors and special advisors may in the future
become affiliated with entities, including other &#147;blank
check&#148; companies, engaged in business activities similar to
those intended to be conducted by us. Additionally, our
officers, directors and special advisors may become aware of
business opportunities that may be appropriate for presentation
to us as well as the other entities with which they are or may
be affiliated. Our officers, directors and special advisors
involved in businesses similar to what we may intend to conduct
following a business combination may have fiduciary or
contractual obligations to present opportunities to those
entities first. We cannot assure you that any such conflicts
will be resolved in our favor. For a complete discussion of our
management&#146;s business affiliations and the potential
conflicts of interest that you should be aware of, see the
sections below entitled &#147;Management&nbsp;&#151; Directors
and Executive Officers&#148; and &#147;Certain Relationships and
Related Transactions.&#148;
</DIV>

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    <TD></TD>
    <TD>
    <B><I>Because all of our directors and our special advisors own
    shares of our securities that will not participate in
    liquidation distributions, they may have a conflict of interest
    in determining whether a particular target business is
    appropriate for a business combination.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All of our directors and our special advisor own stock in our
company, but have, with respect to those shares of common stock
acquired by them prior to this offering, waived their right to
receive distributions upon our liquidation in the event we fail
to complete a business combination. Additionally,
Mr.&nbsp;Mukunda has agreed with Ferris, Baker Watts, Inc. that
he and certain of his affiliates, designees and assignees
collectively will use their reasonable best efforts to purchase,
in the aggregate up to 1,400,000 warrants in the open market
following this offering. Those shares and warrants owned by our
directors and our special advisor will be worthless if we do not
consummate a business combination. The personal and financial
interests of our directors may influence their motivation in
identifying and selecting target businesses and completing a
business combination in a timely manner. Consequently, our
directors&#146; and special advisors&#146; discretion in
identifying and selecting suitable target businesses may result
in a conflict of interest when determining whether the terms,
conditions and timing of a particular business combination are
appropriate and in our stockholders&#146; best interest.
</DIV>

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    <TD></TD>
    <TD>
    <B><I>If our common stock becomes subject to the SEC&#146;s
    penny stock rules, broker-dealers may experience difficulty in
    completing customer transactions and trading activity in our
    securities may be adversely affected.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If at any time we have net tangible assets of $5,000,000 or less
and our common stock has a market price per share of less than
$5.00, transactions in our common stock may be subject to the
&#147;penny stock&#148; rules promulgated under the Securities
Exchange Act of 1934, as amended. Under these rules,
broker-dealers who recommend such securities to persons other
than institutional accredited investors must:
</DIV>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
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    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    make a special written suitability determination for the
    purchaser;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    receive the purchaser&#146;s written agreement to a transaction
    prior to sale;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    provide the purchaser with risk disclosure documents that
    identify certain risks associated with investing in &#147;penny
    stocks&#148; and that describe the market for these &#147;penny
    stocks&#148; as well as a purchasers legal remedies;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    obtain a signed and dated acknowledgment from the purchaser
    demonstrating that the purchaser has actually received the
    required risk disclosure document before a transaction in a
    &#147;penny stock&#148; can be completed.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If our common stock becomes subject to these rules,
broker-dealers may find it difficult to effect customer
transactions and trading activity in our securities may be
adversely affected. As a result, the market price of our
securities may be depressed, and you may find it more difficult
to sell our securities.
</DIV>

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    <TD></TD>
    <TD>
    <B><I>It is probable that we will only be able to complete one
    business combination, which may cause us to be solely dependent
    on a single business and a limited number of products or
    services.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The net proceeds from this offering will provide us with
approximately $107,498,000, which we may use to complete a
business combination. While we may seek to effect a business
combination with more than one target business, our initial
business acquisition must be with one or more operating
businesses whose fair market value, collectively, is at least
equal to 80% of our net assets at the time of such acquisition.
At the time of our initial business combination, we may not be
able to acquire more than one target business because of various
factors, including insufficient financing or the difficulties
involved in consummating the contemporaneous acquisition of more
than one operating company; therefore, it is probable that we
will have the ability to complete a business combination with
only a single operating business, which may have only a limited
number of products or services. The resulting lack of
diversification may:
</DIV>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    result in our dependency upon the performance of a single or
    small number of operating businesses;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    result in our dependency upon the development or market
    acceptance of a single or limited number of products, processes
    or services;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    subject us to numerous economic, competitive and regulatory
    developments, any or all of which may have a substantial adverse
    impact upon the particular industry in which we may operate
    subsequent to a business combination.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In this case, we will not be able to diversify our operations or
benefit from the possible spreading of risks or offsetting of
losses, unlike other entities that may have the resources to
complete several business combinations in different industries
or different areas of a single industry so as to diversify risks
and offset losses. Further, the prospects for our success may be
entirely dependent upon the future performance of the initial
target business or businesses we acquire.
</DIV>

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    <TD></TD>
    <TD>
    <B><I>Because of our limited resources and the significant
    competition for business combination opportunities, we may not
    be able to consummate an attractive business combination.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We expect to encounter intense competition from other entities
having a business objective similar to ours, including venture
capital funds, leveraged buyout funds and operating businesses
competing for acquisitions. Many of these entities are well
established and have extensive experience in identifying and
</DIV>

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effecting business combinations directly or through affiliates.
Many of these competitors possess greater technical, human and
other resources than we do and our financial resources will be
relatively limited when contrasted with those of many of these
competitors. While we believe that there are numerous potential
target businesses that we could acquire with the net proceeds of
this offering, together with additional financing if available,
our ability to compete in acquiring certain sizable target
businesses will be limited by our available financial resources.
This inherent competitive limitation gives others an advantage
in pursuing the acquisition of certain target businesses.
Further:
</DIV>

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    <TD width="3%"></TD>
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    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our obligation to seek stockholder approval of a business
    combination may delay the consummation of a transaction;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our obligation to convert into cash the shares of common stock
    in certain instances may reduce the resources available for a
    business combination;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our outstanding warrants and the purchase option granted to
    Ferris, Baker Watts,&nbsp;Inc., and the future dilution they
    potentially represent, may not be viewed favorably by certain
    target businesses.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, because our business combination may entail the
contemporaneous acquisition of several operating businesses and
may be with different sellers, we will need to convince such
sellers to agree that the purchase of their businesses is
contingent upon the simultaneous closings of the other
acquisitions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any of these obligations may place us at a competitive
disadvantage in successfully negotiating a business combination.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>If we succeed in achieving our business objective which is
    to acquire one or more operating businesses with primary
    operations in India we may be subject to intense competition
    from competitors of the business or businesses we
    acquire.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we succeed in achieving our business objective we may be
subject to intense competition from competitors of the business
or businesses we acquire. In particular, certain industries that
experience rapid growth frequently attract a large number of
competitors, including competitors with greater financial,
marketing, technical and other resources than the initial
competitors in the industry. The degree of competition
characterizing the industry of any prospective target business
cannot presently be ascertained. We cannot assure you that,
subsequent to acquiring one or more businesses in accordance
with our business objective, we will have the resources to
compete effectively, especially to the extent that the target
businesses are in high-growth industries.
</DIV>

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    <TD width="3%"></TD>
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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We may be unable to obtain additional financing, if
    required, to complete a business combination or to fund the
    operations and growth of the target business, which could compel
    us to restructure or abandon a particular business
    combination.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although we believe that the net proceeds of this offering will
be sufficient to allow us to consummate a business combination,
in as much as we have not yet identified any prospective target
businesses, we cannot ascertain the capital requirements for any
particular business combination. If the net proceeds of this
offering prove to be insufficient, either because of the size of
the business combination or the depletion of the available net
proceeds in search of target businesses, or because we become
obligated to convert into cash a significant number of shares
from dissenting stockholders, we will be required to seek
additional financing through the issuance of equity or debt
securities or other financing arrangements. We cannot assure you
that such financing would be available on acceptable terms, if
at all. To the extent that additional financing proves to be
unavailable when needed to consummate a particular business
combination, we would be compelled to restructure or abandon
that particular business combination and seek alternative target
business candidates. In addition, if we consummate a business
combination, we may require additional financing to fund the
operations or growth of the target businesses. The failure to
secure additional financing could have a material adverse effect
on the continued development or growth of the target businesses.
None of our officers, directors or stockholders is required to
provide any financing to us in connection with or after a
business combination.
</DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our existing stockholders, including our officers,
    directors and special advisors, control a substantial interest
    in us and thus may influence certain actions requiring
    stockholder vote.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon consummation of our offering, our existing stockholders,
including our officers, directors and special advisors, will
collectively own approximately 14.9% of our issued and
outstanding shares of common stock (assuming they do not
purchase units in this offering).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the vote required for our initial business
combination, all of our existing stockholders, including all of
our officers, directors and special advisors, have agreed to
vote the shares of common stock owned by them in accordance with
the majority of the shares of common stock voted by the public
stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our board of directors is divided into three classes
(Class&nbsp;A, Class&nbsp;B, and Class&nbsp;C), each of which
will generally serve for a term of three years with only one
class of directors being elected in each year. It is unlikely
that there will be an annual meeting of stockholders to elect
new directors prior to the consummation of a business
combination, in which case all of the current directors will
continue in office at least until the consummation of the
business combination. If there is an annual meeting, as a
consequence of our &#147;staggered&#148; board of directors,
only a minority of the board of directors will be considered for
election and our existing stockholders, because of their
ownership position, will have considerable influence regarding
the outcome. Accordingly, our existing stockholders will
continue to exert control at least until the consummation of a
business combination. In addition, our existing stockholders and
their affiliates and relatives are not prohibited from
purchasing units in this offering or shares in the aftermarket,
and they will have full voting rights with respect to any shares
of common stock they may acquire, either through this offering
or in subsequent market transactions. If they do, we cannot
assure you that our existing stockholders will not have
considerable influence upon the vote in connection with a
business combination.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our existing stockholders paid an aggregate of $17,500, or
    an average of approximately $.005&nbsp;per share for their
    shares and, accordingly, you will experience immediate and
    substantial dilution from the purchase of our common
    stock.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The difference between the public offering price per share of
our common stock and the pro forma net tangible book value per
share of our common stock after this offering constitutes the
dilution to you and the other investors in this offering. The
fact that our existing stockholders acquired their shares of
common stock at a nominal price has significantly contributed to
this dilution. Assuming the offering is completed, you and the
other new investors will incur an immediate and substantial
dilution of approximately 24.83% or $1.49&nbsp;per share (the
difference between the pro forma net tangible book value per
share of $4.51 and the initial offering price of $6.00&nbsp;per
unit).
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our outstanding warrants may have an adverse effect on the
    market price of common stock and make it more difficult to
    effect a business combination.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with this offering, as part of the units, we will
be issuing warrants to purchase&nbsp;40,000,000&nbsp;shares of
common stock (assuming no exercise of the underwriter&#146;s
over-allotment option). In addition, we have agreed to sell to
Ferris, Baker Watts, Inc. an option to purchase up to a total of
1,500,000&nbsp;units, which, if exercised, will result in the
issuance of warrants to purchase an additional
3,000,000&nbsp;shares of common stock. To the extent we issue
shares of common stock to effect a business combination, the
potential for the issuance of substantial numbers of additional
shares upon exercise of these warrants could make us a less
attractive acquisition vehicle in the eyes of a target business
as such securities, when exercised, will increase the number of
issued and outstanding shares of our common stock and reduce the
value of the shares issued to complete the business combination.
Accordingly, our warrants may make it more difficult to
effectuate a business combination or increase the cost of a
target business. Additionally, the sale, or even the possibility
of sale, of the shares underlying the warrants could have an
adverse effect on the market price for our securities or on our
ability to obtain future public financing. If and to the extent
these warrants are exercised, you may experience dilution to
your holdings.
</DIV>

<P align="center" style="font-size: 10pt;">13

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>If our existing stockholders exercise their registration
    rights, it may have an adverse effect on the market price of our
    common stock and the existence of these rights may make it more
    difficult to effect a business combination.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our existing stockholders are entitled to demand that we
register the resale of their shares of common stock in certain
circumstances. If our existing stockholders exercise their
registration rights with respect to all of their shares of
common stock, then there will be an additional
3,500,000&nbsp;shares of common stock eligible for trading in
the public market. The presence of this additional number of
shares of common stock eligible for trading in the public market
may have an adverse effect on the market price of our common
stock. In addition, the existence of these rights may make it
more difficult to effect a business combination or increase the
cost of a target business, as the stockholders of a particular
target business may be discouraged from entering into a business
combination with us or will request a higher price for their
securities as a result of these registration rights and the
potential future effect their exercise may have on the trading
market for our common stock.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>If you are not an institutional investor, you may purchase
    our securities in this offering only if you reside within
    certain states and may engage in resale transactions only in
    those states and a limited number of other jurisdictions.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have applied to register our securities, or have obtained or
will seek to obtain an exemption from registration, in Colorado,
Delaware, the District of Columbia, Florida, Hawaii, Illinois,
Indiana, Maryland, New York and Rhode Island. If you are not an
&#147;institutional investor,&#148; you must be a resident of
these jurisdictions to purchase our securities in the offering.
In order to prevent resale transactions in violation of
states&#146; securities laws, you may engage in resale
transactions only in these states and in a limited number of
other jurisdictions in which an applicable exemption is
available or a Blue Sky application has been filed and accepted.
This restriction on resale may limit your ability to resell the
securities purchased in this offering and may impact the price
of our securities. For a more complete discussion of the Blue
Sky state securities laws and registrations affecting this
offering, please see the section below entitled
&#147;Underwriting&nbsp;&#151; State Blue Sky Information.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Even if you are an institutional investor, you may purchase our
securities in this offering only if you are located in a
jurisdiction permitting sales of the units to institutional
investors. You should consult with your own financial and legal
advisors to determine if you are eligible to participate in this
offering.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We intend to have our securities quoted on the OTC
    Bulletin&nbsp;Board, which will limit the liquidity and price of
    our securities more than if our securities were quoted or listed
    on The Nasdaq Stock Market or a national exchange.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our securities will be traded in the over-the-counter market. It
is anticipated that they will be quoted on the OTC
Bulletin&nbsp;Board, an inter-dealer automated quotation system
for equity securities sponsored and operated by the National
Association of Securities Dealers, Inc., or NASD, but not
included in The Nasdaq Stock Market. Quotation of our securities
on the OTC Bulletin&nbsp;Board will limit the liquidity and
price of our securities more than if our securities were quoted
or listed on The Nasdaq Stock Market or a national exchange.
Lack of liquidity will limit the price at which you may be able
to sell our securities or your ability to sell our securities at
all.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>There is currently no market for our securities and a
    market for our securities may not develop, which could adversely
    affect the liquidity and price of our securities.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
There is no market for our securities. Therefore, stockholders
should be aware that they cannot benefit from information about
prior market history as to their decisions to invest which means
they are at further risk if they invest. In addition, the price
of the securities, after the offering, can vary due to general
economic conditions and forecasts, our general business
condition and the release of our financial reports.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Furthermore, an active trading market for our securities may
never develop or, if developed, it may not be maintained.
Investors may be unable to sell their securities unless a market
can be established or maintained.
</DIV>

<P align="center" style="font-size: 10pt;">14

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our obligations under laws, regulations and standards
    relating to corporate governance and public disclosure,
    including the Sarbanes-Oxley Act of 2002 and related
    regulations, may increase our cost of completing a business
    combination.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a public company, we will be obligated to comply with laws,
regulations and standards relating to corporate governance and
public disclosure, including the Sarbanes-Oxley Act of 2002 and
related regulations implemented by the SEC and the NASD. These
laws and regulations may impose obligations that will increase
the legal and financial costs required to consummate a business
combination and increase the time required to complete a
transaction.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>If we are deemed to be an investment company, we may be
    required to institute burdensome compliance requirements and our
    activities may be restricted, which may make it difficult for us
    to complete a business combination.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we are deemed to be an investment company under the
Investment Company Act of 1940, as amended, our activities may
be restricted, including:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    restrictions on the nature of our investments;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    restrictions on the issuance of securities, each of which may
    make it difficult for us to complete a business combination.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, we may have imposed upon us burdensome
requirements, including:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    registration as an investment company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    adoption of a specific form of corporate structure;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    reporting, record keeping, voting, proxy and disclosure
    requirements and other rules and regulations.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We do not believe that our anticipated principal activities will
subject us to the Investment Company Act of 1940. To this end,
the proceeds held in trust may only be invested by the trust
agent in &#147;government securities&#148; with specific
maturity dates. By restricting the investment of the proceeds to
these instruments, we intend to meet the requirements for the
exemption provided in Rule&nbsp;3a-1 promulgated under the
Investment Company Act of 1940. If we were deemed to be subject
to the act, compliance with these additional regulatory burdens
would require additional expense that we have not allotted for.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our directors may not be considered
    &#147;independent&#148; under the policies of the North American
    Securities Administrators Association, Inc.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the policies of the North American Securities
Administrators Association, Inc., an international organization
devoted to investor protection, because each of our directors
owns shares of our securities and may receive reimbursement for
out-of-pocket expenses incurred by them in connection with
activities on our behalf, such as identifying potential target
businesses and performing due diligence on suitable business
combinations, state securities administrators could take the
position that such individuals are not &#147;independent.&#148;
If this were the case, they would take the position that we
would not have the benefit of independent directors examining
the propriety of expenses incurred on our behalf and subject to
reimbursement. Additionally, there is no limit on the amount of
out-of-pocket expenses that could be incurred and there will be
no review of the reasonableness of the expenses by anyone other
than our board of directors, which would include persons who may
seek reimbursement, or a court of competent jurisdiction if such
reimbursement is challenged. Although we believe that all
actions taken by our directors on our behalf will be in our best
interests, whether or not they are deemed to be
&#147;independent,&#148; we cannot assure you that this will
actually be the case. If actions are taken, or expenses are
incurred that are actually not in our best interests, it could
have a material adverse effect on our business and operations
and the price of our stock held by the public stockholders.
</DIV>

<P align="center" style="font-size: 10pt;">15

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Because our existing stockholders&#146; initial equity
    investment will be only $17,500, our offering may be disallowed
    by state administrators that follow the North American
    Securities Administrators Association, Inc. Statement of Policy
    on development stage companies.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the Statement of Policy Regarding Promoters Equity
Investment promulgated by the North American Securities
Administrators Association, Inc. certain state administrators
may disallow an offering of a development stage company if the
initial equity investment by a company&#146;s promoters does not
equal a certain percentage of the aggregate public offering
price. Our promoters&#146; expected initial investment of
$17,500 is less than the required minimum amount of $3,110,000
pursuant to this policy. Accordingly, a state administrator
would have the discretion to disallow our offering if it
determined that the initial equity investment made by the
existing stockholders does not adequately protect investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Risks associated with companies with primary operations in
India.</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Political, economic, social and other factors in India may
    adversely affect our ability to achieve our business objective
    which is to acquire one or more operating businesses with
    primary operations in India.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our ability to achieve our business objective may be adversely
affected by political, economic, social and religious factors,
changes in Indian law or regulations and the status of
India&#146;s relations with other countries. In addition, the
economy of India may differ favorably or unfavorably from the
U.S.&nbsp;economy in such respects as the rate of growth of
gross domestic product, the rate of inflation, capital
reinvestment, resource self-sufficiency and balance of payments
position. The Indian government has exercised and continues to
exercise significant influence over many aspects of the economy,
and the number of public sector enterprises in India is
substantial. Accordingly, Indian government actions in the
future could have a significant effect on the Indian economy,
which could have a material adverse affect on our ability to
achieve our business objective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Since mid-1991, the Indian government has committed itself to
implementing an economic structural reform program with the
objective of liberalizing India&#146;s exchange and trade
policies, reducing the fiscal deficit, controlling inflation,
promoting a sound monetary policy, reforming the financial
sector, and placing greater reliance on market mechanisms to
direct economic activity. A significant component of the program
is the promotion of foreign investment in key areas of the
economy and the further development of, and the relaxation of
restrictions in, the private sector. These policies have been
coupled with the expressed intention to redirect the
government&#146;s central planning function away from the
allocation of resources and toward the issuance of indicative
guidelines. While the government&#146;s policies have resulted
in improved economic performance, there can be no assurance that
the economic recovery will be sustained. Moreover, there can be
no assurance that these economic reforms will persist, and that
any newly elected government will continue the program of
economic liberalization of previous governments. Any change may
adversely affect Indian laws and policies with respect to
foreign investment and currency exchange. Such changes in
economic policies could negatively affect the general business
and economic conditions in India, which could in turn affect us
and our ability to achieve our business objective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Religious and border disputes persist in India. The longstanding
grievances between the Hindu and Muslim populations has resulted
recently in communal violence in the western Indian state of
Gujarat. Moreover, India has from time to time experienced civil
unrest and hostilities with neighboring countries such as
Pakistan. The longstanding dispute with Pakistan over the border
Indian state of Jammu and Kashmir, a majority of whose
population is Muslim, remains unresolved. If the Indian
government is unable to control the violence and disruption
associated with these tensions, the results could destabilize
the economy and, consequently, adversely affect us and our
ability to achieve our business objective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Since early 2003, there have also been military hostilities and
civil unrest in Afghanistan, Iraq and other Asian countries.
These events could adversely influence the Indian economy and,
as a result, negatively affect us and our ability to achieve our
business objective.
</DIV>

<P align="center" style="font-size: 10pt;">16

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>India has different corporate disclosure, governance and
    regulatory requirements than those in the United States which
    may make it more difficult or complex to consummate a business
    combination.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Companies in India are subject to accounting, auditing,
regulatory and financial standards and requirements that differ,
in some cases significantly, from those applicable to public
companies in the United States, which may make it more difficult
or complex to consummate a business combination. In particular,
the assets and profits appearing on the financial statements of
an Indian company may not reflect its financial position or
results of operations in the way they would be reflected had
such financial statements been prepared in accordance with GAAP.
There is substantially less publicly available information about
Indian companies than there is about United States companies.
Moreover, companies in India are not subject to the same degree
of regulation as are United States companies with respect to
such matters as insider trading rules, tender offer regulation,
shareholder proxy requirements and the timely disclosure of
information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Legal principles relating to corporate affairs and the validity
of corporate procedures, directors&#146; fiduciary duties and
liabilities and shareholders&#146; rights for Indian
corporations may differ from those that may apply in the U.S.,
which may make the consummation of a business combination with
an Indian company more difficult. We therefore may have more
difficulty in achieving our business objective.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Foreign currency fluctuations could adversely affect our
    ability to achieve our business objective.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Because our business objective is to acquire one or more
operating businesses with primary operations in India, changes
in the U.S.&nbsp;dollar&nbsp;&#150; Indian rupee exchange rate
may affect our ability to achieve such objective. The exchange
rate between the Indian rupee and the U.S.&nbsp;dollar has
changed substantially in the last two decades and may fluctuate
substantially in the future. If the U.S.&nbsp;dollar declines in
value against the Indian rupee, any business combination will be
more expensive and therefore more difficult to complete.
Furthermore, we may incur costs in connection with conversions
between U.S.&nbsp;dollars and Indian rupees, which may make it
more difficult to consummate a business combination.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Certain sectors of the Indian economy are subject to
    government regulations that limit foreign ownership, which may
    adversely affect our ability to achieve our business objective
    which is to acquire one or more operating businesses with
    primary operations in India.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Indian government prohibits investments in certain sectors
and limits the ownership in certain other sectors. We intend to
avoid sectors in which foreign investment is disallowed. This
could limit the possible number of acquisitions that are
available for investment. The Indian government also regulates
investments in certain other sectors (e.g. banking) by
increasing the amount of ownership over time. The management
team will evaluate the risk associated with investments in
sectors in which ownership is restricted. However, there can be
no guarantee that management will be correct in its assessment
of political and policy risk associated with investments in
general and in particular in sectors that are regulated by the
Indian government. Any changes in policy could have an adverse
impact on our ability to achieve our business objective which is
to acquire one or more operating businesses with primary
operations in India.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the relevant Indian authorities find us or the target
business with which we ultimately complete a business
combination to be in violation of any existing or future Indian
laws or regulations, they would have broad discretion in dealing
with such a violation, including, without limitation:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Levying fines;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Revoking our business and other licenses;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Requiring that we restructure our ownership or operations.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">17

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<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The requirement that Indian companies provide accounting
    statements that are in compliance with U.S.&nbsp;Generally
    Accepted Accounting Principles (GAAP)&nbsp;may limit the
    potential number of acquisition targets.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To meet the requirements of the United States Federal securities
laws, in order to seek stockholder approval of a business
combination, a proposed target business will be required to have
certain financial statements which are prepared in accordance
with, or which can be reconciled to GAAP and audited in
accordance with U.S.&nbsp;Generally Accepted Auditing Standards
(GAAS). GAAP and GAAS compliance may limit the potential number
of acquisition targets.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>If political relations between the U.S. and India weaken,
    it could make a target business&#146; operations less
    attractive.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The relationship between the United States and India may
deteriorate over time. Changes in political conditions in India
and changes in the state of Indian-U.S.&nbsp;relations are
difficult to predict and could adversely affect our future
operations or cause potential target businesses to become less
attractive. This could lead to a decline in our profitability.
Any weakening of relations with India could have a material
adverse effect on our operations after a successful completion
of a business combination.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Because the Indian judiciary will determine the scope and
    enforcement under Indian law of almost all of our target
    business&#146; material agreements, we may be unable to enforce
    our rights inside and outside of India.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Indian law will govern almost all of our target business&#146;
material agreements, some of which may be with Indian
governmental agencies. We cannot assure you that the target
business or businesses will be able to enforce any of their
material agreements or that remedies will be available outside
of India. The inability to enforce or obtain a remedy under any
of our future agreements may have a material adverse impact on
our future operations.
</DIV>

<P align="center" style="font-size: 10pt;">18

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='105'></A>
</DIV>

<!-- link1 "FORWARD-LOOKING STATEMENTS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>FORWARD-LOOKING STATEMENTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This prospectus contains forward-looking statements within the
meaning of Section&nbsp;27A of the Securities Act of 1933 and
Section&nbsp;21E of the Securities Exchange Act of 1934. Such
forward-looking statements include statements regarding, among
others, (a)&nbsp;our expectations about possible business
combinations, (b)&nbsp;our growth strategies, (c)&nbsp;our
future financing plans, and (d)&nbsp;our anticipated needs for
working capital. Forward-looking statements, which involve
assumptions and describe our future plans, strategies, and
expectations, are generally identifiable by use of the words
&#147;may,&#148; &#147;will,&#148; &#147;should,&#148;
&#147;expect,&#148; &#147;anticipate,&#148;
&#147;approximate,&#148; &#147;estimate,&#148;
&#147;believe,&#148; &#147;intend,&#148; &#147;plan,&#148; or
&#147;project,&#148; or the negative of these words or other
variations on these words or comparable terminology. This
information may involve known and unknown risks, uncertainties,
and other factors that may cause our actual results,
performance, or achievements to be materially different from the
future results, performance, or achievements expressed or
implied by any forward-looking statements. These statements may
be found in this prospectus. Actual events or results may differ
materially from those discussed in forward-looking statements as
a result of various factors, including, without limitation, the
risks outlined under &#147;Risk Factors&#148; and matters
described in this prospectus generally. In light of these risks
and uncertainties, the events anticipated in the forward-looking
statements may or may not occur. These statements are based on
current expectations and speak only as of the date of such
statements. We undertake no obligation to publicly update or
revise any forward-looking statement, whether as a result of
future events, new information or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The information contained in this prospectus identifies
important factors that could adversely affect actual results and
performance. Prospective investors are urged to carefully
consider such factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All forward-looking statements attributable to us are expressly
qualified in their entirety by the foregoing cautionary
statements.
</DIV>

<P align="center" style="font-size: 10pt;">19
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='106'></A>
</DIV>

<!-- link1 "USE OF PROCEEDS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>USE OF PROCEEDS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We estimate that the net proceeds of this offering will be set
forth in the following table:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="56%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Without Over-</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>With Over-</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Allotment Option</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Allotment Option</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>Gross proceeds</I>(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>120,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>138,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>Offering expenses</I>(2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Underwriting discount (6% of gross proceeds)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,280,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Underwriting non-accountable expense allowance (2.5% of gross
    proceeds without the over-allotment option)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Legal fees and expenses (including blue sky services and
    expenses)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>200,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Miscellaneous expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,855.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,855.38</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Printing and engraving expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounting fees and expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    SEC registration fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>46,844.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>46,844.61</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NASD registration fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,300.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,300.01</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>Net proceeds</I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Held in trust</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>107,498,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>124,418,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Not held in trust</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,900,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,900,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Total net proceeds</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>109,398,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>126,318,000</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>Use of net proceeds not held in trust</I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Legal, accounting and other expenses attendant to the due
    diligence investigations, structuring and negotiation of a
    business combination</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>400,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(21.05</TD>
    <TD align="left" valign="bottom" nowrap>)%</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Due diligence of prospective target businesses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(15.79</TD>
    <TD align="left" valign="bottom" nowrap>)%</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Legal and accounting fees relating to SEC reporting obligations</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(7.90</TD>
    <TD align="left" valign="bottom" nowrap>)%</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Administrative fees relating to office space ($7,500 per month
    for 24&nbsp;months)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>180,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(9.47</TD>
    <TD align="left" valign="bottom" nowrap>)%</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Working capital to cover travel, miscellaneous expenses, D&#38;O
    insurance and reserves</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>870,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(45.79</TD>
    <TD align="left" valign="bottom" nowrap>)%</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Total</B>(3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>1,900,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>100.00%</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Excludes the payment of $100 from Ferris, Baker Watts, Inc. for
    its purchase option, proceeds from the sale of units under the
    purchase option and proceeds from the exercise of any warrants.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    A portion of the offering expenses have been paid from the funds
    we received from Mr.&nbsp;Mukunda as described below. These
    funds will be repaid out of the proceeds of this offering not
    being placed in trust upon consummation of this offering.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Rounded to the nearest whole percentage.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
We intend to use the proceeds from the sale of the units to
acquire one or more operating businesses with primary operations
in India.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Of the net proceeds, $107,498,000, or $124,418,000 if the
underwriters&#146; over-allotment option is exercised in full,
of net proceeds will be placed in a trust account at United Bank
maintained by Continental Stock Transfer &#38; Trust Company
acting as trustee. The proceeds will not be released from the
trust account until the earlier of the completion of a business
combination or our liquidation. The proceeds held in the trust
account may be used as consideration to pay the sellers of a
target business with which we ultimately complete a business
combination. Any amounts not paid as consideration to the
sellers of the target business may be used to finance operations
of the target businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to pay Integrated Global Networks, LLC or IGN,
LLC, an affiliate of Mr.&nbsp;Mukunda, a monthly fee of $7,500
for general and administrative services including office space,
utilities and secretarial
</DIV>

<P align="center" style="font-size: 10pt;">20

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<DIV align="left" style="font-size: 10pt;">
support. This arrangement is for our benefit and is not intended
to provide Mr.&nbsp;Mukunda, the Chief Executive Officer of IGN,
LLC and our Chairman, Chief Executive Officer and President,
with compensation in lieu of salary. We believe, based on rents
and fees for similar services in the Washington, DC metropolitan
area, that the fee charged by IGN, LLC is at least as favorable
as we could have obtained from an unaffiliated third party.
However, because our directors may not be deemed
&#147;independent&#148;, we did not have the benefit of
disinterested directors approving the transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to use the excess working capital (approximately
$1,900,000 for director and officer liability insurance premiums
(approximately $125,000), with the balance being held in reserve
for other expenses of travel to India, due diligence, legal
accounting, and other expenses of structuring and negotiating
business combinations, as well as for reimbursement of any
out-of-pocket expenses incurred by our existing stockholders in
connection with activities on our behalf as described below. We
believe that the excess working capital will be sufficient to
cover the foregoing expenses and reimbursement costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may not use all of the proceeds in the trust in connection
with a business combination, either because the consideration
for the business combination is less than the proceeds in trust
or because we financed a portion of the consideration with our
capital stock or debt securities. In that event, the proceeds
held in the trust account as well as any other net proceeds not
expended will be used to finance the operations of the target
businesses, which may include subsequent acquisitions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Mukunda has loaned a total of $100,000 to us for the
payment of offering expenses. The loan bears interest at a rate
of 4% per year and will be payable on the earlier of
April&nbsp;30, 2006 or the consummation of this offering. The
loan will be repaid out of the net proceeds of this offering not
being placed in trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The net proceeds of this offering that are not immediately
required for the purposes set forth above will be invested only
in United States &#147;government securities,&#148; defined as
any Treasury Bill issued by the United States having a maturity
of 180&nbsp;days or less so that we are not deemed to be an
investment company under the Investment Company Act of 1940. The
interest income derived from investment of the net proceeds not
held in trust during this period will be used to defray our
general and administrative expenses, as well as costs relating
to compliance with securities laws and regulations, including
associated professional fees, until a business combination is
completed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that, upon consummation of this offering, we will
have sufficient available funds to operate for at least the next
24&nbsp;months, assuming that a business combination is not
consummated during that time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No compensation of any kind (including finders and consulting
fees) will be paid to any of our existing stockholders, or, any
of their affiliates, other than to IGN, LLC in connection with
the general and administrative services arrangement for services
rendered to us prior to or in connection with the consummation
of the business combination. However, our existing stockholders
will receive reimbursement for any out-of-pocket expenses
incurred by them in connection with activities on our behalf,
such as identifying potential target businesses and performing
due diligence on suitable business combinations. Since the role
of present management after a business combination is uncertain,
we have no ability to determine what remuneration, if any, will
be paid to those persons after a business combination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A public stockholder will be entitled to receive funds from the
trust account (including interest earned on his, her or its
portion of the trust account) only in the event of our
liquidation upon our failure to complete a business combination
or if that public stockholder were to seek to convert such
shares into cash in connection with a business combination which
the public stockholder voted against and which we actually
consummate. In no other circumstances will a public stockholder
have any right or interest of any kind to or in the trust
account.
</DIV>

<P align="center" style="font-size: 10pt;">21

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<DIV align="left" style="font-size: 10pt;">
<A name='107'></A>
</DIV>

<!-- link1 "CAPITALIZATION" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CAPITALIZATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth our capitalization at
May&nbsp;10, 2005 and as adjusted to give effect to the sale of
our units and the application of the estimated net proceeds
derived from the sale of our units:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>May 10, 2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Actual</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>As Adjusted</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(Audited)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common Stock, $.0001 par value&nbsp;&#151; 0&nbsp;&#151; and
    3,998,000 shares which are subject to possible conversion,
    shares at conversion value</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>21,488,850</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Stockholders&#146; equity</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Preferred stock, $.0001 par value, 1,000,000 shares authorized;
    none issued and outstanding</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common stock, $.0001 par value, 150,000,000 shares authorized;
    3,500,000 shares issued and outstanding, 19,502,000 shares
    issued and outstanding (excluding 3,998,000 shares which are
    subject to possible conversion), as adjusted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,950</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Additional paid-in capital</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>87,924,700</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deficit accumulated during the development stage</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Total stockholders&#146; equity</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>87,921,650</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Total capitalization</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>12,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>109,410,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we consummate a business combination, the conversion rights
afforded to our public stockholders may result in the conversion
into cash of up to approximately 19.99% of the aggregate number
of shares sold in this offering at a per-share conversion price
equal to the amount in the trust account, inclusive of any
interest thereon, as of the record date for determination of
stockholders entitled to vote on a proposed business
combination, divided by the number of shares sold in this
offering.
</DIV>

<P align="center" style="font-size: 10pt;">22

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<DIV align="left" style="font-size: 10pt;">
<A name='108'></A>
</DIV>

<!-- link1 "DILUTION" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DILUTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The difference between the public offering price per share of
common stock, assuming no value is attributed to the warrants
included in the units, and the pro forma net tangible book value
per share of our common stock after this offering constitutes
the dilution to investors in this offering. Net tangible book
value per share is determined by dividing our net tangible book
value, which is our total tangible assets less total liabilities
(including the value of common stock that may be converted into
cash), by the number of outstanding shares of our common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At May&nbsp;10, 2005, our net tangible book value was a
deficiency of approximately $67,500, or approximately $(0.02)
per share of common stock. After giving effect to the sale of
20,000,000&nbsp;shares of common stock included in the units
(but excluding shares underlying the warrants included in the
units), and the deduction of underwriting discounts and
estimated expenses of this offering, our pro forma net tangible
book value (as decreased by the value of 3,998,000&nbsp;shares
of common stock which may be converted into cash) as of
May&nbsp;10, 2005 would have been approximately $87,921,650 or
approximately $4.51&nbsp;per share, representing an immediate
increase in net tangible book value of $4.53&nbsp;per share to
the existing stockholders and an immediate dilution of
$1.49&nbsp;per share or approximately 24.83% to new investors
not exercising their conversion rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table illustrates the dilution to the new
investors on a per-share basis, assuming no value is attributed
to the warrants included in the units:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Public offering price</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net tangible book value before this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(.02</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Increase attributable to new investors</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Pro forma net tangible book value after this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.51</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dilution to new investors</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1.49</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our pro forma net tangible book value after this offering has
been reduced by approximately $21,469,260 because if we effect a
business combination, the conversion rights to the public
stockholders may result in the conversion into cash of up to
approximately 19.99% of the aggregate number of the shares sold
in this offering at a per-share conversion price equal to the
amount in the trust account calculated as of the record date for
determination of stockholders entitled to vote on a proposed
business consummation, inclusive of any interest, divided by the
number of shares sold in this offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth information with respect to our
existing stockholders and the new investors:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Shares Purchased</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Total Consideration</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Average Price</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percentage</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percentage</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>per Share</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Existing stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14.9</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>17,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>.0146</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>.005</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    New investors</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>85.1</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>120,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>99.9854</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Total</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>23,500,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>100.00</B></TD>
    <TD align="left" valign="bottom" nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>120,017,500</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>100.00</B></TD>
    <TD align="left" valign="bottom" nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">23
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our pro forma net tangible book value after this offering is
calculated as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Numerator:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net tangible book value before this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(67,500</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds from this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>109,398,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued offering costs excluded from net tangible book value
    before this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>80,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Less: Proceeds held in trust subject to conversion<BR>
    to cash ($107,498,000 &#215; 19.99%)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(21,488,850</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2"><FONT style="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>87,921,650</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Denominator:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shares of common stock outstanding prior to this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,500,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shares of common stock included in the units offered</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Less: Shares subject to conversion (20,000,000 &#215; 19.99%)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,998,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2"><FONT style="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,502,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">24
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='109'></A>
</DIV>

<!-- link1 "MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We were formed on April&nbsp;29, 2005, as a blank check company
for the purpose of acquiring, through a merger, capital stock
exchange, asset acquisition or other similar business
combination, one or more businesses in an unspecified industry,
with operations primarily in India. We do not have any specific
merger, capital stock exchange, asset acquisition or other
similar business combination under consideration and have not
had any discussions, formal or otherwise, with respect to such a
transaction. We intend to use cash derived from the proceeds of
this offering, our capital stock, debt or a combination of cash,
capital stock and debt, to effect a business combination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The issuance of additional capital stock, including upon
conversion of any convertible debt securities we may issue, or
the incurrence of debt could have material consequences on our
business and financial condition. The issuance of additional
shares of our capital stock (including upon conversion of
convertible debt securities):
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may significantly reduce the equity interest of our stockholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    will likely cause a change in control if a substantial number of
    our shares of common stock or voting preferred stock are issued,
    which may affect, among other things, our ability to use our net
    operating loss carry forwards, if any, and may also result in
    the resignation or removal of one or more of our present
    officers and directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may adversely affect the voting power or other rights of holders
    of our common stock if we issue preferred stock with dividend,
    liquidation, conversion or other rights superior to the common
    stock; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may adversely affect prevailing market prices for our common
    stock, warrants or units.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Similarly, the incurrence of debt:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may lead to default and foreclosure on our assets if our
    operating revenues after a business combination are insufficient
    to pay our debt obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may cause an acceleration of our obligations to repay the debt
    even if we make all principal and interest payments when due if
    we breach the covenants contained in the terms of the debt
    documents, such as covenants that require the maintenance of
    certain financial ratios or reserves, without a waiver or
    renegotiation of such covenants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may create an obligation to immediately repay all principal and
    accrued interest, if any, upon demand to the extent any debt
    securities are payable on demand;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may hinder our ability to obtain additional financing, if
    necessary, to the extent any debt securities contain covenants
    restricting our ability to obtain additional financing while
    such security is outstanding, or to the extent our existing
    leverage discourages other potential investors.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To date, our efforts have been limited to organizational
activities. We have neither engaged in any operations nor
generated any revenues to date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We estimate that the net proceeds from the sale of the units
will be $109,398,000 (or $126,318,000 if the underwriters&#146;
over-allotment is exercised in full), after deducting offering
expenses of approximately $402,000 and underwriting discounts of
approximately $7,200,000 (or $8,280,000 if the
underwriters&#146; over-allotment option is exercised in full),
including $3,000,000 evidencing the underwriters&#146;
non-accountable expense allowance of 2.5% of the gross proceeds.
Of this amount, $107,498,000, or $124,418,000 if the
underwriters&#146; over-allotment option is exercised in full,
will be held in trust and the remaining $1,900,000 in either
case will not be held in trust. We will use substantially all of
the net proceeds of this offering to acquire one or more
operating businesses, including identifying and evaluating
prospective acquisition candidates, selecting one or more
operating businesses, and structuring, negotiating and
consummating the business combination. However, we may not use
all of the proceeds in the trust in connection with a business
combination, either because the consideration for the business
combination is less than the proceeds in trust or because we
finance
</DIV>

<P align="center" style="font-size: 10pt;">25

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<DIV align="left" style="font-size: 10pt;">
a portion of the consideration with our capital stock or debt
securities. In that event, the proceeds held in the trust
account as well as any other net proceeds not expended will be
used to finance the operations of the target business or
businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that, upon consummation of this offering, the funds
available to us outside of the trust account will be sufficient
to allow us to operate for at least the next 24&nbsp;months,
assuming that a business combination is not consummated during
that time. Over this time period, we anticipate making the
following expenditures:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    approximately $400,000 of expenses for legal, accounting and
    other expenses attendant to the due diligence investigations,
    structuring and negotiating of a business combination;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Approximately $300,000 of expenses for the due diligence and
    investigation of a target business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    approximately $150,000 of expenses in legal and accounting fees
    relating to our SEC reporting obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    approximately $180,000 of expenses in fees relating to our
    office space and certain general and administrative
    services;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    approximately $870,000 for travel, general working capital that
    will be used for miscellaneous expenses and reserves, including
    approximately $125,000 for director and officer liability
    insurance premium.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We do not believe we will need additional financing following
this offering in order to meet the expenditures required for
operating our business. However, we may need to obtain
additional financing to the extent such financing is required to
consummate a business combination, in which case we may issue
additional securities or incur debt in connection with such
business combination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of May&nbsp;2, 2005, Mr.&nbsp;Mukunda loaned a total of
$100,000 to us for payment of offering expenses. The loan bears
interest at a rate of 4%&nbsp;per year and will be payable on
the earlier of April&nbsp;30, 2006 or the consummation of this
offering. The loan will be repaid out of the proceeds of this
offering not being placed in trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to pay IGN, LLC, an affiliate of
Mr.&nbsp;Mukunda, a monthly fee of $7,500 for general and
administrative services including office space, utilities and
secretarial support. This arrangement is for our benefit and is
not intended to provide Mr.&nbsp;Mukunda, Chief Executive
Officer of IGN, LLC and our Chairman, Chief Executive Officer
and President, with compensation in lieu of salary. We believe,
based on rents and fees for similar services in the Washington,
DC metropolitan area, that the fee charged by IGN, LLC is at
least as favorable as we could have obtained from an
unaffiliated third party. However, because our directors may not
be deemed &#147;independent&#148;, we did not have the benefit
of disinterested directors approving the transaction.
</DIV>

<P align="center" style="font-size: 10pt;">26

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<DIV align="left" style="font-size: 10pt;">
<A name='110'></A>
</DIV>

<!-- link1 "PROPOSED BUSINESS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PROPOSED BUSINESS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Introduction</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are a recently organized Maryland blank check company formed
on April&nbsp;29, 2005 for the purpose of acquiring, through a
merger, capital stock exchange, asset acquisition or other
similar business combination or acquisition, one or more
businesses with operations primarily in India. To date, our
efforts have been limited to organizational activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Country Focus:</I><B> </B>We intend to focus on finding
opportunities with operations in India. We believe that India
presents fairly unique opportunities to acquire target
businesses because it has become one of the world&#146;s largest
democracies, and in recent years, has undergone significant
deregulation of certain sectors of its economy. According to the
2001 World Factbook published by the U.S. Central Intelligence
Agency, India&#146;s economy, in terms of gross domestic product
(GDP), the total value of goods and services produced in India,
as measured by purchasing power parity (PPP), the relative value
of a nation&#146;s currency based on what the currency can buy
in the country of origin, is the fourth largest in the world
just behind Japan and ahead of Germany. The Indian economy is
also currently transitioning from traditional farming and
handicrafts to modern agriculture, modernized industries and
services. Some basic facts relating to India as set forth in the
2001 World Factbook are:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    India is the world&#146;s second most populous country. The
    population of India is approximately 1.1&nbsp;billion, with a
    total labor force of about 482&nbsp;million (2004 estimate).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Inflation is approximately 4.2% (2004 estimate).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    India&#146;s exports are approximately $69.18&nbsp;billion on a
    free on board basis (f.o.b.) (2004 estimate).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    India&#146;s top five export partners as of the end of 2003 are
    the following:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;United States (approximately 20.3%);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;China (approximately 6.3%);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;United Kingdom (approximately 5.2%);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;Hong Kong (approximately 4.7%); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;Germany (approximately 4.3%).</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    India&#146;s reserves of foreign exchange and gold are
    approximately $126&nbsp;billion (2004 estimate).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    The Indian currency is the rupee and over the past three years
    on average US $1.00 was equivalent to:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    45.8692 Indian rupees in 2004,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    46.5806 Indian rupees in 2003, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    48.6103 Indian rupees in 2002.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Determinate Factors for Acquisition Opportunities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that there is an opportunity to buy a business in
India at an attractive valuation, which may lead to exceptional
potential growth opportunity. There are two significant macro
economic factors that we believe drive this opportunity:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Rapidly Growing Economy:</I> India has posted a growth rate
of 6.8% since 1994 and, according to the World Factbook, has
become the fourth largest economy in the world behind Japan in
terms of PPP. However, the Japanese economy with a GDP of
approximately $3.745 trillion is growing at a rate of
approximately 2.9% compared to the Indian economy which is
growing at a rate of approximately 6.2% and
</DIV>

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<DIV align="left" style="font-size: 10pt;">
has a GDP of approximately $3.319 trillion. Below is a table
illustrating GDP, as measured in terms of PPP, of the top eight
economies and their growth rates.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="63%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>GDP as measured</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>in terms of PPP</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Growth rate</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(2004 estimate)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(2004 estimate)</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    U.S.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>11.75 trillion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.4</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    China</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7.262 trillion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9.1</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Japan</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3.745 trillion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.9</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    India</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3.319 trillion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6.2</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Germany</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2.362 trillion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.7</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    U.K.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1.782 trillion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.2</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    France</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1.737 trillion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.1</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Italy</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1.609 trillion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.3</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Source: World Factbook published by the United States Central
Intelligence Agency in 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>A commitment to stability and economic reforms. </I>Since
mid-1991, the Indian government has committed itself to
implementing an economic structural reform program with the
objective of liberalizing India&#146;s exchange and trade
policies, reducing the fiscal deficit, controlling inflation,
promoting a sound monetary policy, reforming the financial
sector, and placing greater reliance on market mechanisms to
direct economic activity. A significant component of the program
is the promotion of foreign investment in key areas of the
economy and the further development of, and the relaxation of
restrictions in, the private sector. As a result, we believe the
regulatory environment has become more favorable. We further
believe that India has seen, and we believe that India will
continue to see, the benefits from the deregulation of its
economy. There are already a number of industry sectors that
have been deregulated, whereby foreign investors may own and
control Indian companies and profits may be reinvested in India
or repatriated to the U.S. or to other foreign countries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Identification of Industry Sectors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
While we are not limited to the sectors outlined below, we
believe that there are two broad areas: (1)&nbsp;Business
Process Outsourcing and Information Technology and
(2)&nbsp;Infrastructure, that are illustrative of the
opportunities that we may consider. We believe that some
industry sectors are fragmented and present a greater
opportunity for a capitalized entity to consolidate a number of
the best middle tier companies in India. Our strategy in each of
these sectors (as well as others we may consider) is to identify
potential &#147;market sector leaders&#148; which we think will
grow at a substantially faster rate than the overall economy.
The two broad illustrative areas are as follows:
</DIV>

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<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I>Business Process Outsourcing and Information Technology:
    </I>Business Process Outsourcing or BPO typically refers to the
    act of transferring business processes to an outside provider in
    order to achieve cost savings while improving service quality.
    BPO extends beyond typical information technology outsourcing. A
    BPO service provider may take on a specific corporate function
    like customer service and/or help desk, or more complex and
    knowledge-based functions, such as human resources, accounting
    and finance, research and development, and monitoring of
    networks. A BPO service provider may also assume the
    responsibility for re-engineering and introducing best practices
    into processes that are outsourced. In this way, BPO is fast
    emerging as not just a cost saving mechanism, but a powerful
    strategic management tool in achieving business objectives. We
    believe that India has a well educated, English speaking middle
    class and a low wage base that will allow the BPO and
    Information Technology businesses to continue to grow. Within
    the BPO and Information Technology sector, we believe there are
    several compelling industries to explore, including, but not
    limited to:</TD>
</TR>

</TABLE>

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    <TD width="10%"></TD>
    <TD width="1%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <U>Knowledge-based and Other Back Office Outsourcing</U>: As
    labor costs for information technology and similar professionals
    soar in the U.S. and technology facilitates communication
    between persons in disparate parts of the world, we believe that
    the benefits of out-</TD>
</TR>

</TABLE>

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    <TD width="10%"></TD>
    <TD width="1%"></TD>
    <TD width="89%"></TD>
</TR>

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    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    sourcing knowledge-based and back office functions to countries
    such as India, will be increasingly utilized by businesses all
    over the world. We may consider sectors, such as software
    development, research and development, information technology,
    telecommunications outsourcing, financial services, and customer
    care.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <U>Pharmaceutical and Health Services</U>: As healthcare costs
    soar in the U.S., we believe that the benefits of outsourcing
    medical care, drug manufacturing or medical transcription to
    countries such as India, will be increasingly utilized in the
    healthcare industry and by consumers all over the world. For
    example, medical transcription (where medical dictation is
    converted by workers in India into print) is an area that has
    taken advantage of the lower labor rates in India and other
    countries. Other areas that are expected to benefit from
    outsourcing are generic drug manufacturing, drug trial testing,
    and telemedicine. For example, we might consider buying a middle
    tier generic drug manufacturer with a U.S. Federal Drug
    Administration approved manufacturing plant and combining it
    with a distributor in the U.S. to create a vertical generic drug
    manufacturing and distribution company.</TD>
</TR>

</TABLE>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

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    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I>Infrastructure: </I>We believe that because of rapid economic
    growth there is a substantial demand for ongoing infrastructure
    improvements to support continued growth. We further believe
    that the rapid economic growth has created a growing middle
    class that has developed increasing buying power. As a result of
    these factors, we further believe there has been an increased
    growth opportunity for companies that develop and build
    infrastructure. Some middle tier infrastructure acquisition
    opportunities would include, among others, companies that build
    business complexes, residential housing and shopping complexes.
    We would also consider transportation companies, logistics
    companies or financial services companies operating within India
    as prospective middle tier infrastructure acquisition target
    businesses.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
While we may seek to effect a business combination with more
than one target business, our initial business acquisition must
be with one or more operating businesses whose fair market
value, collectively, is at least equal to 80% of our net assets
at the time of such acquisition. Consequently, if we cannot
identify and acquire multiple operating businesses
contemporaneously, we will need to identify and acquire a larger
single operating business or a small number of similarly focused
operating businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We do not have any specific merger, capital stock exchange,
asset acquisition or other similar business combination under
consideration and have not had any discussions, formal or
otherwise, with respect to such a transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Effecting a business combination</B>
</DIV>

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<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are not presently engaged in, and we will not engage in, any
substantive commercial business for an indefinite period of time
following this offering. We intend to use cash derived from the
proceeds of this offering, our capital stock, debt or a
combination of these to effect a business combination involving
one or more operating businesses in India, in an unspecified
industry. Although substantially all of the net proceeds of this
offering are intended to be generally applied toward effecting a
business combination as described in this prospectus, the
proceeds are not otherwise being designated for any more
specific purposes. Accordingly, prospective investors will
invest in us without an opportunity to evaluate the specific
merits or risks of any one or more business combinations. A
business combination may involve the acquisition of, or merger
with, one or more operating businesses that do not need
substantial additional capital but desire to establish a public
trading market for their shares, while avoiding what they may
deem to be adverse consequences of undertaking a public offering
itself. We believe these include certain time delays,
significant expense, loss of voting control and compliance with
various federal and state securities laws. In the alternative, a
business combination may involve one or more companies that may
be financially unstable or in their early stages of development
or growth.
</DIV>

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<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not identified any
target business</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To date, we have not selected any target businesses. Subject to
the requirement that our initial business combination must be
with one or more operating businesses that, collectively, have a
fair market value of at least 80% of our net assets at the time
of the acquisition, we will have limited, if any, restrictions
on our ability to identify and select prospective acquisition
candidates. Accordingly, there is no basis for investors in this
offering to evaluate the possible merits or risks of the
particular industry in which we may ultimately operate or the
target businesses with which we may ultimately complete a
business combination. To the extent we effect a business
combination with a financially unstable company or an entity in
its early stage of development or growth, including entities
without established records of sales or earnings; we may be
affected by numerous risks inherent in the business and
operations of financially unstable and early stage or potential
emerging growth companies. Although our management will endeavor
to evaluate the risks inherent in a particular target business,
we cannot assure you that we will properly ascertain or assess
all significant risk factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sources of target
businesses</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We anticipate that acquisition candidates will be primarily
derived from three possible sources: (1)&nbsp;the professional
community, including, without limitation, investment bankers,
attorneys and accountants, (2)&nbsp;quasi-governmental
associations such as the International Finance Corporation,
which is a member of the World Bank, and (3)&nbsp;the
deregulation of industries by the government of India. In
addition, we may receive acquisition candidates from other
unaffiliated sources, including private equity and venture
capital funds and public and private companies, who may present
solicited or unsolicited proposals. Our officers, directors and
special advisors and their affiliates may also bring to our
attention acquisition candidates. We have also entered into a
financial advisory agreement with Ferris, Baker Watts, Inc., the
representative of the underwriters in this offering, whereby
Ferris, Baker Watts, Inc., will serve as our exclusive financial
advisor in connection with a business combination for a period
of two years from the effective date of this offering. Pursuant
to the terms of this agreement, Ferris, Baker Watts, Inc. will
be entitled to receive two percent (2%) of the consideration
associated with any business combination by us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other than our advisory agreement with Ferris, Baker Watts,
Inc., we do not presently anticipate engaging the services of
professional firms that specialize in business acquisitions on
any formal basis. Notwithstanding the foregoing, we may engage
these firms in the future, in which event we may pay a
finder&#146;s fee or other compensation. In no event, however,
will we pay any of our existing officers, directors,
stockholders or any entity with which they are affiliated (other
than IGN, LLC) any finder&#146;s fee or other compensation for
services rendered to us prior to or in connection with the
consummation of a business combination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selection of target
businesses and structuring of a business combination</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to the requirement that our initial business combination
must be with one or more operating businesses that,
collectively, have a fair market value of at least 80% of our
net assets at the time of such acquisition, our management will
have limited, if any, restrictions on our ability to identify
and select prospective target businesses. In evaluating
prospective target businesses, our management will likely
consider, among other factors, the following:
</DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    financial condition, results of operation and repatriation
    regulations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    growth potential both in India and growth potential outside of
    India;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    capital requirements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    experience and skill of management and availability of
    additional personnel;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    competitive position;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    barriers to entry into the businesses&#146; industries;</TD>
</TR>

</TABLE>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    potential for compliance with GAAP, SEC regulations, Sarbanes
    Oxley requirements and capital requirements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    domestic and global competitive position and potential to
    compete in the U.S. and other markets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    position within a sector and barriers to entry;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    stage of development of the products, processes or services;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    degree of current or potential market acceptance of the
    products, processes or services;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    proprietary features and degree of intellectual property or
    other protection of the products, processes or services;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    regulatory environment of the industry and the Indian
    government&#146;s policy towards the sector; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    costs associated with effecting the business combination.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
These criteria are not intended to be exhaustive. Any evaluation
relating to the merits of a particular business combination with
one or more operating businesses will be based, to the extent
relevant, on the above factors as well as other considerations
deemed relevant by our management in effecting a business
combination consistent with our business objective. In
evaluating prospective target businesses, we intend to conduct
an extensive due diligence review that will encompass, among
other things, meetings with incumbent management and inspection
of facilities, as well as review of financial and other
information that will be made available to us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will endeavor to structure a business combination so as to
achieve the most favorable tax treatment to the target
businesses, their stockholders, as well as our own stockholders
and us. We cannot assure you, however, that the Internal Revenue
Service or appropriate state tax or foreign tax authority will
agree with our tax treatment of the business combination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The time and costs required to select and evaluate target
businesses and to structure and complete the business
combination cannot presently be ascertained with any degree of
certainty. Any costs incurred with respect to the identification
and evaluation of prospective target businesses with which a
business combination is not ultimately completed will result in
a loss to us and reduce the amount of capital available to
otherwise complete a business combination. However, other than
IGN, LLC, we will not pay any finders or consulting fees to our
existing directors, officers, stockholders or special advisors,
or any of their respective affiliates, for services rendered to
or in connection with a business combination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair market value of target
businesses</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The initial target businesses that we acquire must have a fair
market value equal to at least 80% of our net assets at the time
of such acquisition. The fair market value of such businesses
will be determined by our board of directors based upon
standards generally accepted by the financial community, such as
actual and potential sales, earnings and cash flow and book
value. If our board is not able to independently determine that
the target businesses have a sufficient fair market value or if
a conflict of interest exists with respect to such
determination, we will obtain an opinion from an unaffiliated,
independent investment banking firm which is a member of the
NASD with respect to the satisfaction of such criteria. However,
we will not be required to obtain an opinion from an investment
banking firm as to the fair market value if our board of
directors independently determines that the target businesses
have sufficient fair market value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Possible lack of business
diversification</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The net proceeds from this offering will provide us with
approximately $109,398,000, which we may use to complete a
business combination. While we may seek to effect a business
combination with more than one target business, our initial
business acquisition must be with one or more operating
businesses whose fair market value, collectively, is at least
equal to 80% of our net assets at the time of such acquisition.
At the time of our initial business combination, we may not be
able to acquire more than one target business because of various
factors, including insufficient financing or the difficulties
involved in consummating the contempora-
</DIV>

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neous acquisition of more than one operating company; therefore,
it is probable that we will have the ability to complete a
business combination with only a single operating business,
which may have only a limited number of products or services.
The resulting lack of diversification may:
</DIV>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    result in our dependency upon the performance of a single or
    small number of operating businesses;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    result in our dependency upon the development or market
    acceptance of a single or limited number of products, processes
    or services; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    subject us to numerous economic, competitive and regulatory
    developments, any or all of which may have a substantial adverse
    impact upon the particular industry in which we may operate
    subsequent to a business combination.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In this case, we will not be able to diversify our operations or
benefit from the possible spreading of risks or offsetting of
losses, unlike other entities that may have the resources to
complete several business combinations in different industries
or different areas of a single industry so as to diversify risks
and offset losses. Further, the prospects for our success may be
entirely dependent upon the future performance of the initial
target business or businesses we acquire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, since our business combination may entail the
contemporaneous acquisition of several operating businesses at
the same time and may be with different sellers, we will need to
convince such sellers to agree that the purchase of their
businesses is contingent upon the simultaneous closings of the
other acquisitions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited ability to evaluate
the target business&#146; management</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although we intend to closely scrutinize the management of
prospective target businesses when evaluating the desirability
of effecting a business combination, we cannot assure you that
our assessment of the target business&#146; management will
prove to be correct. In addition, we cannot assure you that the
future management will have the necessary skills, qualifications
or abilities to manage a public company intending to embark on a
program of business development. Furthermore, the future role of
our officers, directors and special advisors, if any, in the
target businesses cannot presently be stated with any certainty.
While it is possible that one or more of our officers, directors
and special advisors will remain associated with us in some
capacity following a business combination, it is unlikely that
any of them will devote their full efforts to our affairs
subsequent to a business combination. Moreover, we cannot assure
you that our officers, directors and special advisors will have
significant experience or knowledge relating to the operations
of the particular target businesses acquired.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Following a business combination, we may seek to recruit
additional managers to supplement the incumbent management of
the target businesses. We cannot assure you that we will have
the ability to recruit additional managers, or that additional
managers will have the requisite skills, knowledge or experience
necessary to enhance the incumbent management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opportunity for stockholder
approval of business combination</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to the completion of a business combination, we will
submit the transaction to our stockholders for approval, even if
the nature of the acquisition is such as would not ordinarily
require stockholder approval under applicable state law. In
connection with seeking stockholder approval of a business
combination, we will furnish our stockholders with proxy
solicitation materials prepared in accordance with the
Securities Exchange Act of 1934, which, among other matters,
will include a description of the operations of the target
business and certain required financial information regarding
the business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the vote required for our initial business
combination, all of our existing stockholders, including all of
our officers, directors, and our special advisor, have agreed to
vote the shares of common stock owned by them in accordance with
the majority of the shares of common stock voted by the public
stockholders. We will proceed with the business combination only
if a majority of the shares of common stock
</DIV>

<P align="center" style="font-size: 10pt;">32
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<DIV align="left" style="font-size: 10pt;">
voted by the public stockholders are voted in favor of the
business combination and public stockholders owning less than
19.99% of the shares sold in this offering exercise their
conversion rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion rights</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At the time we seek stockholder approval of any business
combination, we will offer each public stockholder the right to
have such stockholder&#146;s shares of common stock converted to
cash if the stockholder votes against the business combination
and the business combination is approved and completed. The
actual per-share conversion price will be equal to the amount in
the trust account, inclusive of any interest (calculated as of
the record date for determination of stockholders entitled to
vote on a proposed business combination), divided by the number
of shares sold in this offering. Without taking into any account
interest earned on the trust account, the initial per-share
conversion price would be approximately $5.37 or approximately
$.63 less than the per-unit offering price of $6.00. An eligible
stockholder may request conversion at any time after the mailing
to our stockholders of the proxy statement and prior to the vote
taken with respect to a proposed business combination at a
meeting held for that purpose, but the request will not be
granted unless the stockholder votes against the business
combination and the business combination is approved and
completed. Any request for conversion, once made, may be
withdrawn at any time up to the date of the meeting. It is
anticipated that the funds to be distributed to stockholders
entitled to convert their shares who elect conversion will be
distributed promptly after completion of a business combination.
Public stockholders who convert their stock into their share of
the trust account still have the right to exercise the warrants
that they received as part of the units. We will not complete
any business combination if public stockholders, owning 20% or
more of the shares sold in this offering, exercise their
conversion rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidation if no business
combination</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we do not complete a business combination within
18&nbsp;months after the consummation of this offering, or
within 24&nbsp;months if the extension criteria described below
have been satisfied, we will be dissolved and will distribute to
all of our public stockholders, in proportion to their
respective equity interests, an aggregate sum equal to the
amount in the trust account, inclusive of any interest, plus any
remaining net assets. Our existing stockholders have agreed to
waive their respective rights to participate in any liquidation
distribution occurring upon our failure to consummate a business
combination, but only with respect to those shares of common
stock acquired by them prior to this offering; they will
participate in any liquidation distribution with respect to any
shares of common stock acquired in connection with or following
this offering. There will be no distribution from the trust
account with respect to our warrants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we were to expend all of the net proceeds of this offering,
other than the proceeds deposited in the trust account, and
without taking into account interest, if any, earned on the
trust account, the initial per-share liquidation price would be
approximately $5.37 or approximately $.63 less than the per-unit
offering price of $6.00. The proceeds deposited in the trust
account could, however, become subject to the claims of our
creditors that could be prior to the claims of our public
stockholders. We cannot assure you that the actual per-share
liquidation price will not be less than approximately $5.37,
plus interest, due to claims of creditors. Messrs.&nbsp;Mukunda,
Cherin and Krishna have agreed pursuant to an agreement with us
and Ferris, Baker Watts, Inc. that, if we liquidate prior to the
consummation of a business combination, they will be personally
liable under certain circumstances to ensure that the proceeds
of the trust account are not reduced by the claims of vendors or
other entities that are owed money by us for services rendered
or products sold to us in excess of the net proceeds of this
offering not held in the trust account. We cannot assure you,
however, that Messrs.&nbsp;Mukunda, Cherin and Krishna will be
able to satisfy those obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we enter into either a letter of intent, an agreement in
principle or a definitive agreement to complete a business
combination prior to the expiration of 18&nbsp;months after the
consummation of this offering, but are unable to complete the
business combination within the 18-month period, then we will
have an additional six months in which to complete the business
combination contemplated by the letter of intent, agreement in
principle or definitive agreement. If we are unable to do so by
the expiration of the 24-month period from the consummation of
this offering, we will then liquidate. Upon notice from us, the
trustee of the trust account will commence liquidating the
investments constituting the trust account and will turn over
the proceeds to
</DIV>

<P align="center" style="font-size: 10pt;">33

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<DIV align="left" style="font-size: 10pt;">
our transfer agent for distribution to our public stockholders.
We anticipate that our instruction to the trustee would be given
promptly after the expiration of the applicable 18-month or
24-month period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our public stockholders shall be entitled to receive funds from
the trust account only in the event of our liquidation or if the
stockholders seek to convert their respective shares into cash
upon a business combination that the stockholder voted against
and that is actually completed by us. In no other circumstances
shall a stockholder have any right or interest of any kind to or
in the trust account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Competition</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In identifying, evaluating and selecting target businesses, we
may encounter intense competition from other entities having a
business objective similar to ours. Many of these entities are
well established and have extensive experience identifying and
effecting business combinations directly or through affiliates.
Many of these competitors possess greater technical, human and
other resources than us and our financial resources will be
relatively limited when contrasted with those of many of these
competitors. While we believe there are numerous potential
target businesses that we could acquire with the net proceeds of
this offering, our ability to compete in acquiring certain
sizable target businesses will be limited by our available
financial resources. This inherent competitive limitation gives
others an advantage in pursuing the acquisition of target
businesses. Further:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our obligation to seek stockholder approval of a business
    combination or obtain the necessary financial statements to be
    included in the proxy materials to be sent to stockholders in
    connection with a proposed business combination may delay the
    completion of a transaction;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our obligation to convert into cash shares of common stock held
    by our public stockholders in certain instances may reduce the
    resources available to us for a business combination;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our outstanding warrants and the purchase option granted to
    Ferris, Baker Watts, Inc., and the future dilution they
    potentially represent, may not be viewed favorably by certain
    target businesses.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any of these factors may place us at a competitive disadvantage
in successfully negotiating a business combination. Our
management believes, however, that our status as a public entity
and potential access to the United States public equity markets
may give us a competitive advantage over privately-held entities
having a similar business objective as ours in acquiring a
target business on favorable terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we succeed in effecting a business combination, there will
be, in all likelihood, intense competition from competitors of
the target businesses. In particular, certain industries that
experience rapid growth frequently attract an increasingly
larger number of competitors, including competitors with
increasingly greater financial, marketing, technical and other
resources than the initial competitors in the industry. The
degree of competition characterizing the industry of any
prospective target business cannot presently be ascertained. We
cannot assure you that, subsequent to a business combination, we
will have the resources to compete effectively, especially to
the extent that the target businesses are in high-growth
industries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Facilities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We do not own any real estate or other physical properties
materially important to our operation. Our headquarters are
located at 4336 Montgomery Avenue, Bethesda, Maryland, 20814.
The cost of this space is included in the $7,500&nbsp;per month
fee IGN, LLC charges us for general and administrative service
pursuant to a letter agreement between us and IGN, LLC. We
believe that our office facilities are suitable and adequate for
our business as it is presently conducted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Employees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We currently have two officers, both of whom are also members of
our board of directors, as well as a special advisor. We have no
other employees. These individuals are not obligated to devote
their full time to our matters and intend to devote only as much
time as they deem necessary to our affairs. We do not intend to
have any full time employees prior to the consummation of a
business combination.
</DIV>

<P align="center" style="font-size: 10pt;">34

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Legal Proceedings</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are not involved in nor a party to any material legal
proceedings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Periodic Reporting and Audited Financial Statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On or about the date on which the SEC declares effective the
registration statement, we will register our units, common stock
and warrants under the Securities Exchange Act of 1934, and
thereafter will have reporting obligations thereunder, including
the requirement that we file annual and quarterly reports with
the SEC. In accordance with the requirements of the Securities
Exchange Act of 1934, our annual reports will contain financial
statements audited and reported on by our independent registered
public accounting firm.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will not acquire a target business if audited financial
statements based on United States generally accepted accounting
principles cannot be obtained for the target business.
Additionally, our management will provide stockholders with
audited financial statements, prepared in accordance with
generally accepted accounting principles, of the prospective
businesses as part of the proxy solicitation materials sent to
stockholders to assist them in assessing a business combination.
Our management believes that the requirement of having available
audited financial statements for the target businesses will not
materially limit the pool of potential target businesses
available for acquisition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Comparison to offerings of blank check companies</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table compares and contrasts the terms of our
offering and the terms of an offering by blank check companies
under Rule&nbsp;419 promulgated by the SEC assuming that the
gross proceeds, underwriting discounts and underwriting expenses
for the Rule&nbsp;419 offering are the same as this offering and
that the underwriters will not exercise their over-allotment
option. None of the terms of a Rule&nbsp;419 offering will apply
to this offering.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Terms of Our Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Terms Under a Rule 419 Offering</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Escrow of offering proceeds</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    $107,498,000 of the net offering proceeds will be deposited into
    a trust account located at United Bank Inc., and maintained by
    Continental Stock Transfer&nbsp;&#38; Trust Company acting as
    trustee.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    $98,820,000 of the offering proceeds would be required to be
    deposited into either an escrow account with an insured
    depositary institution or in a separate bank account established
    by a broker-dealer in which the broker-dealer acts as trustee
    for persons having the beneficial interests in the account.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Investment of net proceeds</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The $107,498,000 of net offering proceeds held in trust will
    only be invested in U.S.&nbsp;&#147;government securities,&#148;
    defined as any Treasury Bill issued by the United States having
    a maturity of one hundred and eighty days or less.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Proceeds could be invested only in specified securities such as
    a money market fund meeting conditions of the Investment Company
    Act of 1940 or in securities that are direct obligations of, or
    obligations guaranteed as to principal or interest by, the
    United States.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Limitation on fair value or net assets of target business</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The initial target businesses that we acquire must have a fair
    market value equal to at least 80% of our net assets at the time
    of such acquisition.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    We would be restricted from acquiring a target business unless
    the fair value of such business or net assets to be acquired
    represent at least 80% of the maximum offering proceeds.</TD>
</TR>

</TABLE>
</CENTER>

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<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Terms of Our Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Terms Under a Rule 419 Offering</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Trading of securities issued</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The units may commence trading on or promptly after the date of
    this prospectus. The common stock and warrants comprising the
    units will begin to trade separately on the 90th day after the
    date of this prospectus unless Ferris, Baker Watts, Inc. informs
    us of its decision to allow earlier separate trading, provided
    we have filed with the SEC a Current Report on Form&nbsp;8-K,
    which includes an audited balance sheet reflecting our receipt
    of the proceeds of this offering, including any proceeds we
    receive from the exercise of the over-allotment option, if such
    option is exercised prior to the filing of the Form&nbsp;8-K.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    No trading of the units or the underlying common stock and
    warrants would be permitted until the completion of a business
    combination. During this period, the securities would be held in
    the escrow or trust account.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Exercise of the warrants</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The warrants cannot be exercised until the later of the
    completion of a business combination or one year from the date
    of this prospectus and, accordingly, will only be exercised
    after the trust account has been terminated and distributed.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The warrants could be exercised prior to the completion of a
    business combination, but securities received and cash paid in
    connection with the exercise would be deposited in the escrow or
    trust account.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Election to remain an investor</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    We will give our stockholders the opportunity to vote on the
    business combination. In connection with seeking stockholder
    approval, we will send each stockholder a proxy statement
    containing information required by the SEC. A stockholder
    following the procedures described in this prospectus is given
    the right to convert his or her shares into his or her pro rata
    share of the trust account. However, a stockholder who does not
    follow these procedures or a stockholder who does not take any
    action would not be entitled to the return of any funds.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    A prospectus containing information required by the SEC would be
    sent to each investor. Each investor would be given the
    opportunity to notify the company, in writing, within a period
    of no less than 20 business days and no more than 45 business
    days from the effective date of the post- effective amendment,
    to notify the company of their election to remain an investor.
    If the company has not received the notification by the end of
    the 45th business day, funds and interest or dividends, if any,
    held in the trust or escrow account would automatically be
    returned to the stockholder. Unless a sufficient number of
    investors elect to remain investors, all of the deposited funds
    in the escrow account must be returned to all investors and none
    of the securities will be issued.</TD>
</TR>

</TABLE>
</CENTER>

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<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Terms of Our Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Terms Under a Rule 419 Offering</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Business combination deadline</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    A business combination must occur within 18&nbsp;months after
    the consummation of this offering or within 24&nbsp;months after
    the consummation of this offering if a letter of intent,
    agreement in principal or definitive agreement relating to a
    prospective business combination was entered into prior to the
    end of the 18-month period.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    If an acquisition has not been consummated within 18&nbsp;months
    after the effective date of the initial registration statement,
    funds held in the trust or escrow account would be returned to
    investors.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Release of funds</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The proceeds held in the trust account will not be released
    until the earlier of the completion of a business combination or
    our liquidation upon our failure to effect a business
    combination within the allotted time.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The proceeds held in the escrow account would not be released
    until the earlier of the completion of a business combination or
    the failure to effect a business combination within the allotted
    time.</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">37

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<DIV align="left" style="font-size: 10pt;">
<A name='111'></A>
</DIV>

<!-- link1 "MANAGEMENT" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>MANAGEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Directors, Executive Officers and Special Advisors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our current directors, executive officers and special advisors
are as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="29%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Age</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Position</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Ram Mukunda</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chairman of the Board, Chief Executive Officer and President</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John Cherin</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chief Financial Officer, Treasurer, Secretary and Director</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dr.&nbsp;Ranga Krishna</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Special Advisor</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Mr.&nbsp;Ram Mukunda,</B> has served as our Chairman of the
Board, Chief Executive Officer and President since our
inception. Since September, 2004 Mr.&nbsp;Mukunda has served as
Chief Executive Officer of Integrated Global Networks, LLC, a
communications contractor in the U.S. Government space. From
January, 1999 to May, 2004, Mr.&nbsp;Mukunda served as Founder,
Chairman and Chief Executive Officer of Startec Global
Communications, an international telecommunications carrier
focused on providing voice over Internet protocol
(VOIP)&nbsp;services into the emerging economies. Startec filed
for protection under Chapter&nbsp;11 in December 2001 and
emerged from Chapter&nbsp;11 in 2004. Ferris, Baker Watts, Inc.,
the representative of the underwriters for this offering, acted
as the managing underwriter in connection with the initial
public offering of Startec in 1997, and one of its executives is
also a member of the board of directors of Startec.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
From June 1987 to January 1990, Mr.&nbsp;Mukunda served as
Strategic Planning Advisor at INTELSAT, a provider of satellite
capacity. Mr.&nbsp;Mukunda serves on the Board of Visitors at
the University of Maryland, School of Engineering.
Mr.&nbsp;Mukunda is the recipient of several awards, including
the University of Maryland&#146;s 2001 Distinguished Engineering
Alumnus Award and the 1998 Ernst &#38; Young, LLP&#146;s
Entrepreneur of the Year Award. He holds a masters degree in
Engineering from the University of Maryland.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Mr.&nbsp;John Cherin,</B> has served as our Chief Financial
Officer, Treasurer, Secretary and Director since our inception.
Since 1998, Mr.&nbsp;Cherin has acted as a consultant and the
principal of various partnerships, such as Cherin Global
Community LC, Cherin Group LLC, Dolphin LLC, Infinity Global LLC
and Cruising Global Inc. From 1966 through 1998 he worked at
Arthur Andersen, an independent registered public accounting
firm. Mr.&nbsp;Cherin was admitted to the worldwide partnership
in 1977. Mr.&nbsp;Cherin served as a Senior Partner from March,
1993 to June 1998. From October 1984 to March 1993
Mr.&nbsp;Cherin ran the Enterprise practice for the metropolitan
Washington area. Prior to that, Mr. Cherin ran the
entrepreneurial practice in South Florida from September, 1977
to October, 1984. Mr.&nbsp;Cherin holds a BA degree from
Northeastern University in Boston.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Dr.&nbsp;Ranga Krishna,</B> has served as our Special Advisor
since our inception. Since 1996, he has been in private practice
as a Neurologist and a Neurophysiologist. In September 1999, he
co-founded Fastscribe, Inc., an Internet-based medical and legal
transcription company with its operations in India. He has
served as a director of Fastscribe since September 1999. In
February 2003, Dr.&nbsp;Krishna founded International Pharma
Trials, Inc., a company which assists U.S. pharmaceutical
companies performing Phase II clinical trials, and he is
currently the Chairman and CEO. In April 2004, Dr.&nbsp;Krishna
founded Global Medical Staffing Solutions, Inc., a company that
recruits nurses and other medical professionals from India and
the Philippines and places them in U.S. hospitals; he is
currently serving as the Chairman and CEO. Dr. Krishna is a
member of several organizations, including the American Academy
of Neurology and the Medical Society of the State of New York.
He is also a member of the Medical Arbitration panel for the New
York State Worker&#146;s Compensation Board. Dr.&nbsp;Krishna
was trained at New York&#146;s Mount Sinai Medical Center
(1991-1994) and New York University (1994-1996).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our board of directors is divided into three classes
(Class&nbsp;A, Class&nbsp;B and Class&nbsp;C) with only one
class of directors being elected in each year and each class
serving a three-year term. The term of office of the
Class&nbsp;A directors will expire at our first annual meeting
of stockholders. There are currently no Class&nbsp;A directors.
The term of office of the Class&nbsp;B directors, consisting of
Mr.&nbsp;Cherin, will expire at the second annual meeting of
stockholders. The term of office of the Class&nbsp;C directors,
consisting of Mr.&nbsp;Mukunda, will expire at the third annual
meeting of stockholders.
</DIV>

<P align="center" style="font-size: 10pt;">38
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
These individuals will play a key role in identifying and
evaluating prospective acquisition candidates, selecting the
target business, and structuring, negotiating and consummating
its acquisition. None of these individuals has been a principal
of or affiliated with a public company or blank check company
that executed a business plan similar to our business plan and
none of these individuals is currently affiliated with such an
entity. However, we believe that the skills and expertise of
these individuals, their collective access to acquisition
opportunities and ideas, their contacts, and their transaction
expertise should enable them to successfully identify and
evaluate prospective acquisition candidates, select target
businesses and structure, negotiate and consummate a business
combination, although we cannot assure you that they will, in
fact, be able to do so.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Executive Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other than IGN, LLC, no executive officer or any affiliate of an
executive officer has received any cash compensation for
services rendered. We have agreed to pay IGN, LLC, an affiliate
of Mr.&nbsp;Mukunda, a monthly fee of $7,500 for general and
administrative services including office space, utilities and
secretarial support. This arrangement is for our benefit and is
not intended to provide Mr.&nbsp;Mukunda, Chief Executive
Officer of IGN, LLC and our Chairman, Chief Executive Officer
and President, with compensation in lieu of salary. We believe,
based on rents and fees for similar services in the Washington,
DC metropolitan area, that the fee charged by IGN, LLC is at
least as favorable as we could have obtained from an
unaffiliated third party. However, because our directors may not
be deemed &#147;independent&#148;, we did not have the benefit
of disinterested directors approving the transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other than the $7,500 fee paid to IGN, LLC, no compensation of
any kind, including finder&#146;s and consulting fees, will be
paid to any of our existing stockholders, including our
officers, directors and special advisors, or any of their
respective affiliates, for services rendered prior to or in
connection with a business combination. However, these
individuals will be reimbursed for any out-of-pocket expenses
incurred in connection with activities on our behalf such as
identifying potential target businesses and performing due
diligence on suitable business combinations. There is no limit
on the amount of these out-of-pocket expenses and there will be
no review of the reasonableness of the expenses by anyone other
than our board of directors, which includes persons who may seek
reimbursement, or a court of competent jurisdiction if such
reimbursement is challenged. If all of our directors are not
deemed &#147;independent,&#148; we will not have the benefit of
independent directors examining the propriety of expenses
incurred on our behalf and subject to reimbursement.
</DIV>

<P align="center" style="font-size: 10pt;">39

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<DIV align="left" style="font-size: 10pt;">
<A name='112'></A>
</DIV>

<!-- link1 "CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Prior Share Issuances</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On May&nbsp;5, 2005, we issued 3,500,000 shares for an aggregate
consideration of $17,500 in cash, at an average purchase price
of approximately $.005 per share, as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Relationship to Us</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Ram Mukunda</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chairman of the Board, Chief Executive Officer and President</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John Cherin</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chief Financial Officer, Treasurer, Secretary and Director</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dr.&nbsp;Ranga Krishna</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Special Advisor</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The holders of the majority of these shares will be entitled to
make up to two demands that we register these shares pursuant to
an agreement to be signed prior to or on the date of this
prospectus. The holders of the majority of these shares can
elect to exercise these registration rights at any time after
the date on which the lock-up period expires. In addition, these
stockholders have certain &#147;piggy-back&#148; registration
rights on registration statements filed subsequent to such date.
We will bear the expenses incurred in connection with the filing
of any such registration statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The existing stockholders have agreed to waive their respective
rights to participate in any liquidation distribution occurring
upon our failure to consummate a business combination, but only
with respect to those shares of common stock acquired by them
prior to this offering; therefore, they will participate in any
liquidation distribution with respect to any shares of common
stock acquired in connection with or following this offering. In
addition, in connection with the vote required for our initial
business combination, all of our existing stockholders,
including all of our officers, directors and special advisors,
have agreed to vote the shares of common stock owned by them in
accordance with the majority of the shares of common stock voted
by the public stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Conflicts of Interest</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investors should be aware of the following potential conflicts
of interest:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    None of our officers, directors and special advisors are
    required to commit their full time to our affairs and,
    accordingly, they may have conflicts of interest in allocating
    management time among various business activities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    In the course of their other business activities, our officers,
    directors and special advisors may become aware of investment
    and business opportunities that may be appropriate for
    presentation to us as well as the other entities with which they
    are affiliated. They may have conflicts of interest in
    determining to which entity a particular business opportunity
    should be presented. For a complete description of our
    management&#146;s other affiliations, see the previous section
    entitled &#147;Management.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    We may also determine to effect a business combination with
    another entity that is affiliated with one or more of our
    existing stockholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Our officers, directors and special advisors may in the future
    become affiliated with entities, including other blank check
    companies, engaged in business activities similar to those
    intended to be conducted by us.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Because our directors and special advisors own shares of our
    common stock that will be subject to lock-up agreements
    restricting their sale until six months after a business
    combination is successfully completed, our board may have a
    conflict of interest in determining whether a particular target
    business is appropriate to effect a business combination. The
    personal and financial interests of our directors, officers and
    special advisors may influence their motivation in identifying
    and selecting target businesses and completing a business
    combination in a timely manner.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">40

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    IGN, LLC, an affiliate of Mr. Mukunda, has agreed that,
    commencing on the effective date of this prospectus through the
    acquisition of a target business, it will make available to us
    office space and certain general and administrative services, as
    we may require from time to time. We have agreed to pay IGN, LLC
    $7,500 per month for these services. Mr.&nbsp;Mukunda is the
    Chief Executive Officer of IGN, LLC. As a result of this
    affiliation, Mr. Mukunda will benefit from the transaction to
    the extent of his interest in IGN, LLC. However, this
    arrangement is solely for our benefit and is not intended to
    provide Mr.&nbsp;Mukunda with compensation in lieu of a salary.
    We believe, based on rents and fees for similar services in the
    Bethesda, Maryland metropolitan area, that the fee charged by
    IGN, LLC is at least as favorable as we could have obtained from
    an unaffiliated third party. However, as our directors may not
    be deemed &#147;independent,&#148; we did not have the benefit
    of disinterested directors approving this transaction.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In general, officers and directors of a corporation incorporated
under the laws of the State of Maryland are required to present
business opportunities to a corporation if:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the corporation could financially undertake the opportunity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the opportunity is within the corporation&#146;s line of
    business; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    it would not be fair to the corporation and its stockholders for
    the opportunity not to be brought to the attention of the
    corporation.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Accordingly, as a result of the multiple business affiliations,
our officers and directors may have similar legal obligations
relating to presenting business opportunities meeting the above
listed criteria to other entities. For example, Mr.&nbsp;Mukunda
has pre-existing fiduciary obligations that arise as a result of
his affiliation with IGN, LLC. Although we believe it is
unlikely that IGN, LLC would seek to acquire businesses that we
target, we cannot assure you that this will not occur. In
addition, conflicts of interest may arise when our board
evaluates a particular business opportunity with respect to the
above-listed criteria. We cannot assure you that any of the
above mentioned conflicts will be resolved in our favor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In order to minimize potential conflicts of interest that may
arise from multiple corporate affiliations, each of our
officers, directors and special advisors has agreed, until the
earliest of a business combination, our liquidation or such time
as he ceases to be an officer or director, to present to us for
our consideration, prior to presentation to any other entity,
any business opportunity which may reasonably be required to be
presented to us under Maryland law, subject to any pre-existing
fiduciary obligations they might have.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the vote required for any business
combination, all of our existing stockholders (which includes
all of our officers, directors and special advisors) have agreed
to vote their respective shares of common stock in accordance
with the vote of the public stockholders owning a majority of
the shares of our common stock sold in this offering. In
addition, they have agreed to waive their respective rights to
participate in any liquidation distribution, but only with
respect to those shares of common stock acquired by them prior
to this offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To further minimize potential conflicts of interest, we have
agreed not to consummate a business combination with an entity
which is affiliated with any of our existing stockholders unless
we obtain an opinion from an independent investment banking firm
that the business combination is fair to our stockholders from a
financial perspective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Mukunda has loaned a total of $100,000 to us for the
payment of offering expenses. The loan bears interest at a rate
of 4% per year and will be payable on the earlier of
April&nbsp;30, 2006 or the consummation of this offering. The
loan will be repaid out of the proceeds of this offering not
being placed in trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will reimburse our officers, directors and special advisors
for any out-of-pocket business expenses incurred by them in
connection with certain activities on our behalf such as
identifying and investigating possible target businesses and
business combinations. There is no limit on the amount of
accountable out-of-pocket expenses reimbursable by us, which
will be reviewed only by our board or a court of competent
jurisdiction if such reimbursement is challenged.
</DIV>

<P align="center" style="font-size: 10pt;">41

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other than the reimbursable out-of-pocket expenses payable to
our officers, directors and our special advisor, no compensation
or fees of any kind, including finders and consulting fees, will
be paid to any of our existing stockholders, officers,
directors, or our special advisor who owned our common stock
prior to this offering, or, other than under the general and
administrative services arrangement with IGN, LLC, to any of
their respective affiliates for services rendered to us prior to
or with respect to the business combination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All ongoing and future transactions between us and any of our
officers, directors, special advisors or their respective
affiliates, including loans by our officers and directors, will
be on terms believed by us to be no less favorable than are
available from unaffiliated third parties and such transactions
or loans, including any forgiveness of loans, will require prior
approval in each instance by a majority of our uninterested
&#147;independent&#148; directors (to the extent we have any) or
the members of our board who do not have an interest in the
transaction, in either case who had access, at our expense, to
our attorneys or independent legal counsel.
</DIV>

<P align="center" style="font-size: 10pt;">42

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<DIV align="left" style="font-size: 10pt;">
<A name='113'></A>
</DIV>

<!-- link1 "PRINCIPAL STOCKHOLDERS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PRINCIPAL STOCKHOLDERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We issued an aggregate of 3,500,000&nbsp;shares of our common
stock to our officers, directors and special advisors for an
aggregate consideration of $17,500. The following table sets
forth information regarding the beneficial ownership of our
common stock as of May&nbsp;10, 2005, and as adjusted to reflect
the sale of our common stock included in the units offered by
this prospectus (assuming no purchase of additional units by our
officers and directors in this offering), by:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    each person known by us to be the beneficial owner of more than
    5% of our outstanding shares of common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    each of our executive officers, directors and our special
    advisor;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    all our officers and directors as a group.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless otherwise indicated, we believe that all persons named in
the table have sole voting and investment power with respect to
all shares of common stock beneficially owned by them.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount and</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Approximate Percentage of</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Nature of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Outstanding Common Stock</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Name and Address of</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Beneficial</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Beneficial Owner(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Ownership</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Before Offering</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>After Offering</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Ram Mukunda</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>71.43%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.64%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John Cherin</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14.29%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.13%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Ranga Krishna</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14.29%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.13%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    All directors and executive officers as a group
    (2&nbsp;individuals)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>85.7%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12.8%</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Unless otherwise noted, the business address of each of the
    following is 4336 Montgomery Avenue, Bethesda, Maryland, 20814</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Immediately after this offering, our existing stockholders,
which include all of our officers, directors and special
advisors, collectively, will beneficially own approximately
14.9% of the then issued and outstanding shares of our common
stock. Because of this ownership block, these stockholders may
be able to effectively exercise control over all matters
requiring approval by our stockholders, including the election
of directors and approval of significant corporate transactions,
other than approval of a business combination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All of the shares of our common stock outstanding prior to the
date of this prospectus will be subject to lock-up agreements
between us, the holders of the shares and Ferris, Baker Watts,
Inc. restricting the sale of such shares until six months after
a business combination is successfully completed. During the
lock-up period, the holders of the shares will not be able to
sell or transfer their shares of common stock except in certain
limited circumstances such as to their spouses and children or
trusts established for their benefit, but will retain all other
rights as our stockholders, including without limitation, the
right to vote their shares of common stock. If we are unable to
effect a business combination and liquidate, none of our
existing stockholders will receive any portion of the
liquidation proceeds with respect to common stock owned by them
prior to the date of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Mukunda has agreed with Ferris, Baker Watts, Inc. that
after this offering is completed and within the first
90&nbsp;calendar days after the separate trading of the warrants
has commenced, he or certain of his designees collectively may
place bids for and, if their bids are accepted, purchase up to
$980,000 of warrants (at least 1,400,000 warrants) in the public
marketplace at prices not to exceed $.70&nbsp;per warrant. They
have further agreed that any warrants purchased by him or his
designees will not be sold or transferred until the earlier of
the completion of a business combination or the distribution of
the trust account to our public stockholders. In addition,
subject to any regulatory restrictions and within the first
90&nbsp;days after separate trading of the Warrants has
commenced, the representative of the underwriters in this
offering, or certain of its principals, affiliates or designees
has agreed to purchase up to $1,820,000 (at least 2,600,000
warrants) of our warrants in the public marketplace at prices
not to exceed $0.70&nbsp;per warrant.
</DIV>

<P align="center" style="font-size: 10pt;">43

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our officers, directors and existing stockholders, and their
affiliates, friends and family members have indicated that they
may purchase up to
<B>$</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
units in the offering through a directed program. The existing
stockholders have agreed to waive their respective rights to
participate in any liquidation distribution occurring upon our
failure to consummate a business combination, but only with
respect to those shares of common stock acquired by them prior
to this offering; they will participate in any liquidation
distribution with respect to any shares of common stock acquired
in connection with or following this offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, in connection with the vote required for our
initial business combination, all of our existing stockholders,
including all of our officers, directors and our special
advisor, have agreed to vote the shares of common stock owned by
them in accordance with the majority of the shares of common
stock voted by the public stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Messrs.&nbsp;Mukunda, Cherin and Krishna may be deemed to be our
&#147;parent&#148;, &#147;founder&#148; and
&#147;promoter,&#148; as these terms are defined under the
Federal securities laws.
</DIV>

<P align="center" style="font-size: 10pt;">44
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<DIV align="left" style="font-size: 10pt;">
<A name='114'></A>
</DIV>

<!-- link1 "DESCRIPTION OF SECURITIES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DESCRIPTION OF SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>General</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are authorized to issue 150,000,000&nbsp;shares of common
stock, par value $.0001, and 1,000,000&nbsp;shares of preferred
stock, par value $.0001. As of May&nbsp;10, 2005,
3,500,000&nbsp;shares of common stock are outstanding, held by 3
record holders and no shares of preferred stock are outstanding.
We anticipate that prior to the offering an additional
1,500,000&nbsp;shares will be issued to our officers, directors
and special advisors. No shares of preferred stock are currently
outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Units</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each unit consists of one share of common stock and two
warrants. Each warrant entitles the holder to purchase one share
of common stock. Each of the common stock and warrants will
trade separately on the 90th day after the date of this
prospectus unless Ferris, Baker Watts, Inc. determines that an
earlier date is acceptable. In no event may the common stock and
warrants be traded separately until we have filed with the SEC a
Current Report on Form&nbsp;8-K that includes an audited balance
sheet reflecting our receipt of the gross proceeds of this
offering. We will file a Current Report on Form&nbsp;8-K that
includes this audited balance sheet upon the consummation of
this offering, which is anticipated to take place three business
days after the date of this prospectus. The audited balance
sheet will reflect proceeds we receive from the exercise of the
over-allotment option, if the over-allotment option is exercised
prior to the filing of the Current Report on Form&nbsp;8-K.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Common stock</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our stockholders are entitled to one vote for each share held of
record on all matters to be voted on by stockholders. In
connection with the vote required for our initial business
combination, all of our existing stockholders, including all of
our officers, directors and our special advisor, have agreed to
vote the shares of common stock owned by them in accordance with
the majority of the shares of common stock voted by the public
stockholders. Additionally, our existing stockholders, officers,
directors and our special advisor will vote all of their shares
in any manner they determine, in their sole discretion, with
respect to any other items that come before a vote of our
stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will proceed with the business combination only if a majority
of the shares of common stock voted by the public stockholders
are voted in favor of the business combination and public
stockholders owning less than 20% of the shares sold in this
offering exercise their conversion rights discussed below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our board of directors is divided into three classes
(Class&nbsp;A, Class&nbsp;B and Class&nbsp;C), each of which
will generally serve for a term of three years with only one
class of directors being elected in each year. There are
currently no Class&nbsp;A directors. There is no cumulative
voting with respect to the election of directors, with the
result that the holders of more than 50% of the shares voted for
the election of directors can elect all of the directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we are forced to liquidate prior to a business combination,
our public stockholders are entitled to share ratably in the
trust account, inclusive of any interest, and any net assets
remaining available for distribution to them after payment of
liabilities. The existing stockholders have agreed to waive
their respective rights to participate in any liquidation
distribution occurring upon our failure to consummate a business
combination, but only with respect to those shares of common
stock acquired by them prior to this offering; they will
participate in any liquidation distribution with respect to any
shares of common stock acquired in connection with or following
this offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our stockholders have no conversion, preemptive or other
subscription rights and there are no sinking fund or redemption
provisions applicable to the common stock, except that public
stockholders have the right to have their shares of common stock
converted to cash equal to their <I>pro rata </I>share of the
trust account if they vote against the business combination and
the business combination is approved and completed. Public
</DIV>

<P align="center" style="font-size: 10pt;">45

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<DIV align="left" style="font-size: 10pt;">
stockholders who convert their stock into their share of the
trust account still have the right to exercise the warrants that
they received as part of the units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Preferred stock</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our certificate of incorporation authorizes the issuance of
1,000,000&nbsp;shares of blank check preferred stock with such
designation, rights and preferences as may be determined from
time to time by our board of directors. No shares of preferred
stock are being issued or registered in this offering.
Accordingly, our board of directors is empowered, without
stockholder approval, to issue preferred stock with dividend,
liquidation, conversion, voting or other rights which could
adversely affect the voting power or other rights of the holders
of common stock, although the underwriting agreement prohibits
us, prior to a business combination, from issuing preferred
stock which participates in any manner in the proceeds of the
trust account, or which votes as a class with the common stock
on a business combination. We may issue some or all of the
preferred stock to effect a business combination. In addition,
the preferred stock could be utilized as a method of
discouraging, delaying or preventing a change in control of us.
Although we do not currently intend to issue any shares of
preferred stock, we cannot assure you that we will not do so in
the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Warrants</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No warrants are currently outstanding. Each warrant entitles the
registered holder to purchase one share of our common stock at a
price of $5.00&nbsp;per share, subject to adjustment as
discussed below, at any time commencing on the later of:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the completion of a business combination;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    one year from the date of this prospectus.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The warrants will expire five years from the date of this
prospectus at 5:00&nbsp;p.m., Washington,&nbsp;DC time. We may
call the warrants for redemption,
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    in whole and not in part,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    at a price of $.01&nbsp;per warrant at any time after the
    warrants become exercisable,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    upon not less than 30&nbsp;days&#146; prior written notice of
    redemption to each warrant holder,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    if, and only if, the reported last sale price of the common
    stock equals or exceeds $8.50&nbsp;per share, for any
    20&nbsp;trading days within a 30&nbsp;trading day period ending
    on the third business day before we send notice of redemption to
    warrant holders.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The warrants will be issued in registered form under a warrant
agreement between Continental Stock Transfer&nbsp;&#38; Trust
Company, as warrant agent, and us. You should review a copy of
the warrant agreement, which has been filed as an exhibit to the
registration statement of which this prospectus is a part, for a
complete description of the terms and conditions applicable to
the warrants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The exercise price and number of shares of common stock issuable
on exercise of the warrants may be adjusted in certain
circumstances including in the event of a stock dividend, or our
recapitalization, reorganization, merger or consolidation.
However, the warrants will not be adjusted for issuances of
common stock at a price below their respective exercise prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The warrants may be exercised upon surrender of the warrant
certificate on or prior to the expiration date at the offices of
the warrant agent, with the exercise form on the reverse side of
the warrant certificate completed and executed as indicated,
accompanied by full payment of the exercise price, by certified
check payable to us, for the number of warrants being exercised.
The warrant holders do not have the rights or privileges of
holders of common stock and any voting rights until they
exercise their warrants and receive shares of common stock.
After the issuance of shares of common stock upon exercise of
the warrants, each holder will be entitled to one vote for each
share held of record on all matters to be voted on by
stockholders.
</DIV>

<P align="center" style="font-size: 10pt;">46

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No warrants will be exercisable unless at the time of exercise a
prospectus relating to common stock issuable upon exercise of
the warrants is current and the common stock has been registered
or qualified or deemed to be exempt under the securities laws of
the state of residence of the holder of the warrants. Under the
terms of the warrant agreement, we have agreed to meet these
conditions and use our best efforts to maintain a current
prospectus relating to common stock issuable upon exercise of
the warrants until the expiration of the warrants. However, we
cannot assure you that we will be able to do so. The warrants
may be deprived of any value and the market for the warrants may
be limited if the prospectus relating to the common stock
issuable upon the exercise of the warrants is not current or if
the common stock is not qualified or exempt from qualification
in the jurisdictions in which the holders of the warrants reside.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No fractional shares will be issued upon exercise of the
warrants. If, upon exercise of the warrants, a holder would be
entitled to receive a fractional interest in a share, we will,
upon exercise, round up to the nearest whole number the number
of shares of common stock to be issued to the warrant holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Purchase Option</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to sell to Ferris, Baker Watts, Inc. an option to
purchase up to a total of 1,500,000&nbsp;units at a per-unit
price of $7.50 (125% of the price of the units sold in the
offering). The units issuable upon exercise of this option are
identical to those offered by this prospectus except that the
warrants included in the option have an exercise price of $6.25
(125% of the exercise price of the warrants included in the
units sold in the offering). For a more complete description of
the purchase option, see the section below entitled
&#147;Underwriting&nbsp;&#151; Purchase Option.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Dividends</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have not paid any dividends on our common stock to date and
do not intend to pay dividends prior to the completion of a
business combination. The payment of dividends in the future
will be contingent upon our revenues and earnings, if any,
capital requirements and general financial condition subsequent
to completion of a business combination. The payment of any
dividends subsequent to a business combination will be within
the discretion of our then board of directors. It is the present
intention of our board of directors to retain all earnings, if
any, for use in our business operations and, accordingly, our
board does not anticipate declaring any dividends in the
foreseeable future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Our Transfer Agent and Warrant Agent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The transfer agent for our securities and warrant agent for our
warrants is Continental Stock Transfer&nbsp;&#38; Trust Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Shares Eligible for Future Sale</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Immediately after this offering, we will have
23,500,000&nbsp;shares of common stock outstanding, or
26,500,000&nbsp;shares if the underwriters&#146; over-allotment
option is exercised in full. Of these shares, the
20,000,000&nbsp;shares sold in this offering, or
23,000,000&nbsp;shares if the over-allotment option is
exercised, will be freely tradable without restriction or
further registration under the Securities Act of 1933, except
for any shares purchased by one of our affiliates within the
meaning of Rule&nbsp;144 under the Securities Act of 1933. All
of the remaining 3,500,000&nbsp;shares are restricted securities
under Rule&nbsp;144, in that they were issued in private
transactions not involving a public offering. None of those will
be eligible for sale under Rule&nbsp;144 until the one year
holding period has elapsed with respect to each purchase.
Notwithstanding the foregoing, all of those shares have been
placed in escrow and will not be transferable until six months
after a business combination and will only be transferred prior
to that date subject to certain limited exceptions.
</DIV>

<P align="center" style="font-size: 10pt;">47

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Rule&nbsp;144</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In general, under Rule&nbsp;144 as currently in effect, a person
who has beneficially owned restricted shares of our common stock
for at least one year would be entitled to sell within any
three-month period a number of shares that does not exceed the
greater of either of the following:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    1% of the number of shares of common stock then outstanding,
    which will equal 235,000&nbsp;shares immediately after this
    offering (or 265,000 if the underwriters&#146; exercise their
    over-allotment option);&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the average weekly trading volume of the common stock during the
    four calendar weeks preceding the filing of a notice on
    Form&nbsp;144 with respect to the sale.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Sales under Rule&nbsp;144 are also limited by manner of sale
provisions and notice requirements and to the availability of
current public information about us.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Rule&nbsp;144(k)</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under Rule&nbsp;144(k), a person who is not deemed to have been
one of our affiliates at the time of or at any time during the
three months preceding a sale, and who has beneficially owned
the restricted shares proposed to be sold for at least two
years, including the holding period of any prior owner other
than an affiliate, is entitled to sell their shares without
complying with the manner of sale, public information, volume
limitation or notice provisions of Rule&nbsp;144.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>SEC Position on Rule&nbsp;144 Sales</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The SEC has taken the position that promoters or affiliates of a
blank check company and their transferees, both before and after
a business combination, would act as an &#147;underwriter&#148;
under the Securities Act of 1933 when reselling the securities
of a blank check company. Accordingly, the SEC believes that
those securities can be resold only through a registered
offering and that Rule&nbsp;144 would not be available for those
resale transactions despite technical compliance with the
requirements of Rule&nbsp;144.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Registration Rights</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The officer, director and our special advisor holders of our
3,500,000&nbsp;shares of common stock that we expect will be
issued and outstanding on the date of this prospectus will be
entitled to registration rights pursuant to an agreement to be
signed prior to or on the effective date of this offering. The
holders of the majority of these shares are entitled to make up
to two demands that we register these shares. The holders of the
majority of these shares can elect to exercise these
registration rights at any time after the date on which the
lock-up period expires. In addition, these stockholders have
certain &#147;piggy-back&#148; registration rights on
registration statements filed subsequent to such date. We will
bear the expenses incurred in connection with the filing of any
such registration statements.
</DIV>

<P align="center" style="font-size: 10pt;">48

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<DIV align="left" style="font-size: 10pt;">
<A name='115'></A>
</DIV>

<!-- link1 "UNDERWRITING" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>UNDERWRITING</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In accordance with the terms and conditions contained in the
underwriting agreement, we have agreed to sell to each of the
underwriters named below, and each of the underwriters, for
which Ferris, Baker Watts, Inc. is acting as representative,
have severally, and not jointly, agreed to purchase on a firm
commitment basis the number of units offered in this offering
set forth opposite their respective names below:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Underwriters</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of Units</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Ferris, Baker Watts, Inc.</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Total</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A copy of the underwriting agreement has been filed as an
exhibit to the registration statement of which this prospectus
forms a part.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>State Blue Sky Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will offer and sell the units to retail customers only in
Colorado, Delaware, the District of Columbia, Florida, Hawaii,
Illinois, Indiana, Maryland, New York and Rhode Island. In New
York and Hawaii, we have relied on exemptions from the state
registration requirements for transactions between an issuer and
an underwriter involving a firm-commitment underwritten
offering. In the other states, we have applied to have the units
registered for sale and will not sell the units to retail
customers in these states until such registration is effective
(including in Colorado, pursuant to 11-51-302(6) of the Colorado
Revised Statutes).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you are not an institutional investor, you may purchase our
securities in this offering only in the jurisdictions described
directly above. Institutional investors in every state except in
Idaho, Oregon and South Dakota may purchase the units in this
offering pursuant to exemptions provided to such entities under
the Blue Sky laws of various states. The definition of an
&#147;institutional investor&#148; varies from state to state
but generally includes financial institutions, broker-dealers,
banks, insurance companies and other qualified entities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the National Securities Markets Improvement Act of 1996,
the resale of the units, from and after the effective date, and
the common stock and warrants comprising the units, once they
become separately transferable, are exempt from state
registration requirements because we will file periodic and
annual reports under the Securities Exchange Act of 1934.
However, states are permitted to require notice filings and
collect fees with regard to these transactions and a state may
suspend the offer and sale of securities within such state if
any such required filing is not made or fee is not paid.
Alabama, Arizona, Colorado, Connecticut, Florida, Georgia,
Hawaii, Indiana, Louisiana, Maine, Missouri, Nevada, New York,
North Carolina, Ohio, Pennsylvania, Utah, Virginia, Washington,
and Wisconsin do not presently require any notice filings or fee
payments. Delaware, the District of Columbia, Kansas, Maryland,
Michigan, New Hampshire, Rhode Island, South Carolina, Texas and
Vermont permit the resale of the units, and the common stock and
warrants comprising the units, once they become separately
transferable, if the proper notice filings have been made and
fees paid. As of the date of this prospectus, we have not
determined in which, if any, of these states we will submit the
required filings or pay the required fee. Additionally, if any
of these states that has not yet adopted a statute relating to
the National Securities Markets Improvement Act adopts such a
statute in the future requiring a filing or fee or if any state
amends its existing statutes with respect to its requirements,
we would need to comply with those new requirements in order for
the securities to continue to be eligible for resale in those
jurisdictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Despite the exemption from state registration provided by the
National Securities Markets Improvement Act, described above,
the following states, regardless of whether they require a
filing to be made or fee to be paid, have advised us that they
do not recognize this act as a basis for exempting the
registration of resales in their states of securities issued in
blank check offerings: Alaska, Arkansas, California, Illinois,
Iowa, Kentucky, Massachusetts, Minnesota, Mississippi, Montana,
Nebraska, New Jersey, New Mexico, North Dakota, Oklahoma,
Oregon, Puerto Rico, Tennessee, West Virginia and Wyoming. We do
not intend to register the resale of the securities sold in this
offering in these states.
</DIV>

<P align="center" style="font-size: 10pt;">49

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
However, we believe that the units, from and after the effective
date, and the common stock and warrants comprising the units,
once they become separately transferable, will be eligible for
sale on a secondary market basis in each of the following
states, without any notice filings or fee payments, based upon
the availability of another applicable exemption from the states
registration requirements:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    immediately in Delaware, the District of Columbia, Illinois,
    Kentucky, Maryland and Rhode Island;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    commencing 90&nbsp;days after the date of this prospectus in
    Iowa and New Mexico;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    commencing 180&nbsp;days from the date of this prospectus in
    Massachusetts.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Idaho, Oregon and South Dakota have informed us that they do not
permit the resale in their states of securities issued in blank
check offerings, without exception. We will amend this
prospectus for the purpose of disclosing additional states, if
any, which advise us that our securities will be eligible for
secondary trading without registration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Pricing of Securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have been advised by the representative that the underwriters
propose to offer the units to the public at the initial offering
price set forth on the cover page of this prospectus. They may
allow some dealers concessions not in excess of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
unit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to this offering there has been no public market for any
of our securities. The public offering price of the units and
the terms of the warrants were negotiated between us and the
representative. Factors considered in determining the prices and
terms of the units, including the common stock and warrants
underlying the units, include:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the history and prospects of companies whose principal business
    is the acquisition of other companies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    prior offerings of those companies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our prospects for acquiring an operating business in India at
    attractive values;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our capital structure;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    an assessment of our management and their experience in
    identifying operating companies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    general conditions of the securities markets at the time of the
    offering;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    other factors as were deemed relevant.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
However, although these factors were considered, the
determination of our offering price is more arbitrary than the
pricing of securities for an operating company in a particular
industry since the underwriters are unable to compare our
financial results and prospects with those of public companies
operating in the same industry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Over-Allotment Option</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have also granted to the underwriters an option, exercisable
during the 45-day period commencing on the date of this
prospectus, to purchase from us at the offering price, less
underwriting discounts, up to an aggregate of 3,000,000
additional units for the sole purpose of covering
over-allotments, if any. The over-allotment option will only be
used to cover the net syndicate short position resulting from
the initial distribution. The underwriters may exercise that
option if the underwriters sell more units than the total number
set forth in the table above. If any units underlying the option
are purchased, the underwriters will severally purchase shares
in approximately the same proportion as set forth in the table
above.
</DIV>

<P align="center" style="font-size: 10pt;">50

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Commissions and Discounts</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table shows the public offering price,
underwriting discount to be paid by us to the underwriters and
the proceeds, before expenses, to us. This information assumes
either no exercise or full exercise by the underwriters of their
over-allotment option.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="51%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Per Unit</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Without Option</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>With Option</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Public Offering Price</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>120,000,000.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>138,000,000.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Discount</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,200,000.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,280,000.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Non-accountable Expense Allowance</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,000,000.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,000,000.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds Before Expenses(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>109,800,000.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>126,720,000.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    The offering expenses are estimated as $402,000.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Purchase Option</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to sell to Ferris, Baker Watts, Inc., for $100,
an option to purchase up to a total of 1,500,000&nbsp;units. The
units issuable upon exercise of this option are identical to
those offered by this prospectus except that the warrants
included in the units have an exercise price of $6.25 (125% of
the exercise price of the warrants included in the units sold in
the offering). This option is exercisable at $7.50&nbsp;per unit
(125% of the price of the units sold in the offering) commencing
on the later of the consummation of a business combination and
one year from the date of this prospectus and expiring five
years from the date of this prospectus. The purchase option and
the 1,500,000&nbsp;units, the 1,500,000&nbsp;shares of common
stock and the 3,000,000 warrants underlying such units, and the
3,000,000&nbsp;shares of common stock underlying such warrants,
may not be sold, transferred, assigned, pledged or hypothecated
for a one year period following the date of this prospectus.
However, the purchase option may be transferred to any
underwriter and selected dealer participating in the offering
and their <I>bona fide </I>officers or partners.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although the purchase option and its underlying securities have
been registered under the registration statement of which this
prospectus forms a part of, the purchase option grants to
holders demand and &#147;piggy back&#148; rights for periods of
five and seven years, respectively, from the date of this
prospectus with respect to the registration under the Securities
Act of 1933 of the securities directly and indirectly issuable
upon exercise of the purchase option. We will bear all fees and
expenses attendant to registering the securities, other than
underwriting commissions which will be paid for by the holders
themselves. The exercise price and number of units issuable upon
exercise of the purchase option may be adjusted in certain
circumstances including in the event of a stock dividend, or our
recapitalization, reorganization, merger or consolidation.
However, the purchase option will not be adjusted for issuances
of common stock at a price below its exercise price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Regulatory Restrictions on Purchase of Securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Rules of the SEC may limit the ability of the underwriters to
bid for or purchase our securities before the distribution of
the securities is completed. However, the underwriters may
engage in the following activities in accordance with the rules:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Stabilizing Transactions.</I> The underwriters may make bids
    or purchases for the purpose of pegging, fixing or maintaining
    the price of our securities, so long as stabilizing bids do not
    exceed a specified maximum.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Over-Allotments and Syndicate Coverage Transactions.</I> The
    underwriters may create a short position in our securities by
    selling more of our securities than are set forth on the cover
    page of this prospectus. If the underwriters create a short
    position during the offering, the representative may engage in
    syndicate covering transactions by purchasing our securities in
    the open market. The representative may also elect to reduce any
    short position by exercising all or part of the over-allotment
    option.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">51

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Penalty Bids.</I> The representative may reclaim a selling
    concession from a syndicate member when the common stock
    originally sold by the syndicate member is purchased in a
    stabilizing or syndicate covering transaction to cover syndicate
    short positions.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Stabilization and syndicate covering transactions may cause the
price of the securities to be higher than they would be in the
absence of these transactions. The imposition of a penalty bid
might also have an effect on the prices of the securities if it
discourages resales of the securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither we nor the underwriters makes any representation or
prediction as to the effect that the transactions described
above may have on the prices of the securities. These
transactions may occur on the OTC Bulletin&nbsp;Board, in the
over-the-counter market or on any trading market. If any of
these transactions are commenced, they may be discontinued
without notice at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Directed Unit Program</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We currently anticipate that we will undertake a directed unit
program, pursuant to which we will direct the underwriters to
reserve up
to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
our units for sale at the initial public offering price to
stockholders, directors, officers, persons who are associated
with us and certain of their friends and family members. The
number of our units available for sale to the general public in
the public offering will be reduced to the extent these persons
purchase any reserved units. Any units not so purchased will be
offered by the underwriters to the general public on the same
basis as other units offered hereby. We have agreed to indemnify
the underwriters against certain liabilities, including
liabilities under the Securities Act of 1933, in connection with
sales of directed units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Other Terms</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have granted Ferris, Baker Watts, Inc. for a period of two
years from the later of our consummation of a business
combination or one year after the effective date of the
registration statement, the right to send a representative (who
need not be the same individual from meeting to meeting) to
observe each meeting of our board of directors. Each such
representative will be required to sign a customary
confidentiality agreement. We agree to give Ferris, Baker Watts,
Inc. written notice of each such meeting and to provide Ferris,
Baker Watts, Inc. with such items as are provided to the other
directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have also entered into a financial advisory agreement with
Ferris, Baker Watts, Inc., the representative of the
underwriters in this offering, whereby Ferris, Baker Watts,
Inc., will serve as our exclusive financial advisor in
connection with a business combination for a period of two years
from the effective date of this offering. Pursuant to the terms
of this agreement, Ferris, Baker Watts, Inc. will be entitled to
receive two percent (2%) of the consideration associated with
any business combination by us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although they are not obligated to do so, any of the
underwriters may introduce us to potential target businesses or
assist us in raising additional capital, as needs may arise in
the future, other than our agreement with Ferris Baker Watts,
Inc., the representative of the underwriters in this offering,
there are no preliminary agreements or understandings between
any of the underwriters and any potential targets. We are not
under any contractual obligation to engage any of the
underwriters to provide any services for us after this offering,
but if we do, we may pay the underwriters a finder&#146;s fee
that would be determined at that time in an arm&#146;s length
negotiation where the terms would be fair and reasonable to each
of the interested parties; provided that no agreement will be
entered into and no fee will be paid prior to the one year
anniversary of the date of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Indemnification</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to indemnify the underwriters against some
liabilities, including civil liabilities under the Securities
Act of 1933, or to contribute to payments the underwriters may
be required to make in this respect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to our directors,
officers and controlling persons pursuant to the provisions of
our Articles of Incorporation and our By-laws, or otherwise, we
have been advised that in the opinion of the SEC such
indemnification is against
</DIV>

<P align="center" style="font-size: 10pt;">52

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<DIV align="left" style="font-size: 10pt;">
public policy as expressed in the Securities Act of 1933 and is,
therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment
by us of expenses incurred or paid by our directors, officers or
controlling persons in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being
registered, we will, unless in the opinion of our counsel the
matter has been settled by controlling precedent, submit to a
court of appropriate jurisdiction the question whether such
indemnification by us is against public policy as expressed in
the Securities Act of 1933 and will be governed by the final
adjudication of such issue.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='116'></A>
</DIV>

<!-- link1 "LEGAL MATTERS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>LEGAL MATTERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Seyfarth Shaw LLP will pass upon the validity of the securities
offered in this prospectus for us. Certain legal matters with
respect to this offering will be passed upon for the
underwriters by Gersten, Savage, Kaplowitz, Wolf&nbsp;&#38;
Marcus, LLP.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='117'></A>
</DIV>

<!-- link1 "EXPERTS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>EXPERTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The financial statements of India Globalization Capital, Inc. on
May&nbsp;10, 2005 and for the period from April&nbsp;29, 2005
(date of inception) through May&nbsp;10, 2005 appearing in this
prospectus and in the registration statement have been included
herein in reliance upon the report of Goldstein Golub
Kessler&nbsp;LLP, independent registered public accounting firm,
given on the authority of such firm as experts in accounting and
auditing.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='118'></A>
</DIV>

<!-- link1 "WHERE YOU CAN FIND ADDITIONAL INFORMATION" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have filed with the SEC a registration statement on
Form&nbsp;S-1, which includes exhibits, schedules and
amendments, under the Securities Act of 1933, with respect to
this offering of our securities. Although this prospectus, which
forms a part of the registration statement, contains all
material information included in the registration statement,
parts of the registration statement have been omitted as
permitted by rules and regulations of the SEC. We refer you to
the registration statement and its exhibits for further
information about us, our securities and this offering. The
registration statement and its exhibits, as well as our other
reports filed with the SEC, can be inspected and copied at the
SEC&#146;s public reference room at 450&nbsp;Fifth Street, N.W.,
Washington,&nbsp;D.C. 20549-1004. The public may obtain
information about the operation of the public reference room by
calling the SEC at 1-800-SEC-0330. In addition, the SEC
maintains a web site at http://<I>www.sec.gov </I>which contains
the Form&nbsp;S-1 and other reports, proxy and information
statements and information regarding issuers that file
electronically with the SEC.
</DIV>

<P align="center" style="font-size: 10pt;">53

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='119'></A>
</DIV>

<!-- link1 "INDEX TO FINANCIAL STATEMENTS" -->

<DIV align="center" style="font-size: 10pt;">
<B>INDEX TO FINANCIAL STATEMENTS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Page</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Financial Statements</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#300'>Report of independent registered public
    accounting firm</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#301'>Balance sheet as of
    May&nbsp;10,&nbsp;2005</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#302'>Statement of operations for the period from
    April&nbsp;29, 2005 (date of inception) through
    May&nbsp;10,&nbsp;2005</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#303'>Statement of stockholders&#146; equity for
    the period from April&nbsp;29, 2005 (date of inception) through
    May&nbsp;10,&nbsp;2005</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#304'>Statement of cash flows for the period from
    April&nbsp;29, 2005 (date of inception) through
    May&nbsp;10,&nbsp;2005</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#305'>Notes to financial statements</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-7</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">F-1

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='300'></A>
</DIV>

<!-- link1 "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
To the Board of Directors and Stockholders
</DIV>

<DIV align="left" style="font-size: 10pt;">
India Globalization Capital, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have audited the accompanying balance sheet of India
Globalization Capital, Inc. (a development stage company) as of
May&nbsp;10, 2005 and the related statements of operations,
stockholders&#146; equity and cash flows for the period from
April&nbsp;29, 2005 (date of inception) through May&nbsp;10,
2005. These financial statements are the responsibility of the
Company&#146;s management. Our responsibility is to express an
opinion on these financial statements based on our audit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We conducted our audit in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of India Globalization Capital, Inc. as of May&nbsp;10, 2005 and
the results of its operations and its cash flows for the period
from April&nbsp;29, 2005 (date of inception) through
May&nbsp;10, 2005 in conformity with United States generally
accepted accounting principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<FONT style="font-variant:SMALL-CAPS">Goldstein Golub Kessler LLP
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt;">
New York, New York
</DIV>

<DIV align="left" style="font-size: 10pt;">
May&nbsp;11, 2005
</DIV>

<P align="center" style="font-size: 10pt;">F-2
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(a development stage company)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='301'></A>
</DIV>

<!-- link1 "BALANCE SHEET" -->

<DIV align="center" style="font-size: 10pt;">
<B>BALANCE SHEET</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>May 10, 2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="7" align="center" valign="top">
    <B>ASSETS</B></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Current assets:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>120,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total current assets:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>120,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deferred offering costs</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>80,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>200,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="7" align="center" valign="top">
    <B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Current liabilities:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>85,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Due to stockholder</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Note payable to stockholder</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total current liabilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>187,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>COMMITMENT</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>STOCKHOLDERS&#146; EQUITY</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Preferred stock&nbsp;&#151; $.0001 par value; 1,000,000 shares
    authorized; 0 issued and outstanding</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common stock&nbsp;&#151; $.0001 par value; 150,000,000 shares
    authorized; 3,500,000 issued and outstanding</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>350</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Additional paid-in capital</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17,150</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deficit accumulated during the development stage</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total stockholders&#146; equity</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total liabilities and stockholders&#146; equity</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>200,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">F-3
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(a development stage company)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='302'></A>
</DIV>

<!-- link1 "STATEMENT OF OPERATIONS" -->

<DIV align="center" style="font-size: 10pt;">
<B>STATEMENT OF OPERATIONS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="74%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>April 29, 2005</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(Date of Inception)</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>through</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>May 10, 2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Legal and formation costs</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Net loss for the period</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(5,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Net loss per share</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Weighted average number of shares outstanding&nbsp;&#151;
    basic and fully diluted</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,500,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
See notes to financial statements
</DIV>

<P align="center" style="font-size: 10pt;">F-4

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(a development stage company)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='303'></A>
</DIV>

<!-- link1 "STATEMENT OF STOCKHOLDERS&#146; EQUITY" -->

<DIV align="center" style="font-size: 10pt;">
<B>STATEMENT OF STOCKHOLDERS&#146; EQUITY</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Deficit</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Accumulated</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Common Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Additional</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>During the</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Total</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Paid-In</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Development</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Stockholders&#146;</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Capital</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Stage</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Equity</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Issuance of common stock to founders at $.0005 per share on
    May&nbsp;5, 2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>17,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>17,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net loss</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(5,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Balance&nbsp;&#151; May&nbsp;10, 2005</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>17,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(5,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>12,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
See notes to financial statements
</DIV>

<P align="center" style="font-size: 10pt;">F-5

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(a development stage company)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='304'></A>
</DIV>

<!-- link1 "STATEMENT OF CASH FLOWS" -->

<DIV align="center" style="font-size: 10pt;">
<B>STATEMENT OF CASH FLOWS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>April 29, 2005</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(Date of Inception)</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>through</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>May 10, 2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Cash flows from operating activities:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net loss</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(5,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Adjustments to reconcile net loss to net cash provided by
    operating activities:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Changes in:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net cash provided by operating activities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Cash flows from financing activities:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Increase in amount due to stockholder</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Issuance of common stock to founders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds from note payable to stockholder</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash provided by financing activities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>120,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Net increase in cash and cash at end of period</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>120,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Non cash financing activity: accrual of deferred offering
    costs</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>80,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
See notes to financial statements
</DIV>

<P align="center" style="font-size: 10pt;">F-6
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
(a development stage company)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='305'></A>
</DIV>

<!-- link1 "NOTES TO FINANCIAL STATEMENTS" -->

<DIV align="center" style="font-size: 10pt;">
<B>NOTES TO FINANCIAL STATEMENTS</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>May&nbsp;10, 2005</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTE&nbsp;A&nbsp;&#151;&nbsp;ORGANIZATION AND BUSINESS
OPERATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
India Globalization Capital, Inc. (the &#147;Company&#148;) was
incorporated in Maryland on April&nbsp;29, 2005. The Company was
formed to serve as a vehicle for the acquisition of an operating
business in an unspecified industry located in India through a
merger, capital stock exchange, asset acquisition or other
similar business combination. The Company has neither engaged in
any operations nor generated significant revenue to date. The
Company is considered to be in the development stage and is
subject to the risks associated with activities of development
stage companies. As such, the Company has no operating results
through May&nbsp;10, 2005, and their ability to begin operations
is dependent upon the completion of a financing. The Company has
selected December 31 as its year-end.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s management has broad discretion with respect
to the specific application of the net proceeds of the proposed
initial public offering of its Units (as described in
Note&nbsp;C) (&#147;Proposed Offering&#148;), although
substantially all of the net proceeds of the Proposed Offering
are intended to be generally applied toward acquiring one or
more operating businesses in an unspecified industry located in
India (&#147;Business Combination&#148;), which may not
constitute a business combination for accounting purposes.
Furthermore, there is no assurance that the Company will be able
to successfully effect a Business Combination. Upon the closing
of the Proposed Offering, approximately ninety percent (90%) of
the net proceeds, after payment of certain amounts to the
underwriter, will be held in a trust account
(&#147;Trust&nbsp;Fund&#148;) and invested in government
securities until the earlier of (i)&nbsp;the consummation of its
first Business Combination or (ii)&nbsp;the distribution of the
Trust&nbsp;Fund as described below. The remaining proceeds may
be used to pay for business, legal and accounting due diligence
on prospective acquisitions and continuing general and
administrative expenses. The Company, after signing a definitive
agreement for the acquisition of a target business, will submit
such transaction for stockholder approval. In the event that
holders of 20% or more of the shares issued in the Proposed
Offering vote against the Business Combination, the Business
Combination will not be consummated. However, the persons who
were stockholders prior to the Proposed Offering (the
&#147;Founding Stockholders&#148;) will participate in any
liquidation distribution with respect to any shares of the
common stock acquired in connection with or following the
Proposed Offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that the Company does not consummate a Business
Combination within 18&nbsp;months from the date of the
consummation of the Proposed Offering, or 24&nbsp;months from
the consummation of the Proposed Offering if certain extension
criteria have been satisfied (the &#147;Acquisition
Period&#148;), the proceeds held in the Trust&nbsp;Fund will be
distributed to the Company&#146;s public stockholders, excluding
the Founding Stockholders to the extent of their initial stock
holdings. In the event of such distribution, it is likely that
the per share value of the residual assets remaining available
for distribution (including Trust&nbsp;Fund assets) will be less
than the initial public offering price per share in the Proposed
Offering (assuming no value is attributed to the Warrants
contained in the Units to be offered in the Proposed Offering
discussed in Note&nbsp;C).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTE&nbsp;B&nbsp;&#151;&nbsp;SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>[1]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss per common share:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Loss per share is computed by dividing net loss applicable to
common stockholders by the weighted average number of common
shares outstanding for the period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>[2]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of estimates:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of
the financial
</DIV>

<P align="center" style="font-size: 10pt;">F-7

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt;">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
(a development stage company)
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTES TO FINANCIAL STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
statements and the reported amounts of revenue and expenses
during the reporting period. Actual results could differ from
those estimates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>[3]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Deferred income taxes are provided for the differences between
the bases of assets and liabilities for financial reporting and
income tax purposes. A valuation allowance is established when
necessary to reduce deferred tax assets to the amount expected
to be realized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company recorded a deferred income tax asset for the tax
effect of deferred start-up costs aggregating approximately
$1,700. In recognition of the uncertainty regarding the ultimate
amount of income tax benefits to be derived, the Company has
recorded a full valuation at May&nbsp;10, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The effective tax rate differs from the statutory rate of 34%
due to increase in the valuation allowance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>[4]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Deferred offering costs consist principally of legal and
accounting fees incurred through the balance sheet date that are
related to the Proposed Offering and that will be charged to
capital upon the receipt of the capital or charged to expense if
not completed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTE&nbsp;C&nbsp;&#151;&nbsp;PROPOSED OFFERING</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Proposed Offering calls for the Company to offer for public
sale up to 20,000,000 units (&#147;Units&#148;). Each Unit
consists of one share the Company&#146;s common stock, $.0001
par value, and two warrants (&#147;Warrants&#148;). Each Warrant
will entitle the holder to purchase from the Company one share
of common stock at an exercise price of $5.00 commencing on the
latter of (a)&nbsp;one year from the effective date of the
Proposed Offering or (b)&nbsp;the earlier of the completion of a
business combination with a target business or the distribution
of the Trust&nbsp;Fund and expiring five years from the date of
the prospectus. The Warrants will be redeemable at a price of
$.01 per Warrant upon 30&nbsp;days notice after the Warrants
become exercisable, only in the event that the last sale price
of the common stock is at least $8.50 per share for any 20
trading days within a 30 trading day period ending on the third
day prior to the date on which notice of redemption is given.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTE&nbsp;D&nbsp;&#151;&nbsp;NOTES&nbsp;PAYABLE TO
STOCKHOLDERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company issued a $100,000 unsecured promissory note to one
of the Founding Stockholders of the Company on May&nbsp;2, 2005.
The note bears interest at 4% per annum and is payable on the
earlier of April&nbsp;30, 2006 or the consummation of the
Proposed Offering. Due to the short-term nature of the note, the
fair value of the note approximates its carrying amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTE&nbsp;E&nbsp;&#151;&nbsp;RELATED PARTY TRANSACTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company has agreed to pay Integrated Global Network, LLC, a
related party and privately-held company where one of the
Founding Stockholders serves in an executive capacity, an
administrative fee of $7,500 per month for office space and
general and administrative services from the effective date of
the Proposed Offering through the acquisition date of a target
business.
</DIV>

<P align="center" style="font-size: 10pt;">F-8
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 0pt;">
<FONT style="font-size: 10pt">________________________________________________________________________________
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;
<B>Until &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005,
all dealers that effect transactions in these securities,
whether or not participating in this offering, may be required
to deliver a prospectus. This is in addition to the
dealers&#146; obligation to deliver a prospectus when acting as
underwriters and with respect to their unsold allotments or
subscriptions.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;
<B>No dealer, salesperson or any other person is authorized to
give any information or make any representations in connection
with this offering other than those contained in this prospectus
and, if given or made, the information or representations must
not be relied upon as having been authorized by us. This
prospectus does not constitute an offer to sell or a
solicitation of an offer to buy any security other than the
securities offered by this prospectus, or an offer to sell or a
solicitation of an offer to buy any securities by anyone in any
jurisdiction in which the offer or solicitation is not
authorized or is unlawful. The delivery of this prospectus will
not, under any circumstances, create any implication that the
information is correct as of any time subsequent to the date of
this prospectus.</B>
</DIV>

<DIV align="center" style="font-size: 16pt; margin-top: 21pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>$120,000,000</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>India Globalization Capital, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 16pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>20,000,000 Units</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 30%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PROSPECTUS</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 31%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Ferris, Baker Watts</B>
</DIV>

<DIV align="center" style="font-size: 17pt;">
<B>Incorporated</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 17pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 4pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART&nbsp;II</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INFORMATION NOT REQUIRED IN PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;13.</B></TD>
    <TD>
    <B><I>Other Expenses of Issuance and Distribution</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The estimated expenses payable by us in connection with the
offering described in this registration statement (other than
the underwriting discount and commissions and the representative
non-accountable expense allowance) will be as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="84%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Initial Trustees&#146; Fee(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    SEC Registration Fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>46,844.61</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NASD Filing Fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,300.01</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounting Fees and Expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Printing and Engraving Expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Legal Fees and Expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>165,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    D&#38;O Liability Insurance Premiums(2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>125,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Blue Sky Services and Expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Miscellaneous(3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,855.38</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Total</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>527,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    In addition to the initial acceptance fee that is charged by
    Continental Stock Transfer &#38; Trust&nbsp;Company, as trustee,
    the registrant will be required to pay to Continental Stock
    Transfer &#38; Trust&nbsp;Company annual fees of $3,000 for
    acting as trustee, $4,800 for acting as transfer agent of the
    registrant&#146;s common stock, $2,400 for acting as warrant
    agent for the registrant&#146;s warrants and $1,800 for acting
    as escrow agent.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    This amount represents the approximate Director and Officer
    liability insurance premiums the registrant anticipates paying
    following the consummation of its initial public offering of its
    securities and until it consummates a business combination.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    This amount represents additional expenses that may be incurred
    by the Registrant or Underwriters in connection with the
    offering over and above those specifically listed above,
    including distribution and mailing costs.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;14.</B></TD>
    <TD>
    <B><I>Indemnification of Directors and Officers</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our certificate of incorporation provides that all directors,
officers, employees and agents of the registrant shall be
entitled to be indemnified by us to the fullest extent permitted
by Section&nbsp;2-418 of the Maryland General Corporation Law.
Section&nbsp;2-418 of the Maryland General Corporation Law
concerning indemnification of officers, directors, employees and
agents is set forth below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Section&nbsp;2-418. Indemnification of directors,
officers, employees and agents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;<I>Definitions</I>.&nbsp;&#151;&nbsp;In this section
the following words have the meanings indicated.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;&#147;Director&#148; means any person who is or was a
    director of a corporation and any person who, while a director
    of a corporation, is or was serving at the request of the
    corporation as a director, officer, partner, trustee, employee,
    or agent of another foreign or domestic corporation,
    partnership, joint venture, trust, other enterprise, or employee
    benefit plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;&#147;Corporation&#148; includes any domestic or
    foreign predecessor entity of a corporation in a merger,
    consolidation, or other transaction in which the
    predecessor&#146;s existence ceased upon consummation of the
    transaction.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;&#147;Expenses&#148; includes attorney&#146;s fees.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">II-1

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    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;&#147;Official capacity&#148; means the following:</TD>
</TR>

</TABLE>

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    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (i)&nbsp;When used with respect to a director, the office of
    director in the corporation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (ii)&nbsp;When used with respect to a person other than a
    director as contemplated in subsection&nbsp;(j), the elective or
    appointive office in the corporation held by the officer, or the
    employment or agency relationship undertaken by the employee or
    agent in behalf of the corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (iii)&nbsp;&#147;Official capacity&#148; does not include
    service for any other foreign or domestic corporation or any
    partnership, joint venture, trust, other enterprise, or employee
    benefit plan.</TD>
</TR>

</TABLE>

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    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;&#147;Party&#148; includes a person who was, is, or is
    threatened to be made a named defendant or respondent in a
    proceeding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (6)&nbsp;&#147;Proceeding&#148; means any threatened, pending or
    completed action, suit or proceeding, whether civil, criminal,
    administrative, or investigative.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;<I>Permitted indemnification of
director</I>.&nbsp;&#151; (1)&nbsp;A corporation may indemnify
any director made a party to any proceeding by reason of service
in that capacity unless it is established that:
</DIV>

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    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (i)&nbsp;The act or omission of the director was material to the
    matter giving rise to the proceeding; and</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    1.&nbsp;Was committed in bad faith; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    2.&nbsp;Was the result of active and deliberate dishonesty; or</TD>
</TR>

</TABLE>

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    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (ii)&nbsp;The director actually received an improper personal
    benefit in money, property, or services; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (iii)&nbsp;In the case of any criminal proceeding, the director
    had reasonable cause to believe that the act or omission was
    unlawful.</TD>
</TR>

</TABLE>

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<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)(i)&nbsp;Indemnification may be against judgments, penalties,
    fines, settlements, and reasonable expenses actually incurred by
    the director in connection with the proceeding.</TD>
</TR>

</TABLE>

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    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (ii)&nbsp;However, if the proceeding was one by or in the right
    of the corporation, indemnification may not be made in respect
    of any proceeding in which the director shall have been adjudged
    to be liable to the corporation.</TD>
</TR>

</TABLE>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)(i)&nbsp;The termination of any proceeding by judgment,
    order, or settlement does not create a presumption that the
    director did not meet the requisite standard of conduct set
    forth in this subsection.</TD>
</TR>

</TABLE>

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    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (ii)&nbsp;The termination of any proceeding by conviction, or a
    plea of nolo contendere or its equivalent, or an entry of an
    order of probation prior to judgment, creates a rebuttable
    presumption that the director did not meet that standard of
    conduct.</TD>
</TR>

</TABLE>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;A corporation may not indemnify a director or advance
    expenses under this section for a proceeding brought by that
    director against the corporation, except:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (i)&nbsp;For a proceeding brought to enforce indemnification
    under this section; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (ii)&nbsp;If the charter or bylaws of the corporation, a
    resolution of the board of directors of the corporation, or an
    agreement approved by the board of directors of the corporation
    to which the corporation is a party expressly provide otherwise.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;<I>No indemnification of director liable for improper
personal benefit</I>.&nbsp;&#151; A director may not be
indemnified under subsection (b)&nbsp;of this section in respect
of any proceeding charging improper personal benefit to the
director, whether or not involving action in the director&#146;s
official capacity, in which the director was adjudged to be
liable on the basis that personal benefit was improperly
received.
</DIV>

<P align="center" style="font-size: 10pt;">II-2

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;<I>Required indemnification against expenses incurred
in successful defense</I>&nbsp;&#151; Unless limited by the
charter:
</DIV>

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    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;A director who has been successful, on the merits or
    otherwise, in the defense of any proceeding referred to in
    subsection (b)&nbsp;of this section shall be indemnified against
    reasonable expenses incurred by the director in connection with
    the proceeding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;A court of appropriate jurisdiction, upon application
    of a director and such notice as the court shall require, may
    order indemnification in the following circumstances:</TD>
</TR>

</TABLE>

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    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (i)&nbsp;If it determines a director is entitled to
    reimbursement under paragraph (1)&nbsp;of this subsection, the
    court shall order indemnification, in which case the director
    shall be entitled to recover the expenses of securing such
    reimbursement; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (ii)&nbsp;If it determines that the director is fairly and
    reasonably entitled to indemnification in view of all the
    relevant circumstances, whether or not the director has met the
    standards of conduct set forth in subsection (b)&nbsp;of this
    section or has been adjudged liable under the circumstances
    described in subsection (c)&nbsp;of this section, the court may
    order such indemnification as the court shall deem proper.
    However, indemnification with respect to any proceeding by or in
    the right of the corporation or in which liability shall have
    been adjudged in the circumstances described in subsection
    (c)&nbsp;shall be limited to expenses.</TD>
</TR>

</TABLE>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;A court of appropriate jurisdiction may be the same
    court in which the proceeding involving the director&#146;s
    liability took place.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp;<I>Determination that indemnification is
proper</I>.&nbsp;&#151; (1)&nbsp;Indemnification under
subsection (b)&nbsp;of this section may not be made by the
corporation unless authorized for a specific proceeding after a
determination has been made that indemnification of the director
is permissible in the circumstances because the director has met
the standard of conduct set forth in subsection (b)&nbsp;of this
section.
</DIV>

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    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;Such determination shall be made:</TD>
</TR>

</TABLE>

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    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (i)&nbsp;By the board of directors by a majority vote of a
    quorum consisting of directors not, at the time, parties to the
    proceeding, or, if such a quorum cannot be obtained, then by a
    majority vote of a committee of the board consisting solely of
    two or more directors not, at the time, parties to such
    proceeding and who were duly designated to act in the matter by
    a majority vote of the full board in which the designated
    directors who are parties may participate;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (ii)&nbsp;By special legal counsel selected by the board of
    directors or a committee of the board by vote as set forth in
    subparagraph (i)&nbsp;of this paragraph, or, if the requisite
    quorum of the full board cannot be obtained therefor and the
    committee cannot be established, by a majority vote of the full
    board in which directors who are parties may participate; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (iii)&nbsp;By the stockholders.</TD>
</TR>

</TABLE>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;Authorization of indemnification and determination as
    to reasonableness of expenses shall be made in the same manner
    as the determination that indemnification is permissible.
    However, if the determination that indemnification is
    permissible is made by special legal counsel, authorization of
    indemnification and determination as to reasonableness of
    expenses shall be made in the manner specified in subparagraph
    (ii)&nbsp;of paragraph (2)&nbsp;of this subsection for selection
    of such counsel.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;Shares held by directors who are parties to the
    proceeding may not be voted on the subject matter under this
    subsection.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">II-3

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f)&nbsp;<I>Payment of expenses in advance of final disposition
of action</I>.&nbsp;&#151; (1)&nbsp;Reasonable expenses incurred
by a director who is a party to a proceeding may be paid or
reimbursed by the corporation in advance of the final
disposition of the proceeding upon receipt by the corporation of:
</DIV>

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    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (i)&nbsp;A written affirmation by the director of the
    director&#146;s good faith belief that the standard of conduct
    necessary for indemnification by the corporation as authorized
    in this section has been met; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (ii)&nbsp;A written undertaking by or on behalf of the director
    to repay the amount if it shall ultimately be determined that
    the standard of conduct has not been met.</TD>
</TR>

</TABLE>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;The undertaking required by subparagraph (ii)&nbsp;of
    paragraph (1)&nbsp;of this subsection shall be an unlimited
    general obligation of the director but need not be secured and
    may be accepted without reference to financial ability to make
    the repayment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;Payments under this subsection shall be made as
    provided by the charter, bylaws, or contract or as specified in
    subsection (e)&nbsp;of this section.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(g)&nbsp;<I>Validity of indemnification
provision</I>.&nbsp;&#151; The indemnification and advancement
of expenses provided or authorized by this section may not be
deemed exclusive of any other rights, by indemnification or
otherwise, to which a director may be entitled under the
charter, the bylaws, a resolution of stockholders or directors,
an agreement or otherwise, both as to action in an official
capacity and as to action in another capacity while holding such
office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(h)&nbsp;<I>Reimbursement of director&#146;s expenses incurred
while appearing as witness</I>.&nbsp;&#151; This section does
not limit the corporation&#146;s power to pay or reimburse
expenses incurred by a director in connection with an appearance
as a witness in a proceeding at a time when the director has not
been made a named defendant or respondent in the proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;<I>Director&#146;s service to employee benefit
plan</I>.&nbsp;&#151; For purposes of this section:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;The corporation shall be deemed to have requested a
    director to serve an employee benefit plan where the performance
    of the director&#146;s duties to the corporation also imposes
    duties on, or otherwise involves services by, the director to
    the plan or participants or beneficiaries of the plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;Excise taxes assessed on a director with respect to an
    employee benefit plan pursuant to applicable law shall be deemed
    fines; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;Action taken or omitted by the director with respect to
    an employee benefit plan in the performance of the
    director&#146;s duties for a purpose reasonably believed by the
    director to be in the interest of the participants and
    beneficiaries of the plan shall be deemed to be for a purpose
    which is not opposed to the best interests of the corporation.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(j)&nbsp;<I>Officer, employee or agent</I>.&nbsp;&#151; Unless
limited by the charter:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;An officer of the corporation shall be indemnified as
    and to the extent provided in subsection (d)&nbsp;of this
    section for a director and shall be entitled, to the same extent
    as a director, to seek indemnification pursuant to the
    provisions of subsection (d);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;A corporation may indemnify and advance expenses to an
    officer, employee, or agent of the corporation to the same
    extent that it may indemnify directors under this section; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;A corporation, in addition, may indemnify and advance
    expenses to an officer, employee, or agent who is not a director
    to such further extent, consistent with law, as may be provided
    by its charter, bylaws, general or specific action of its board
    of directors, or contract.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(k)&nbsp;<I>Insurance or similar protection</I>.&nbsp;&#151;
(1)&nbsp;A corporation may purchase and maintain insurance on
behalf of any person who is or was a director, officer,
employee, or agent of the corporation, or who, while a director,
officer, employee, or agent of the corporation, is or was
serving at the request of the corporation as a director,
officer, partner, trustee, employee, or agent of another foreign
or domestic corporation, partnership,
</DIV>

<P align="center" style="font-size: 10pt;">II-4

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<DIV align="left" style="font-size: 10pt;">
joint venture, trust, other enterprise, or employee benefit plan
against any liability asserted against and incurred by such
person in any such capacity or arising out of such person&#146;s
position, whether or not the corporation would have the power to
indemnify against liability under the provisions of this section.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;A corporation may provide similar protection, including
    a trust fund, letter of credit, or surety bond, not inconsistent
    with this section.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;The insurance or similar protection may be provided by
    a subsidiary or an affiliate of the corporation.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(l)&nbsp;<I>Report of indemnification to
stockholders</I>.&nbsp;&#151; Any indemnification of, or advance
of expenses to, a director in accordance with this section, if
arising out of a proceeding by or in the right of the
corporation, shall be reported in writing to the stockholders
with the notice of the next stockholders&#146; meeting or prior
to the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to our directors, officers, and
controlling persons pursuant to the foregoing provisions, or
otherwise, we have been advised that in the opinion of the SEC
such indemnification is against public policy as expressed in
the Securities Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities
(other than the payment of expenses incurred or paid by a
director, officer or controlling person in a successful defense
of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities
being registered, we will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to
the court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in
the Securities Act and will be governed by the final
adjudication of such issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Paragraph&nbsp;B. of Article&nbsp;Tenth of our amended and
restated certificate of incorporation provides:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &#147;The Corporation, to the full extent permitted by
    Section&nbsp;2-418 of the MGCL, as amended from time to time,
    shall indemnify all persons whom it may indemnify pursuant
    thereto. Expenses (including attorneys&#146; fees) incurred by
    an officer or director in defending any civil, criminal,
    administrative, or investigative action, suit or proceeding or
    which such officer or director may be entitled to
    indemnification hereunder shall be paid by the Corporation in
    advance of the final disposition of such action, suit or
    proceeding upon receipt of an undertaking by or on behalf of
    such director or officer to repay such amount if it shall
    ultimately be determined that he or she is not entitled to be
    indemnified by the Corporation as authorized hereby.&#148;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Article&nbsp;XI of our Bylaws provides for indemnification of
any of our directors, officers, employees or agents for certain
matters in accordance with Section&nbsp;2-418 of the Maryland
General Corporation Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the Underwriting Agreement filed as Exhibit&nbsp;1.1
to this Registration Statement, we have agreed to indemnify the
Underwriter and the Underwriter has agreed to indemnify us
against certain civil liabilities that may be incurred in
connection with this offering, including certain liabilities
under the Securities Act.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;15.</B></TD>
    <TD>
    <B><I>Recent Sales of Unregistered Securities</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;During the past three years, we sold the following
shares of common stock without registration under the Securities
Act:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="84%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Stockholders</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Ram Mukunda</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,500,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John Cherin</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dr. Ranga Krishna</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500,000</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Such shares were issued on May&nbsp;5, 2005 in connection with
our organization pursuant to the exemption from registration
contained in Section&nbsp;4(2) of the Securities Act of 1933, as
they were sold to sophisticated,
</DIV>

<P align="center" style="font-size: 10pt;">II-5

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<DIV align="left" style="font-size: 10pt;">
wealthy individuals who were each accredited investors, as
defined in Rule&nbsp;501(a) of the Securities Act of 1933. The
shares issued to the individuals and entities above were sold
for an aggregate offering price of $17,500 at an average
purchase price of approximately $.0005 per share. No
underwriting discounts or commissions were paid with respect to
such sales.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;16.</B></TD>
    <TD>
    <B><I>Exhibits and Financial Statement Schedules</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;The following exhibits are filed as part of this
Registration Statement:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2" align="center" nowrap><B>Exhibit No.</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Underwriting Agreement</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Selected Dealer Agreement</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Articles of Incorporation</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    By-laws</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Specimen Unit Certificate</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Specimen Common Stock Certificate</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Specimen Warrant Certificate</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Warrant Agreement between Continental Stock Transfer
    &#38; Trust Company and the Registrant</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Purchase Option to be granted to the Representative</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>5</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Opinion of Seyfarth Shaw LLP*</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Letter Agreement between the Registrant, Ferris, Baker Watts,
    Inc. and Ram Mukunda</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Letter Agreement between the Registrant, Ferris, Baker Watts,
    Inc. and John Cherin</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Letter Agreement between the Registrant, Ferris, Baker Watts,
    Inc. and Ranga Krishna</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Investment Management Trust Agreement between
    Continental Stock Transfer &#38; Trust Company and the Registrant</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Promissory Note issued by the Registrant to Ram Mukunda</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Stock Escrow Agreement among the Registrant, Ram
    Mukunda, John Cherin and Continental Stock Transfer &#38; Trust
    Company</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Registration Rights Agreement among the Registrant and
    each of the existing stock-holders</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Warrant Purchase Agreement among Ferris, Baker Watts,
    Inc. and one or more of the Initial Stockholders*</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.9</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Office Service Agreement between the Registrant and
    Integrated Global Networks, LLC</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.10</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Letter Advisory Agreement between the Registrant and Ferris,
    Baker Watts, Inc.</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Goldstein Golub Kessler LLP.</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Seyfarth Shaw LLP (incorporated by reference from
    Exhibit&nbsp;5.1)*</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
*&nbsp;To be filed by amendment.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;17.</B></TD>
    <TD>
    <B><I>Undertakings</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;The undersigned registrant hereby undertakes:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    i.&nbsp;To include any prospectus required by
    Section&nbsp;10(a)(3) of the Securities Act of 1933;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    ii.&nbsp;To reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in the registration</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">II-6

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    statement. Notwithstanding the foregoing, any increase or
    decrease in volume of securities offered (if the total dollar
    value of securities offered would not exceed that which was
    registered) and any deviation from the low or high end of the
    estimated maximum offering range may be reflected in the form of
    prospectus filed with the Commission pursuant to
    Rule&nbsp;424(b) if, in the aggregate, the changes in volume and
    price represent no more than a 20&nbsp;percent change in the
    maximum aggregate offering price set forth in the
    &#147;Calculation of Registration Fee&#148; table in the
    effective registration statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    iii.&nbsp;To include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;That, for the purpose of determining any liability
    under the Securities Act of 1933, each such post-effective
    amendment shall be deemed to be a new registration statement
    relating to the securities offered therein, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;To remove from registration by means of a
    post-effective amendment any of the securities being registered
    which remain unsold at the termination of the offering.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;The undersigned registrant hereby undertakes to provide
to the underwriter at the closing specified in the underwriting
agreements, certificates in such denominations and registered in
such names as required by the underwriter to permit prompt
delivery to each purchaser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;Insofar as indemnification for liabilities arising
under the Securities Act of 1933 may be permitted to directors,
officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the
registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in
the Act and will be governed by the final adjudication of such
issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;The undersigned registrant hereby undertakes that:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;For purposes of determining any liability under the
    Securities Act of 1933, the information omitted from the form of
    prospectus filed as part of this registration statement in
    reliance upon Rule&nbsp;430A and contained in a form of
    prospectus filed by the registrant pursuant to
    Rule&nbsp;424(b)(1) or (4)&nbsp;or 497(h) under the Securities
    Act shall be deemed to be part of this registration statement as
    of the time it was declared effective.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;For the purpose of determining any liability under the
    Securities Act of 1933, each post-effective amendment that
    contains a form of prospectus shall be deemed to be a new
    registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">II-7

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, the
Registrant has duly caused this registration statement to be
signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Bethesda, in the state of Maryland on
May&nbsp;13, 2005.
</DIV>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    India Globalization Fund, Inc.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="center">
    /s/ Ram Mukunda</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    Ram Mukunda</TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    <B>Chief Executive Officer and President</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons
in the capacities and on the dates indicated. This document may
be executed by the signatories hereto on any number of
counterparts, all of which shall constitute one and the same
instrument.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Date</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Ram Mukunda<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>Ram
    Mukunda</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Chairman, Chief Executive Officer and President<BR>
    (Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    May&nbsp;13, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ John Cherin<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>John
    Cherin</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Chief Financial Officer, Treasurer,<BR>
    Secretary and Director<BR>
    (Principal Financial and Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    May&nbsp;13, 2005</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">II-8
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>c95282exv1w1.htm
<DESCRIPTION>FORM OF UNDERWRITING AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv1w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="center" style="font-size: 10pt"><B>UNDERWRITING AGREEMENT</B>



<P align="center" style="font-size: 10pt"><B>between</B>



<P align="center" style="font-size: 10pt"><B>INDIA GLOBALIZATION CAPITAL, INC.</B>



<P align="center" style="font-size: 10pt"><B>and</B>



<P align="center" style="font-size: 10pt"><B>FERRIS, BAKER WATTS<BR>
INCORPORATED</B>



<P align="center" style="font-size: 10pt"><B>Dated: </B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>, 2005</B>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="center" style="font-size: 10pt"><B>INDIA GLOBALIZATION CAPITAL, INC.</B>



<P align="center" style="font-size: 10pt"><U><B>UNDERWRITING AGREEMENT</B></U>



<P align="right" style="font-size: 10pt">Baltimore, Maryland<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2005



<P align="left" style="font-size: 10pt">Ferris, Baker Watts, Inc.<BR>
100 Light Street<BR>
Baltimore, MD 21202

<P align="left" style="font-size: 10pt">Dear Sirs:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, India Globalization Capital, Inc., a Maryland corporation (&#147;<B>Company</B>&#148;), hereby
confirms its agreement with Ferris, Baker Watts, Inc. (hereinafter referred to as &#147;<B>you</B>,&#148; &#147;<B>FBW</B>&#148; or
the &#147;<B>Representative</B>&#148;) and with the other underwriters named on <I>Schedule&nbsp;I </I>hereto for which FBW is
acting as Representative (the Representative and the other Underwriters being collectively called
the &#147;<B>Underwriters</B>&#148; or, individually, an &#147;<B>Underwriter</B>&#148;) as follows:

<P align="left" style="font-size: 10pt">1. <U>Purchase and Sale of Securities</U>.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <U>Firm Securities</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1 <U>Purchase of Firm Securities</U>. On the basis of the representations and warranties
herein contained, but subject to the terms and conditions herein set forth, the Company agrees to
issue and sell, severally and not jointly, to the several Underwriters, an aggregate of 20,000,000
units (&#147;<B>Firm Units</B>&#148;) of the Company at a purchase price (net of discounts and commissions) of $5.64
per Firm Unit. The Underwriters, severally and not jointly, agree to purchase from the Company the
number of Firm Securities set forth opposite their respective names on <I>Schedule&nbsp;I </I>attached hereto
and made a part hereof at a purchase price (net of discounts and commissions) of $5.64 per share.
The Units are to be offered initially to the public (the &#147;<B>Offering</B>&#148;) at the offering price set
forth on the cover page of the Prospectus (as defined in Section&nbsp;2.1.1 hereof). Each Firm Unit
consists of one share of the Company&#146;s common stock, par value $.0001 per share (the &#147;<B>Common
Stock</B>&#148;), and two warrants (&#147;<B>Warrant(s)</B>&#148;). The shares of Common Stock and the Warrants included in
the Firm Units will not be separately transferable until 90&nbsp;days after the effective date (the
&#147;<B>Effective Date</B>&#148;) of the Registration Statement (as defined in Section&nbsp;2.1.1 hereof) unless FBW
informs the Company of its decision to allow earlier separate trading, but in no event will FBW
allow separate trading until the preparation of an audited balance sheet of the Company reflecting
receipt by the Company of the proceeds of the Offering. Each Warrant entitles its holder to
exercise it to purchase one share of Common Stock for $5.00 during the period commencing on the
later of the consummation by the Company of its &#147;Business Combination&#148; or one year from the
Effective Date of the Registration Statement and terminating on the five-year anniversary of the
Effective Date. &#147;<B>Business Combination</B>&#148; shall mean any merger, capital stock exchange, asset
acquisition or other similar business combination consummated by the Company with a company which
has its primary operations located in India (as described more fully in the Registration
Statement).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2 <U>Payment and Delivery</U>. Delivery and payment for the Firm Units shall be made at
10:00&nbsp;A.M., Baltimore time, on the third business day following the Effective Date of the
Registration Statement (or the fourth business day following the Effective Date, if the
Registration Statement is


<P align="center" style="font-size: 10pt">1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>


<P align="left" style="font-size: 10pt">declared effective after 4:30 p.m.) or at such earlier time as shall be
agreed upon by the Representative and the Company at the offices of the Representative or at such
other place as shall be agreed upon by the
Representative and the Company. The hour and date of delivery and payment for the Firm Units
is called the &#147;<B>Closing Date</B>.&#148; Payment for the Firm Units shall be made on the Closing Date at the
Representative&#146;s election by wire transfer in Federal (same day) funds or by certified or bank
cashier&#146;s check(s) in Clearing House funds, payable as follows:
$107,498,000 of the proceeds
received by the Company for the Firm Units shall be deposited in the trust fund established by the
Company for the benefit of the public stockholders as described in the Registration Statement
(&#147;<B>Trust Fund</B>&#148;) pursuant to the terms of an Investment Management Trust Agreement (the &#147;<B>Trust
Agreement</B>&#148;) and the remaining proceeds shall be paid to the order of the Company upon delivery to
you of certificates (in form and substance satisfactory to the Underwriters) representing the Firm
Units (or through the facilities of the Depository Trust Company (the &#147;<B>DTC</B>&#148;)) for the account of
the Underwriters. The Firm Units shall be registered in such name or names and in such authorized
denominations as the Representative may request in writing at least two full business days prior to
the Closing Date. The Company will permit the Representative to examine and package the Firm Units
for delivery, at least one full business day prior to the Closing Date. The Company shall not be
obligated to sell or deliver the Firm Units except upon tender of payment by the Representative for
all the Firm Units.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <U>Over-Allotment Option</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 <U>Option Units</U>. For the purposes of covering any over-allotments in connection
with the distribution and sale of the Firm Units, the Underwriters are hereby granted, severally
and not jointly, an option to purchase up to an additional 3,000,000 units from the Company (the
&#147;<B>Over-allotment Option</B>&#148;). Such additional 3,000,000 units are hereinafter referred to as &#147;<B>Option
Units</B>.&#148; The Firm Units and the Option Units are hereinafter collectively referred to as the
&#147;<B>Units</B>,&#148; and the Units, the shares of Common Stock and the Warrants included in the Units and the
shares of Common Stock issuable upon exercise of the Warrants are hereinafter referred to
collectively as the &#147;<B>Public Securities</B>.&#148; The purchase price to be paid for the Option Units will
be the same price per Option Unit as the price per Firm Unit set forth in Section&nbsp;1.1.1 hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 <U>Exercise of Option</U>. The Over-allotment Option granted pursuant to Section&nbsp;1.2.1
hereof may be exercised by the Representative as to all (at any time) or any part (from time to
time) of the Option Units within 45&nbsp;days after the Effective Date. The Underwriters will not be
under any obligation to purchase any Option Units prior to the exercise of the Over-allotment
Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to
the Company from the Representative, which must be confirmed in writing by overnight mail or
facsimile transmission setting forth the number of Option Units to be purchased and the date and
time for delivery of and payment for the Option Units, which will not be later than five full
business days after the date of the notice or such other time as shall be agreed upon by the
Company and the Representative, at the offices of the Representative or at such other place as
shall be agreed upon by the Company and the Representative. If such delivery and payment for the
Option Units does not occur on the Closing Date, the date and time of the closing for such Option
Units will be as set forth in the notice (hereinafter the &#147;<B>Option Closing Date</B>&#148;). Upon exercise of
the Over-allotment Option, the Company will become obligated to convey to the Underwriters, and,
subject to the terms and conditions set forth herein, the Underwriters will become obligated to
purchase, the number of Option Units specified in such notice.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 <U>Payment and Delivery</U>. Payment for the Option Units will be at the
Representative&#146;s election by wire transfer in Federal (same day) funds or by certified or bank
cashier&#146;s check(s) in Clearing House funds, payable to the Trust Fund at the offices of the
Representative or at such other place as shall be agreed upon by the Representative and the Company
upon delivery to you of certificates representing such securities (or through the facilities of
DTC) for the account of the Underwriters. The certificates representing the Option Units to be
delivered will be in such denominations and registered in such names as the Representative requests
not less than two full business


<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>


<P align="left" style="font-size: 10pt">days prior to the Closing Date or the Option Closing Date, as the
case may be, and will be made available to the Representative for inspection, checking and
packaging at the aforesaid office of the Company&#146;s transfer agent or correspondent not less than
one full business day prior to such Closing Date.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <U>Representative&#146;s Purchase Option</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1 <U>Purchase Option</U>. The Company hereby agrees to issue and sell to the
Representative (and/or their designees) on the Effective Date an option (&#147;<B>Representative&#146;s Purchase
Option</B>&#148;) for the purchase of an aggregate of 1,500,000 units (the &#147;<B>Representative&#146;s Units</B>&#148;) for an
aggregate purchase price of $100.00. Each of the Representative&#146;s Units is identical to the Firm
Units, except that the Warrants included in the Representative&#146;s Units (&#147;<B>Representatives Warrants</B>&#148;)
have an exercise price of $6.25 (125% of the exercise price of the Warrants included in the units
sold to the public). The Representative&#146;s Purchase Option shall be exercisable, in whole or in
part, commencing on the later of the consummation of a Business Combination or one year from the
Effective Date and expiring on the five-year anniversary of the Effective Date at an initial
exercise price per Representative&#146;s Unit of $7.50, which is equal to one hundred and twenty five
percent (125%) of the initial public offering price of a Unit. The Representative&#146;s Purchase
Option, the Representative&#146;s Units, the Warrants included in the Representative&#146;s Units (the
&#147;<B>Representative&#146;s Warrants</B>&#148;) and the shares of Common Stock issuable upon exercise of the
Representative&#146;s Warrants are hereinafter referred to collectively as the &#147;<B>Representative&#146;s
Securities</B>.&#148; The Public Securities and the Representative&#146;s Securities are hereinafter referred to
collectively as the &#147;<B>Securities</B>.&#148; The Representative understands and agrees that there are
significant restrictions against transferring the Representative&#146;s Purchase Option during the first
year after the Effective Date, as set forth in Section&nbsp;3 of the Representative&#146;s Purchase Option.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2 <U>Delivery and Payment</U>. Delivery and payment for the Representative&#146;s Purchase
Option shall be made on the Closing Date. The Company shall deliver to the Underwriters, upon
payment therefor, certificates for the Representative&#146;s Purchase Option in the name or names and in
such authorized denominations as the Underwriters may request.

<P align="left" style="font-size: 10pt">2. <U>Representations and Warranties of the Company</U>. The Company represents and warrants to
the Underwriters as follows:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <U>Filing of Registration Statement</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 <U>Pursuant to the Act</U>. The Company has filed with the Securities and Exchange
Commission (&#147;<B>Commission</B>&#148;) a registration statement and an amendment or amendments thereto, on Form
S-1 (File No.&nbsp;333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>), including any related preliminary prospectus (the &#147;<B>Preliminary
Prospectus</B>&#148;), for the registration of the Public Securities under the Securities Act of 1933, as
amended (&#147;<B>Act</B>&#148;), which registration statement and amendment or amendments have been prepared by the
Company in conformity with the requirements of the Act, and the rules and regulations
(&#147;<B>Regulations</B>&#148;) of the Commission under the Act. Except as the context may otherwise require, such
registration statement, as amended, on file with the Commission at the time the registration
statement becomes effective (including the prospectus, financial statements, schedules, exhibits
and all other documents filed as a part thereof or incorporated therein and all information deemed
to be a part thereof as of such time pursuant to paragraph (b)&nbsp;of Rule&nbsp;430A of the Regulations), is
hereinafter called the &#147;<B>Registration Statement</B>,&#148; and the form of the final prospectus dated the
Effective Date included in the Registration Statement (or, if applicable, the form of final
prospectus filed with the Commission pursuant to Rule&nbsp;424 of the Regulations), is hereinafter
called the &#147;<B>Prospectus</B>.&#148; The Registration Statement has been declared effective by the Commission
on the date hereof.


<P align="center" style="font-size: 10pt">3
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 <U>Pursuant to the Exchange Act</U>. The Company has filed with the Commission a Form
8-A (File Number 000-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) providing for the registration under the Securities Exchange Act of
1934, as amended (the &#147;<B>Exchange Act</B>&#148;), of the Units, the Common Stock and the Warrants. The
registration of the Units, Common Stock and Warrants under the Exchange Act has been declared
effective by the Commission on the date hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <U>No Stop Orders, Etc.</U> Neither the Commission nor, to the best of the Company&#146;s
knowledge, any state regulatory authority has issued any order preventing or suspending the use of
any Preliminary Prospectus or has instituted or, to the best of the Company&#146;s knowledge, threatened
to institute any proceedings with respect to such an order.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <U>Disclosures in Registration Statement</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 <U>10b-5 Representation</U>. At the time the Registration Statement becomes effective
and at all times subsequent thereto up to the Closing Date and the Option Closing Date, if any, the
Registration Statement and the Prospectus will contain all material statements that are required to
be stated therein in accordance with the Act and the Regulations, and will in all material respects
conform to the requirements of the Act and the Regulations; neither the Registration Statement nor
the Prospectus, nor any amendment or supplement thereto, on such dates, will contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading. When any Preliminary Prospectus was first filed with the Commission (whether filed
as part of the Registration Statement for the registration of the Securities or any amendment
thereto or pursuant to Rule 424(a) of the Regulations) and when any amendment thereof or supplement
thereto was first filed with the Commission, such Preliminary Prospectus and any amendments thereof
and supplements thereto complied or will comply in all material respects with the applicable
provisions of the Act and the Regulations and did not and will not contain an untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary in
order to make the statements therein, in light of the circumstances under which they were made, not
misleading. The representation and warranty made in this Section&nbsp;2.3.1 does not apply to
statements made or statements omitted in reliance upon and in conformity with written information
furnished to the Company with respect to the Underwriters by the Representative expressly for use
in the Registration Statement or Prospectus or any amendment thereof or supplement thereto.


<P align="center" style="font-size: 10pt">4
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 <U>Disclosure of Agreements</U>. The agreements and documents described in the
Registration Statement and the Prospectus conform to the descriptions thereof contained therein and
there are no agreements or other documents required to be described in the Registration Statement
or the Prospectus or to be filed with the Commission as exhibits to the Registration Statement,
that have not been so described or filed. Each agreement or other instrument (however
characterized or described) to which the Company is a party or by which its property or business is
or may be bound or affected and (i)&nbsp;that is referred to in the Prospectus, or (ii)&nbsp;is material to
the Company&#146;s business, has been duly and validly executed by the Company, is in full force and
effect in all material respects and is enforceable against the Company and, to the Company&#146;s
knowledge, the other parties thereto, in accordance with its terms, except (x)&nbsp;as such
enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting
creditors&#146; rights generally, (y)&nbsp;as enforceability of any indemnification or contribution provision
may be limited under the federal and state securities laws, and (z)&nbsp;that the remedy of specific
performance and injunctive and other forms of equitable relief may be subject to the equitable
defenses and to the discretion of the court before which any proceeding therefor may be brought,
and none of such agreements or instruments has been assigned by the Company, and neither the
Company nor, to the best of the Company&#146;s knowledge, any other party is in default thereunder and,
to the best of the Company&#146;s knowledge, no event has occurred that, with the lapse of time or the
giving of notice, or both, would constitute a default thereunder. To the best of the Company&#146;s
knowledge, performance by the Company of the material provisions of such agreements or instruments
will not result in a violation of any existing applicable law, rule, regulation, judgment, order or
decree of any governmental agency or court, domestic or foreign, having jurisdiction over the
Company or any of its assets or businesses, including, without limitation, those relating to
environmental laws and regulations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3 <U>Prior Securities Transactions</U>. No securities of the Company have been sold by
the Company or by or on behalf of, or for the benefit of, any person or persons controlling,
controlled by, or under common control with the Company within the three years prior to the date
hereof, except as disclosed in the Registration Statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.4 <U>Regulations</U>. The disclosures in the Registration Statement concerning the
effects of Federal, State and local regulation and any foreign regulation on the Company&#146;s business
as currently contemplated are correct in all material respects and do not omit to state a material
fact necessary to make the statements therein, in light of the circumstances in which they were
made, not misleading.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <U>Changes After Dates in Registration Statement</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1 <U>No Material Adverse Change</U>. Since the respective dates as of which information
is given in the Registration Statement and the Prospectus, except as otherwise specifically stated
therein: (i)&nbsp;there has been no material adverse change in the condition, financial or otherwise, or
business prospects of the Company; (ii)&nbsp;there have been no material transactions entered into by
the Company, other than as contemplated pursuant to this Agreement; and (iii)&nbsp;no member of the
Company&#146;s management has resigned from any position with the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2 <U>Recent Securities Transactions, Etc.</U> Subsequent to the respective dates as of
which information is given in the Registration Statement and the Prospectus, and except as may
otherwise be indicated or contemplated herein or therein, the Company has not: (i)&nbsp;issued any
securities or incurred any liability or obligation, direct or contingent, for borrowed money; or
(ii)&nbsp;declared or paid any dividend or made any other distribution on or in respect to its capital
stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <U>Independent Accountants</U>. To the knowledge of the Company, Goldstein Golub Kessler
LLP (&#147;<B>GGK</B>&#148;), whose report is filed with the Commission as part of the Registration Statement, are
independent accountants as required by the Act and the Regulations. GGK has not, during the
periods


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<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>


<P align="left" style="font-size: 10pt">covered by the financial statements included in the Prospectus, provided to the Company any
non-audit services, as such term is used in Section&nbsp;10A(g) of the Exchange Act.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <U>Financial Statements</U>. The financial statements, including the notes thereto and
supporting schedules included in the Registration Statement and Prospectus fairly present the
financial position and the results of operations of the Company at the dates and for the periods to
which they apply; and such financial statements have been prepared in conformity with generally
accepted accounting principles, consistently applied throughout the periods involved; and the
supporting schedules included in the Registration Statement present fairly the information required
to be stated therein. The Registration Statement discloses all material off-balance sheet
transactions, arrangements, obligations (including contingent obligations), and other relationships
of the Company with unconsolidated entities or other persons that may have a material current or
future effect on the Company&#146;s financial condition, changes in financial condition, results of
operations, liquidity, capital expenditures, capital resources, or significant components of
revenues or expenses.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <U>Authorized Capital; Options, Etc.</U> The Company had at the date or dates indicated
in the Prospectus duly authorized, issued and outstanding capitalization as set forth in the
Registration Statement and the Prospectus. Based on the assumptions stated in the Registration
Statement and the Prospectus, the Company will have on the Closing Date the adjusted stock
capitalization set forth therein. Except as set forth in, or contemplated by, the Registration
Statement and the Prospectus, on the Effective Date and on the Closing Date, there will be no
options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued
shares of Common Stock of the Company or any security convertible into shares of Common Stock of
the Company, or any contracts or commitments to issue or sell shares of Common Stock or any such
options, warrants, rights or convertible securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <U>Valid Issuance of Securities, Etc.</U>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.1 <U>Outstanding Securities</U>. All issued and outstanding securities of the Company
have been duly authorized and validly issued and are fully paid and non-assessable; the holders
thereof have no rights of rescission with respect thereto, and are not subject to personal
liability by reason of
being such holders; and none of such securities were issued in violation of the preemptive
rights of any holders of any security of the Company or similar contractual rights granted by the
Company. The authorized Common Stock conforms to all statements relating thereto contained in the
Registration Statement and the Prospectus. The offers and sales of the outstanding Common Stock
were at all relevant times either registered under the Act and the applicable state securities or
Blue Sky laws or, based in part on the representations and warranties of the purchasers of such
shares of Common Stock, exempt from such registration requirements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.2 <U>Securities Sold Pursuant to this Agreement</U>. The Securities have been duly
authorized and, when issued and paid for, will be validly issued, fully paid and non-assessable;
the holders thereof are not and will not be subject to personal liability by reason of being such
holders; the Securities are not and will not be subject to the preemptive rights of any holders of
any security of the Company or similar contractual rights granted by the Company; and all corporate
action required to be taken for the authorization, issuance and sale of the Securities has been
duly and validly taken. The Securities conform in all material respects to all statements with
respect thereto contained in the Registration Statement. When issued, the Representative&#146;s
Purchase Option, the Representative&#146;s Warrants and the Warrants will constitute valid and binding
obligations of the Company to issue and sell, upon exercise thereof and payment of the respective
exercise prices therefor, the number and type of securities of the Company called for thereby in
accordance with the terms thereof and such Representative&#146;s Purchase Option, the Representative&#146;s
Warrants and the Warrants are enforceable against the Company in accordance with their respective
terms, except: (i)&nbsp;as such enforceability may be limited by bankruptcy, insolvency, reorganization
or similar laws affecting creditors&#146; rights generally; (ii)&nbsp;as enforceability of any
indemnification or contribution provision may be limited under the federal and


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<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>


<P align="left" style="font-size: 10pt">state securities
laws; and (iii)&nbsp;that the remedy of specific performance and injunctive and other forms of equitable
relief may be subject to the equitable defenses and to the discretion of the court before which any
proceeding therefor may be brought.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <U>Registration Rights of Third Parties</U>. Except as set forth in the Prospectus, no
holders of any securities of the Company or any rights exercisable for or convertible or
exchangeable into securities of the Company have the right to require the Company to register any
such securities of the Company under the Act or to include any such securities in a registration
statement to be filed by the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <U>Validity and Binding Effect of Agreements</U>. This Agreement, the Warrant Agreement
(as defined in Section&nbsp;2.21 hereof), the Trust Agreement, the Services Agreement (as defined in
Section&nbsp;3.7.2 hereof), the Advisory Agreement (as defined in Section&nbsp;2.25 hereof) and the Escrow
Agreement (as defined in Section&nbsp;2.22.2 hereof) have been duly and validly authorized by the
Company and constitute, and the Representative&#146;s Purchase Option, has been duly and validly
authorized by the Company and, when executed and delivered, will constitute, the valid and binding
agreements of the Company, enforceable against the Company in accordance with their respective
terms, except: (i)&nbsp;as such enforceability may be limited by bankruptcy, insolvency, reorganization
or similar laws affecting creditors&#146; rights generally; (ii)&nbsp;as enforceability of any
indemnification or contribution provision may be limited under the federal and state securities
laws; and (iii)&nbsp;that the remedy of specific performance and injunctive and other forms of equitable
relief may be subject to the equitable defenses and to the discretion of the court before which any
proceeding therefor may be brought.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <U>No Conflicts, Etc.</U> The execution, delivery, and performance by the Company of
this Agreement, the Warrant Agreement, the Representative&#146;s Purchase Option, the Trust Agreement,
the Advisory Agreement, the Service Agreement and the Escrow Agreement, the consummation by the
Company of the transactions herein and therein contemplated and the compliance by the Company with
the terms hereof and thereof do not and will not, with or without the giving of notice or the lapse
of time or both: (i)&nbsp;result in a material breach of, or conflict with any of the terms and
provisions of, or constitute a material default under, or result in the creation, modification,
termination or imposition of any lien, charge or encumbrance upon any property or assets of the
Company pursuant to the terms of any agreement or instrument to which the Company is a party except
pursuant to the Trust Agreement referred to in Section&nbsp;2.23 hereof; (ii)&nbsp;result in any violation of
the provisions of the Articles of Incorporation or
the By-Laws of the Company; or (iii)&nbsp;violate any existing applicable law, rule, regulation,
judgment, order or decree of any governmental agency or court, domestic or foreign, having
jurisdiction over the Company or any of its properties or business constituted as of the date
hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <U>No Defaults; Violations</U>. No default exists in the due performance and observance
of any term, covenant or condition of any material license, contract, indenture, mortgage, deed of
trust, note, loan or credit agreement, or any other agreement or instrument evidencing an
obligation for borrowed money, or any other material agreement or instrument to which the Company
is a party or by which the Company may be bound or to which any of the properties or assets of the
Company is subject. The Company is not in violation of any term or provision of its Articles of
Incorporation, as may be amended from time to time, or Bylaws or in violation of any franchise,
license, permit, applicable law, rule, regulation, judgment or decree of any governmental agency or
court, domestic or foreign, having jurisdiction over the Company or any of its properties or
businesses.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 <U>Corporate Power; Licenses; Consents.</U>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13.1 <U>Conduct of Business</U>. Except as described in the Prospectus, the Company has
all requisite corporate power and authority, and has all necessary authorizations, approvals,
orders, licenses, certificates and permits of and from all governmental regulatory officials and
bodies that it needs as of the date hereof to conduct its business purpose as described in the
Prospectus. The disclosures in the Registration Statement concerning the effects of federal,
state, local and foreign regulation on this


<P align="center" style="font-size: 10pt">7
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>


<P align="left" style="font-size: 10pt">offering and the Company&#146;s business purpose as
currently contemplated are correct in all material respects and do not omit to state a material
fact required to be stated therein or necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13.2 <U>Transactions Contemplated Herein</U>. The Company has all corporate power and
authority to enter into this Agreement and to carry out the provisions and conditions hereof, and
all consents, authorizations, approvals and orders required in connection therewith have been
obtained. No consent, authorization or order of, and no filing with, any court, government agency
or other body is required for the valid issuance, sale and delivery, of the Securities and the
consummation of the transactions and agreements contemplated by this Agreement, the Warrant
Agreement, the Representative&#146;s Purchase Option, the Trust Agreement, the Services Agreement, the
Advisory Agreement and the Escrow Agreement and as contemplated by the Prospectus, except with
respect to applicable federal and state securities laws.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 <U>D&#038;O Questionnaires</U>. To the Company&#146;s knowledge, all information contained in the
questionnaires (the &#147;<B>Questionnaires</B>&#148;) completed by each of the Company&#146;s stockholders immediately
prior to the Offering (the &#147;<B>Initial Stockholders</B>&#148;) and provided to the Underwriters as an exhibit
to his or her Insider Letter (as defined in Section&nbsp;2.22.1) is true and correct in all respects and
the Company has not become aware of any information which would cause the information disclosed in
the questionnaires completed by each Initial Stockholder to become inaccurate and incorrect.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 <U>Litigation; Governmental Proceedings</U>. There is no action, suit, proceeding,
inquiry, arbitration, investigation, litigation or governmental proceeding pending or, to the
Company&#146;s knowledge, threatened against, or involving the Company or, to the Company&#146;s knowledge,
any Initial Stockholder which has not been disclosed in the Registration Statement or the
Questionnaires.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 <U>Good Standing</U>. The Company has been duly organized and is validly existing as a
corporation and is in good standing under the laws of its state of incorporation as of the date
hereof, and is duly qualified to do business and is in good standing as a foreign corporation in
each jurisdiction in which its ownership or lease of property or the conduct of business requires
such qualification.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 <U>Stop Orders</U>. The Commission has not issued any order preventing or suspending
the use of any Preliminary Prospectus or Prospectus or any part thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 <U>Transactions Affecting Disclosure to NASD</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18.1 <U>Finder&#146;s Fees</U>. Except as described in the Prospectus, there are no claims,
payments, arrangements, agreements or understandings relating to the payment of a finder&#146;s,
consulting or origination fee by the Company or any Initial Stockholder with respect to the sale of
the Securities hereunder or any other arrangements, agreements or understandings of the Company or,
to the Company&#146;s knowledge, any Initial Stockholder that may affect the Underwriters&#146; compensation,
as determined by the National Association of Securities Dealers, Inc. (the &#147;<B>NASD</B>&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18.2 <U>Payments Within Twelve Months</U>. The Company has not made any direct or indirect
payments (in cash, securities or otherwise) to: (i)&nbsp;any person, as a finder&#146;s fee, consulting fee
or otherwise, in consideration of such person raising capital for the Company or introducing to the
Company persons who raised or provided capital to the Company; (ii)&nbsp;to any NASD member; or (iii)&nbsp;to
any person or entity that has any direct or indirect affiliation or association with any NASD
member, within the twelve months prior to the Effective Date, other than payments to FBW.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18.3 <U>Use of Proceeds</U>. None of the net proceeds of the Offering will be paid by the
Company to any participating NASD member or its affiliates, except as specifically authorized
herein and except as may be paid in connection with a Business Combination as contemplated by the
Prospectus.


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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18.4 <U>Initial Stockholders&#146; NASD Affiliation</U>. Based on questionnaires distributed to
such persons, no officer, director or any beneficial owner of the Company&#146;s unregistered securities
has any direct or indirect affiliation or association with any NASD member. The Company will
advise the Representative and its counsel if it learns that any officer, director or owner of at
least 5% of the Company&#146;s outstanding Common Shares is or becomes an affiliate or associated person
of an NASD member participating in the offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 <U>Foreign Corrupt Practices Act</U>. Neither the Company nor any of the Initial
Stockholders or any other person acting on behalf of the Company has, directly or indirectly, given
or agreed to give any money, gift or similar benefit (other than legal price concessions to
customers in the ordinary course of business) to any customer, supplier, employee or agent of a
customer or supplier, or official or employee of any governmental agency or instrumentality of any
government (domestic or foreign) or any political party or candidate for office (domestic or
foreign) or any political party or candidate for office (domestic or foreign) or other person who
was, is, or may be in a position to help or hinder the business of the Company (or assist it in
connection with any actual or proposed transaction) that (i)&nbsp;might subject the Company to any
damage or penalty in any civil, criminal or governmental litigation or proceeding, (ii)&nbsp;if not
given in the past, might have had a material adverse effect on the assets, business or operations
of the Company as reflected in any of the financial statements contained in the Prospectus or (iii)
if not continued in the future, might adversely affect the assets, business, operations or
prospects of the Company. The Company&#146;s internal accounting controls and procedures are sufficient
to cause the Company to comply with the Foreign Corrupt Practices Act of 1977, as amended.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20. <U>Officers&#146; Certificate</U>. Any certificate signed by any duly authorized officer of
the Company and delivered to you or to your counsel shall be deemed a representation and warranty
by the Company to the Underwriters as to the matters covered thereby.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 <U>Warrant Agreement</U>. The Company has entered into a warrant agreement with respect
to the Warrants and the Representative&#146;s Warrants with Continental Stock Transfer &#038; Trust Company
substantially in the form filed as an exhibit to the Registration Statement (the &#147;<B>Warrant
Agreement</B>&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 <U>Agreements With Initial Stockholders</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22.1 <U>Insider Letters</U>. The Company has caused to be duly executed legally binding
and enforceable agreements (except (i)&nbsp;as such enforceability may be limited by bankruptcy,
insolvency, reorganization or similar laws affecting creditors&#146; rights generally, (ii)&nbsp;as
enforceability of any
indemnification, contribution or noncompete provision may be limited under the federal and
state securities laws, and (iii)&nbsp;that the remedy of specific performance and injunctive and other
forms of equitable relief may be subject to the equitable defenses and to the discretion of the
court before which any proceeding therefor may be brought) annexed as
Exhibits 10.1, 10.2 and 10.3,
to the Registration Statement (the &#147;<B>Insider Letter</B>&#148;), pursuant to which each of the Initial
Stockholders of the Company agree to certain matters, including but not limited to, certain matters
described as being agreed to by them under the &#147;Proposed Business&#148; Section of the Prospectus.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22.2 <U>Escrow Agreement</U>. The Company has caused the Initial Stockholders to enter
into an escrow agreement (the &#147;<B>Escrow Agreement</B>&#148;) with Continental Stock Transfer &#038; Trust Company
(the &#147;<B>Escrow Agent</B>&#148;) in form and substance satisfactory to the Underwriters, whereby the Common
Stock owned by the Initial Stockholders will be held in escrow by the Escrow Agent, until six
months after the consummation of a Business Combination. During such escrow period, the Initial
Stockholders shall be prohibited from selling or otherwise transferring such shares (except to
spouses and children of Initial Stockholders and trusts established for their benefit and as
otherwise set forth in the Escrow Agreement), but will retain the right to vote such shares. The
Escrow Agreement shall not be amended, modified or otherwise changed without the prior written
consent of FBW.


<P align="center" style="font-size: 10pt">9
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 <U>Investment Management Trust Agreement</U>. The Company has entered into the Trust
Agreement with respect to certain proceeds of the Offering in form and substance satisfactory to
the Underwriters.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 <U>Covenants Not to Compete</U>. No Initial Stockholder of the Company is subject to
any noncompetition agreement with any employer or prior employer which could materially affect his
ability to be an Initial Stockholder, employee, officer and/or director of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 <U>Financial Advisory Agreement</U>. The Company has entered into the Financial
Advisory Agreement with the Representative (the &#147;<B>Advisory Agreement</B>&#148;), in form and substance
satisfactory to the Representative, whereby FBW will serve as our exclusive financial advisor in
connection with a Business Combination for a period of two years from the effective date of this
offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 <U>Investments</U>. No more than 45% of the &#147;value&#148; (as defined in Section&nbsp;2(a)(41) of
the Investment Company Act of 1940 (the &#147;<B>Investment Company Act</B>&#148;)) of the Company&#146;s total assets
consist of, and no more than 45% of the Company&#146;s net income after taxes is derived from,
securities other than &#147;Government securities&#148; (as defined in Section&nbsp;2(a)(16) of the Investment
Company Act).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 <U>Subsidiaries</U>. The Company does not own an interest in any corporation,
partnership, limited liability company, joint venture, trust or other business entity.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 <U>Related Party Transactions</U>. There are no business relationships or related party
transactions involving the Company or any other person required to be described in the Prospectus
that have not been described as required.

<P align="left" style="font-size: 10pt">3. <U>Covenants of the Company</U>. The Company covenants and agrees as follows:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <U>Amendments to Registration Statement</U>. The Company will deliver to the
Representative, prior to filing, any amendment or supplement to the Registration Statement or
Prospectus proposed to be filed after the Effective Date and not file any such amendment or
supplement to which the Representative shall reasonably object in writing.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <U>Federal Securities Laws</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 <U>Compliance</U>. During the time when a Prospectus is required to be delivered under
the Act, the Company will use its best efforts to comply with all requirements imposed upon it by
the Act, the Regulations and the Exchange Act and by the regulations under the Exchange Act, as
from time to time in force, so far as necessary to permit the continuance of sales of or dealings
in the Public Securities in accordance with the provisions hereof and the Prospectus. If at any
time when a Prospectus relating to the Public Securities is required to be delivered under the Act,
any event shall have occurred as a result of which, in the opinion of counsel for the Company or
counsel for the Underwriters, the Prospectus, as then amended or supplemented, includes an untrue
statement of a material fact or omits to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading, or if it is necessary at any time to amend the Prospectus to comply with the Act,
the Company will notify the Representative promptly and prepare and file with the Commission,
subject to Section&nbsp;3.1 hereof, an appropriate amendment or supplement in accordance with Section&nbsp;10
of the Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 <U>Filing of Final Prospectus</U>. The Company will file the Prospectus (in form and
substance satisfactory to the Representative) with the Commission pursuant to the requirements of
Rule&nbsp;424 of the Regulations.


<P align="center" style="font-size: 10pt">10
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 <U>Exchange Act Registration</U>. For a period of five years from the Effective Date,
or until such earlier time upon which the Company is required to be liquidated, the Company will
use its best efforts to maintain the registration of the Units, Common Stock and Warrants under the
provisions of the Exchange Act. The Company will not deregister the Units under the Exchange Act
without the prior written consent of FBW.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <U>Blue Sky Filing</U>. The Company will endeavor in good faith, in cooperation with the
Representative, at or prior to the time the Registration Statement becomes effective, to qualify
the Public Securities for offering and sale under the securities laws of such jurisdictions as the
Representative may reasonably designate, provided that no such qualification shall be required in
any jurisdiction where, as a result thereof, the Company would be subject to service of general
process or to taxation as a foreign corporation doing business in such jurisdiction. In each
jurisdiction where such qualification shall be effected, the Company will, unless the
Representative agrees that such action is not at the time necessary or advisable, use all
reasonable efforts to file and make such statements or reports at such times as are or may be
required by the laws of such jurisdiction.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <U>Delivery to Underwriters of Prospectuses</U>. The Company will deliver to each of the
several Underwriters, without charge, from time to time during the period when the Prospectus is
required to be delivered under the Act or the Exchange Act such number of copies of each
Preliminary Prospectus and the Prospectus as such Underwriters may reasonably request and, as soon
as the Registration Statement or any amendment or supplement thereto becomes effective, deliver to
you two original executed Registration Statements, including exhibits, and all post-effective
amendments thereto and copies of all exhibits filed therewith or incorporated therein by reference
and all original executed consents of certified experts.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <U>Effectiveness and Events Requiring Notice to the Representative</U>. The Company will
use its best efforts to cause the Registration Statement to remain effective and will notify the
Representative immediately and confirm the notice in writing: (i)&nbsp;of the effectiveness of the
Registration Statement and any amendment thereto; (ii)&nbsp;of the issuance by the Commission of any
stop order or of the initiation, or the threatening, of any proceeding for that purpose; (iii)&nbsp;of
the issuance by any state securities commission of any proceedings for the suspension of the
qualification of the Public Securities for offering or sale in any jurisdiction or of the
initiation, or the threatening, of any proceeding for that purpose; (iv)&nbsp;of the mailing and
delivery to the Commission for filing of any amendment or supplement to the Registration Statement
or Prospectus; (v)&nbsp;of the receipt of any comments or request for any additional information from
the Commission; and (vi)&nbsp;of the happening of any event during the period described in Section&nbsp;3.4
hereof that, in the judgment of the Company, makes any statement of a material fact made in the
Registration Statement or the Prospectus untrue or that requires the making of any changes in the
Registration Statement or the Prospectus in order to make the statements therein, in light of the
circumstances under which they were made, not misleading. If the Commission or any state
securities commission shall enter a stop order or suspend such qualification at any time, the Company
will make every reasonable effort to obtain promptly the lifting of such order.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <U>Review of Financial Statements</U>. For a period of five years from the Effective
Date, or until such earlier upon which the Company is required to be liquidated, the Company, at
its expense, shall cause its regularly engaged independent certified public accountants to review
(but not audit) the Company&#146;s financial statements for each of the first three fiscal quarters
prior to the announcement of quarterly financial information, the filing of the Company&#146;s Form 10-Q
quarterly report and the mailing of quarterly financial information to stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <U>Transactions</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.1 <U>Business Combinations</U>. The Company will not consummate a Business Combination
with any entity which is affiliated with any Initial Stockholder unless the Company obtains


<P align="center" style="font-size: 10pt">11
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>


<P align="left" style="font-size: 10pt">an
opinion from an independent investment banking firm that the Business Combination is fair to the
Company&#146;s stockholders from a financial perspective.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.2 <U>Administrative Services</U>. The Company has entered into an agreement (the
&#147;<B>Services Agreement</B>&#148;) with Integrated Global Networks, LLC (the &#147;<B>Provider</B>&#148;), pursuant to which the
Provider will make available to the Company general and administrative services including office
space, utilities and secretarial support for an amount equal to $7,500.00 per month.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.3 <U>Affiliate Compensation</U>. The Company shall not pay any Initial Stockholder or
any of their affiliates any fees or compensation from the Company, for services rendered to the
Company prior to, or in connection with, the consummation of a Business Combination; <I>provided </I>that
the Initial Stockholders shall be entitled to reimbursement from the Company for their
out-of-pocket expenses incurred in connection with seeking and consummating a Business Combination.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <U>Secondary Market Trading and Standard &#038; Poor&#146;s</U>. The Company will apply to be
included in Standard and Poor&#146;s Daily News and Corporation Records Corporate Descriptions for a
period of five years from the consummation of a Business Combination. Promptly after the
consummation of the Offering, the Company shall take such steps as may be necessary to obtain a
secondary market trading exemption for the Company&#146;s securities in the State of California. The
Company shall also take such other action as may be reasonably requested by the Representative to
obtain a secondary market trading exemption in such other states as may be requested by the
Representative.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <I>Intentionally omitted.</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <U>Financial Public Relations Firm</U>. Promptly after the execution of a definitive
agreement for a Business Combination, the Company shall retain a financial public relations firm
reasonably acceptable to the Representative for a term to be agreed upon by the Company and the
Representative.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <U>Reports to the Representative</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.1 <U>Periodic Reports, Etc.</U> For a period of five years from the Effective Date or
until such earlier time upon which the Company is required to be liquidated, the Company will
furnish to the Representative (Attn: Richard K. Prins, <I>Senior Vice-President</I>) and its counsel copies of
such financial statements and other periodic and special reports as the Company from time to time
(if not readily available via the EDGAR service) furnishes generally to holders of any class of its
securities, and promptly furnish to the Representative: (i)&nbsp;a copy of each periodic report the
Company shall be required to file with the Commission; (ii)&nbsp;a copy of every press release and every
news item and article with respect to the Company or its affairs which was released by the Company;
(iii)&nbsp;copies of each Form&nbsp;SR; (iv)&nbsp;a copy of each Form 8-K or Schedules 13D, 13G, 14D-1 or 13E-4
received or prepared by the Company; (v)&nbsp;five copies of each Registration Statement; (vi)&nbsp;a copy of
monthly statements, if any, setting forth such information regarding the Company&#146;s results of
operations and financial position (including balance sheet, profit and loss statements and data
regarding outstanding purchase orders) as is regularly prepared by management of the Company; and
(vii)&nbsp;such additional documents and information with respect to the Company and the affairs of any
future subsidiaries of the Company as the Representative may from time to time reasonably request.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.2 <U>Transfer Sheets</U>. For a period of five years following the Effective Date or
until such earlier time upon which the Company is required to be liquidated, the Company shall
retain a transfer and warrant agent acceptable to the Representative (the &#147;<B>Transfer Agent</B>&#148;) and
will furnish to the Underwriters at the Company&#146;s sole cost and expense such transfer sheets of the
Company&#146;s securities as the Representative may request, including the daily and monthly
consolidated transfer sheets of the Transfer Agent and DTC. Continental Stock Transfer &#038; Trust
Company is acceptable to the Underwriters.


<P align="center" style="font-size: 10pt">12
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.3 <U>Secondary Market Trading Survey</U>. Until such time as the Public Securities are
listed or quoted, as the case may be, on the New York Stock Exchange, the American Stock Exchange
or quoted on the Nasdaq National Market, or until such earlier time upon which the Company is
required to be liquidated, the Company shall engage Gersten, Savage, Kaplowitz, Wolf &#038; Marcus, LLP
(&#147;<B>Gersten Savage</B>&#148;), for a one-time fee of $5,000 payable on the Closing Date, to deliver and update
to the Underwriters on a timely basis, but in any event on the Effective Date and at the beginning
of each fiscal quarter, a written report detailing those states in which the Public Securities may
be traded in non-issuer transaction under the Blue Sky laws of the fifty States (the &#147;<B>Secondary
Market Trading Survey</B>&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.4 <U>Trading Reports</U>. During such time as the Public Securities are quoted on the
NASD OTC Bulletin Board (or any successor trading market such as the Bulletin Board Exchange) or
the Pink Sheets, LLC (or similar publisher of quotations) and no other automated quotation system,
the Company shall provide to the Representative, at its expense, such reports published by the NASD
or the Pink Sheets, LLC relating to price trading of the Public Securities, as the Representative
shall reasonably request.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <U>Disqualification of Form&nbsp;S-1</U>. For a period equal to seven years from the date
hereof, the Company will not take any action or actions which may prevent or disqualify the
Company&#146;s use of Form S-1 (or other appropriate form) for the registration of the Warrants and the
Representative&#146;s Warrants under the Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <U>Payment of Expenses</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13.1 <U>General Expenses Related to the Offering</U>. The Company hereby agrees to pay on
each of the Closing Date and the Option Closing Date, if any, to the extent not paid at Closing
Date, all expenses incident to the performance of the obligations of the Company under this
Agreement, including, but not limited to: (i)&nbsp;the preparation, printing, filing and mailing
(including the payment of postage with respect to such mailing) of the Registration Statement, the
Preliminary and final Prospectuses and the printing and mailing of this Agreement and related
documents, including the cost of
all copies thereof and any amendments thereof or supplements thereto supplied to the
Underwriters in quantities as may be required by the Underwriters; (ii)&nbsp;the printing, engraving,
issuance and delivery of the Units, the shares of Common Stock and the Warrants included in the
Units and the Representative&#146;s Purchase Option, including any transfer or other taxes payable
thereon; (iii)&nbsp;the qualification of the Public Securities under state or foreign securities or Blue
Sky laws, including the costs of printing and mailing the &#147;Preliminary Blue Sky Memorandum,&#148; and
all amendments and supplements thereto, fees and disbursements for the Representative&#146;s counsel
retained for such purpose (such fees shall be capped at $35,000 in the aggregate, of which $10,000
has previously been paid), and a one-time fee of $5,000 payable to the Representative&#146;s counsel for
the preparation of the Secondary Market Trading Survey; (iv)&nbsp;filing fees, costs and expenses
(including disbursements for the Representative&#146;s counsel) incurred in registering the Offering
with the NASD; (v)&nbsp;costs of placing &#147;tombstone&#148; advertisements in <U>The Wall Street Journal</U>,
<U>The New York Times</U> and a third publication to be selected by the Representative; (vi)&nbsp;fees
and disbursements of the transfer and warrant agent; (vii)&nbsp;the Company&#146;s expenses associated with
&#147;due diligence&#148; meetings arranged by the Representative; (viii)&nbsp;the preparation, binding and
delivery of transaction &#147;bibles,&#148; in form and style reasonably satisfactory to the Representative
and transaction lucite cubes or similar commemorative items in a style and quantity as reasonably
requested by the Representative; and (ix)&nbsp;all other costs and expenses incident to the performance
of its obligations hereunder which are not otherwise specifically provided for in this Section
3.13.1. The Company also agrees that, if requested by the Representative, it will engage and pay
for an investigative search firm of the Representative&#146;s choice to conduct an investigation of the
principals of the Company as shall be mutually selected by the Representative and the Company. The
Representative may deduct from the net proceeds of the Offering payable to the Company on the
Closing Date, or the Option Closing Date, if any, the expenses set forth herein to be paid by the
Company to the Representative and others. If the Company


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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>


<P align="left" style="font-size: 10pt">elects not to proceed with the Offering
contemplated by this Agreement, then the Company shall reimburse the Underwriters in full for their
out of pocket accountable expenses actually incurred by the Underwriters, including, without
limitation, its legal fees (up to a maximum of $50,000) and disbursements.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13.2 <U>Nonaccountable Expenses</U>. The Company further agrees that, in addition to the
expenses payable pursuant to Section&nbsp;3.13.1, on each of the Closing Date, it will pay to the
Representative a nonaccountable expense allowance equal to two percent and a half (2.5%) of the
gross proceeds received by the Company from the sale of the Firm Units by deduction from the
proceeds of the Offering contemplated herein.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13.3 <U>Expenses Related to Business Combination</U>. The Company further agrees that, in
the event the Representative assists the Company in trying to obtain approval of a proposed
Business Combination, the Company agrees to reimburse the Representative for all out-of-pocket
expenses, including, but not limited to, &#147;road-show&#148; and due diligence expenses.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <U>Application of Net Proceeds</U>. The Company will apply the net proceeds from the
Offering received by it in a manner consistent with the application described under the caption
&#147;Use Of Proceeds&#148; in the Prospectus.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 <U>Delivery of Earnings Statements to Security Holders</U>. The Company will make
generally available to its security holders as soon as practicable, but not later than the first
day of the fifteenth full calendar month following the Effective Date, an earnings statement (which
need not be certified by independent public or independent certified public accountants unless
required by the Act or the Regulations, but which shall satisfy the provisions of Rule 158(a) under
Section 11(a) of the Act) covering a period of at least twelve consecutive months beginning after
the Effective Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 <U>Notice to NASD</U>. In the event any person or entity (regardless of any NASD
affiliation or association), other than FBW, is engaged to assist the Company in its search for a
merger candidate or to provide any other merger and acquisition services, the Company will provide
the following to the NASD prior to the consummation of the Business Combination: (i)&nbsp;complete
details of all services and copies of agreements governing such services; and (ii)&nbsp;justification as
to why the person or entity
providing the merger and acquisition services should not be considered an &#147;underwriter and
related person&#148; with respect to the Company&#146;s initial public offering, as such term is defined in
Rule&nbsp;2710 of the NASD&#146;s Conduct Rules. The Company also agrees that proper disclosure of such
arrangement or potential arrangement will be made in the proxy statement which the Company will
file for purposes of soliciting stockholder approval for the Business Combination.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17
<U>Stabilization</U>. Except with respect to the agreement between
Ram Mukunda and the Representative annexed as Exhibit&nbsp;10.8 to the Registration Statement,
neither the Company, nor, to its knowledge, any of its employees, directors or stockholders
(without the consent of FBW) has taken or will take, directly or indirectly, any action designed to
or that has constituted or that might reasonably be expected to cause or result in, under the
Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of the Units.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 <U>Internal Controls</U>. The Company will maintain a system of internal accounting
controls sufficient to provide reasonable assurances that: (i)&nbsp;transactions are executed in
accordance with management&#146;s general or specific authorization; (ii)&nbsp;transactions are recorded as
necessary in order to permit preparation of financial statements in accordance with generally
accepted accounting principles and to maintain accountability for assets; (iii)&nbsp;access to assets is
permitted only in accordance with management&#146;s general or specific authorization; and (iv)&nbsp;the
recorded accountability for assets is compared with existing assets at reasonable intervals and
appropriate action is taken with respect to any differences.


<P align="center" style="font-size: 10pt">14
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 <U>Accountants</U>. For a period of five years from the Effective Date or until such
earlier time upon which the Company is required to be liquidated, the Company shall retain GGK or
other independent public accountants reasonably acceptable to FBW.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 <U>Form&nbsp;8-K</U>. The Company shall, on the date hereof, retain its independent public
accountants to audit the financial statements of the Company as of the Closing Date (the &#147;<B>Audited
Financial Statements</B>&#148;) reflecting the receipt by the Company of the proceeds of the initial public
offering. As soon as the Audited Financial Statements become available, the Company shall
immediately file a Current Report on Form 8-K with the Commission, which Report shall contain the
Company&#146;s Audited Financial Statements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 <U>NASD</U>. The Company shall advise the NASD if it is aware that any 5% or greater
stockholder of the Company becomes an affiliate or associated person of an NASD member
participating in the distribution of the Company&#146;s Public Securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 <U>Corporate Proceedings</U>. All corporate proceedings and other legal matters
necessary to carry out the provisions of this Agreement and the transactions contemplated hereby
shall have been done to the reasonable satisfaction to counsel for the Underwriters.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 <U>Investment Company</U>. The Company shall cause the proceeds of the Offering to be
held in the Trust Fund to be invested only in &#147;government securities&#148; with specific maturity dates
as set forth in the Trust Agreement and disclosed in the Prospectus. The Company will otherwise
conduct its business in a manner so that it will not become subject to the Investment Company Act.
Furthermore, once the Company consummates a Business Combination, it will be engaged in a business
other than that of investing, reinvesting, owning, holding or trading securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 <U>Investment Banking Engagement</U>. Pursuant to the Advisory Agreement, the Company
hereby engages FBW as its investment banker in connection with the Company&#146;s Business Combination
to provide the Company with assistance in structuring the Business Combination and negotiating its
terms.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24.1 <U>Compensation</U>. As compensation for the foregoing services, the Company will pay
FBW a cash fee at the closing of a Business Combination equal to 2% of the aggregate consideration
paid in such Business Combination.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24.2 <U>Payment</U>. All fees payable under Section&nbsp;3.24.1 are due and payable to FBW, by
certified check or wire transfer, at the closing of the Business Combination.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24.3 <U>Business Combination Announcement</U>. Within five business days following the
consummation by the Company of a Business Combination, the Company shall cause an announcement
(&#147;<B>Business Combination Announcement</B>&#148;) to be placed, at its cost, in The Wall Street Journal. Such
announcement shall describe the consummation of the Business Combination and indicate that the
Representative was the managing underwriter in the Offering and advisor in connection with the
Business Combination. The Company shall supply the Representative with a draft of the Business
Combination Announcement and provide the Representative with a reasonable opportunity to comment
thereon. The Company will not place the Business Combination Announcement without the final
approval of the Representative.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 <U>Colorado Trust Filing</U>. In the event the Securities are registered in the State of
Colorado, the Company will cause a Colorado Form&nbsp;ES to be filed with the Commissioner of the State
of Colorado no less than 10&nbsp;days prior to the distribution of the Trust Fund in connection with a
Business Combination and will do all things necessary to comply with Section&nbsp;11-51-302 and Rule
51-3.4 of the Colorado Securities Act.


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<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>


<P align="left" style="font-size: 10pt">4. <U>Conditions of Underwriters&#146; Obligations</U>. The obligations of the several Underwriters to
purchase and pay for the Units, as provided herein, shall be subject to the continuing accuracy of
the representations and warranties of the Company as of the date hereof and as of each of the
Closing Date and the Option Closing Date, if any, to the accuracy of the statements of officers of
the Company made pursuant to the provisions hereof and to the performance by the Company of its
obligations hereunder and to the following conditions:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <U>Regulatory Matters</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 <U>Effectiveness of Registration Statement</U>. The Registration Statement shall have
become effective not later than 5:00 P.M., Baltimore time, on the date of this Agreement or such
later date and time as shall be consented to in writing by you, and, at each of the Closing Date
and the Option Closing Date, no stop order suspending the effectiveness of the Registration
Statement shall have been issued and no proceedings for the purpose shall have been instituted or
shall be pending or contemplated by the Commission and any request on the part of the Commission
for additional information shall have been complied with to the reasonable satisfaction of Gersten
Savage.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 <U>NASD Clearance</U>. By the Effective Date, the Representative shall have received
clearance from the NASD as to the amount of compensation allowable or payable to the Underwriters
as described in the Registration Statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 <U>No Blue Sky Stop Orders</U>. No order suspending the sale of the Units in any
jurisdiction designated by you pursuant to Section&nbsp;3.3 hereof shall have been issued on either on
the Closing Date or the Option Closing Date, and no proceedings for that purpose shall have been
instituted or shall be contemplated.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <U>Company Counsel Matters</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 <U>Effective Date Opinion of Counsel</U>. On the Effective Date, the Representative
shall have received the favorable opinion of Seyfarth Shaw LLP (&#147;<B>Seyfarth</B>&#148;), counsel to the
Company, dated the Effective Date, addressed to the Representative and in form and substance
satisfactory to the Representative to the effect that:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The Company has been duly organized and is validly existing as a corporation and is in
good standing under the laws of its state of incorporation. The Company is duly qualified and
licensed and in good standing as a foreign corporation in each jurisdiction in which its ownership
or leasing of any properties or the character of its operations requires such qualification or
licensing, except where the failure to qualify would not have a material adverse effect on the
Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;All issued and outstanding securities of the Company have been duly authorized and
validly issued and are fully paid and non-assessable; the holders thereof are not subject to
personal liability by reason of being such holders; and none of such securities were issued in
violation of the preemptive rights of any stockholder of the Company arising by operation of law or
under the Articles of Incorporation or Bylaws of the Company. The offers and sales of the
outstanding Common Stock were at all relevant times either registered under the Act and the
applicable state securities or Blue Sky Laws or exempt from such registration requirements. The
authorized and outstanding capital stock of the Company is as set forth in the Prospectus.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;The Securities have been duly authorized and, when issued and paid for, will be validly
issued, fully paid and non-assessable; the holders thereof are not and will not be subject to
personal liability by reason of being such holders. The Securities are not and will not be subject
to the


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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>


<P align="left" style="font-size: 10pt">preemptive rights of any holders of any security of the Company arising by operation of law
or under the Articles of Incorporation or Bylaws of the Company. When issued, the Representative&#146;s
Purchase Option, the Representative&#146;s Warrants and the Warrants will constitute valid and binding
obligations of the Company to issue and sell, upon exercise thereof and payment therefor, the
number and type of securities of the Company called for thereby and such Warrants, the
Representative&#146;s Purchase Option, and the Representative&#146;s Warrants, when issued, in each case, are
enforceable against the Company in accordance with their respective terms, except: (a)&nbsp;as such
enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting
creditors&#146; rights generally; (b)&nbsp;as enforceability of any indemnification or contribution provision
may be limited under the United States and state securities laws; and (c)&nbsp;that the remedy of
specific performance and injunctive and other forms of equitable relief may be subject to the
equitable defenses and to the discretion of the court before which any proceeding therefor may be
brought. The certificates representing the Securities are in due and proper form.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;This Agreement, the Warrant Agreement, the Services Agreement, the Trust Agreement,
Advisory Agreement and the Escrow Agreement have each been duly and validly authorized and, when
executed and delivered by the Company, constitute, and the Representative&#146;s Purchase Option has
been duly and validly authorized by the Company and, when executed and delivered, will constitute,
the valid and binding obligations of the Company, enforceable against the Company in accordance
with their respective terms, except: (a)&nbsp;as such enforceability may be limited by bankruptcy,
insolvency, reorganization or similar laws affecting creditors&#146; rights generally; (b)&nbsp;as
enforceability of any indemnification or contribution provisions may be limited under the United
States and state securities laws; and (c)&nbsp;that the remedy of specific performance and injunctive
and other forms of equitable relief may be subject to the equitable defenses and to the discretion
of the court before which any proceeding therefor may be brought.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;The execution, delivery and performance of this Agreement, the Warrant Agreement, the
Representative&#146;s Purchase Option, the Escrow Agreement, Advisory Agreement, the Trust Agreement and
the Services Agreement, the issuance and sale of the Securities, the consummation of the
transactions contemplated hereby and thereby, and compliance by the Company with the terms and
provisions hereof and thereof, do not and will not, with or without the giving of notice or the
lapse of time, or both, (a)&nbsp;to such counsel&#146;s knowledge, conflict with, or result in a breach of,
any of the terms or provisions of, or constitute a default under, or result in the creation or
modification of any lien, security interest, charge or encumbrance upon any of the properties or
assets of the Company pursuant to the terms of, any mortgage, deed of trust, note, indenture, loan,
contract, commitment or other agreement or instrument filed as an exhibit to the Registration
Statement, (b)&nbsp;result in any violation of the provisions of the Articles of Incorporation or the
By-Laws of the Company, or (c)&nbsp;to such counsel&#146;s knowledge, violate any statute or any judgment,
order or decree, rule or regulation applicable to the Company of any court,
domestic or foreign, or of any federal, state or other regulatory authority or other
governmental body having jurisdiction over the Company, its properties or assets.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;The Registration Statement, each Preliminary Prospectus and the Prospectus and any
post-effective amendments or supplements thereto (other than the financial statements included
therein, as to which no opinion need be rendered) each as of their respective dates complied as to
form in all material respects with the requirements of the Act and Regulations. The Securities
conform in all material respects to the description thereof contained in the Registration Statement
and the Prospectus. No United States or state statute or regulation required to be described in
the Prospectus is not described as required (except as to the Blue Sky laws of the various states,
as to which such counsel expresses no opinions), nor are any contracts or documents of a character
required to be described in the Registration Statement or the Prospectus or to be filed as exhibits
to the Registration Statement not so described or filed as required (except for the contracts and
documents described in the &#147;Underwriting&#148; section of the Registration Statement, as to which such
counsel expresses no opinions).


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<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;Counsel has participated in conferences with officers and other representatives of the
Company, representatives of the independent public accountants for the Company and representatives
of the Underwriters at which the contents of the Registration Statement, the Prospectus and related
matters were discussed and although such counsel is not passing upon and does not assume any
responsibility for the accuracy, completeness or fairness of the statements contained in the
Registration Statement and Prospectus (except as otherwise set forth in this opinion), no facts
have come to the attention of such counsel which lead them to believe that either the Registration
Statement or the Prospectus or any amendment or supplement thereto, as of the date of such opinion
contained any untrue statement of a material fact or omitted to state a material fact required to
be stated therein or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading (it being understood that such counsel need express no opinion
with respect to (i)&nbsp;any disclosures relating to the laws, rules, statutes or regulations of India
(it being understood that the Underwriters are relying on the opinion of &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093; (defined
below) with respect to such matters) or (ii)&nbsp;the financial statements and schedules and other
financial and statistical data included in the Registration Statement or Prospectus).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;The Registration Statement is effective under the Act. To such counsel&#146;s knowledge, no
stop order suspending the effectiveness of the Registration Statement has been issued and no
proceedings for that purpose have been instituted or are pending or threatened under the Act or
applicable state securities laws.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;To such counsel&#146;s knowledge, there is no action, suit or proceeding before or by any
court of governmental agency or body, domestic or foreign, now pending, or threatened against the
Company that is required to be described in the Registration Statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 <U>Effective Date Opinion of Indian Counsel</U>. On the Effective Date, the
Underwriters shall have received the favorable opinion of &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093; (&#147;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#148;), Indian
counsel to the Company, dated the Effective Date, addressed to the Underwriters and in form and
substance satisfactory to the Representative.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 <U>Closing Date and Option Closing Date Opinion of Counsel</U>. On each of the Closing
Date and the Option Closing Date, if any, the Representative shall have received the favorable
opinion of Seyfarth and &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;, dated the Closing Date or the Option Closing Date, as the case
may be set forth above, addressed to the Representative and in form and substance reasonably
satisfactory to the Representative, confirming as of the Closing Date and, if applicable, the
Option Closing Date, the statements made by Seyfarth and &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093; in their respective
opinions delivered on the Effective Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4 <U>Reliance</U>. In rendering such opinion, such counsel may rely: (i)&nbsp;as to matters
involving the application of laws other than the laws of the United States and jurisdictions in
which they are admitted, to the extent such counsel deems proper and to the extent specified in such
opinion, if at all, upon an opinion or opinions (in form and substance reasonably satisfactory to
the Representative) of other counsel reasonably acceptable to the Representative, familiar with the
applicable laws; and (ii)&nbsp;as to matters of fact, to the extent they deem proper, on certificates or
other written statements of officers of the Company and officers of departments of various
jurisdiction having custody of documents respecting the corporate existence or good standing of the
Company, provided that copies of any such statements or certificates shall be delivered to the
Underwriters&#146; counsel if requested. The opinion of counsel for the Company and any opinion relied
upon by such counsel for the Company shall include a statement to the effect that it may be relied
upon by counsel for the Underwriters in its opinion delivered to the Underwriters.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <U>Cold Comfort Letter</U>. At the time this Agreement is executed, and at each of the
Closing Date and the Option Closing Date, if any, you shall have received a letter, addressed to
the Representative


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<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>


<P align="left" style="font-size: 10pt">and in form and substance satisfactory in all respects (including the
non-material nature of the changes or decreases, if any, referred to in clause (iii)&nbsp;below) to you
and to Gersten Savage from GGK dated, respectively, as of the date of this Agreement and as of the
Closing Date and the Option Closing Date, if any:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Confirming that they are independent accountants with respect to the Company within the
meaning of the Act and the applicable Regulations and that they have not, during the periods
covered by the financial statements included in the Prospectus, provided to the Company any
non-audit services, as such term is used in Section&nbsp;10A(g) of the Exchange Act;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;Stating that in their opinion the financial statements of the Company included in the
Registration Statement and Prospectus comply as to form in all material respects with the
applicable accounting requirements of the Act and the published Regulations thereunder;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;Stating that, on the basis of a limited review which included a reading of the latest
available unaudited interim financial statements of the Company (with an indication of the date of
the latest available unaudited interim financial statements), a reading of the latest available
minutes of the stockholders and board of directors and the various committees of the board of
directors, consultations with officers and other employees of the Company responsible for financial
and accounting matters and other specified procedures and inquiries, nothing has come to their
attention which would lead them to believe that: (a)&nbsp;the unaudited financial statements of the
Company included in the Registration Statement do not comply as to form in all material respects
with the applicable accounting requirements of the Act and the Regulations or are not fairly
presented in conformity with generally accepted accounting principles applied on a basis
substantially consistent with that of the audited financial statements of the Company included in
the Registration Statement; (b)&nbsp;at a date not later than five days prior to the Effective Date,
Closing Date or Option Closing Date, as the case may be, there was any change in the capital stock
or long-term debt of the Company, or any decrease in the stockholders&#146; equity of the Company as
compared with amounts shown in the May&nbsp;10, 2005 balance sheet included in the Registration
Statement, other than as set forth in or contemplated by the Registration Statement, or, if there
was any decrease, setting forth the amount of such decrease, and
(c)&nbsp;during the period from May&nbsp;10,
2005 to a specified date not later than five days prior to the Effective Date, Closing Date or
Option Closing Date, as the case may be, there was any decrease in revenues, net earnings or net
earnings per share of Common Stock, in each case as compared with the corresponding period in the
preceding year and as compared with the corresponding period in the preceding quarter, other than
as set forth in or contemplated by the Registration Statement, or, if there was any such decrease,
setting forth the amount of such decrease;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;Setting forth, at a date not later than five days prior to the Effective Date, the amount
of liabilities of the Company (including a break-down of commercial papers and notes payable to
banks);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;Stating that they have compared specific dollar amounts, numbers of shares, percentages of
revenues and earnings, statements and other financial information pertaining to the Company set
forth in the Prospectus in each case to the extent that such amounts, numbers, percentages,
statements and information may be derived from the general accounting records, including work
sheets, of the Company and excluding any questions requiring an interpretation by legal counsel,
with the results obtained from the application of specified readings, inquiries and other
appropriate procedures (which procedures do not constitute an examination in accordance with
generally accepted auditing standards) set forth in the letter and found them to be in agreement;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Stating that they have not during the immediately preceding five year period brought to
the attention of the Company&#146;s management any reportable condition related to internal


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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>


<P align="left" style="font-size: 10pt">structure,
design or operation as defined in the Statement on Auditing Standards No.&nbsp;60 &#147;Communication of
Internal Control Structure Related Matters Noted in an Audit,&#148; in the Company&#146;s internal controls;
and



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;Statements as to such other matters incident to the transaction contemplated hereby as
you may reasonably request.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <U>Officers&#146; Certificates</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1 <U>Officers&#146; Certificate</U>. At each of the Closing Date and the Option Closing Date,
if any, the Representative shall have received a certificate of the Company signed by the Chairman
of the Board or the Chief Financial Officer and the Secretary or Assistant Secretary of the
Company, dated the Closing Date or the Option Closing Date, as the case may be, respectively, to
the effect that the Company has performed all covenants and complied with all conditions required
by this Agreement to be performed or complied with by the Company prior to and as of the Closing
Date, or the Option Closing Date, as the case may be, and that the conditions set forth in Section
4.5 hereof have been satisfied as of such date and that, as of Closing Date and the Option Closing
Date, as the case may be, the representations and warranties of the Company set forth in Section&nbsp;2
hereof are true and correct. In addition, the Representative will have received such other and
further certificates of officers of the Company as the Representative may reasonably request.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2 <U>Secretary&#146;s Certificate</U>. At each of the Closing Date and the Option Closing
Date, if any, the Representative shall have received a certificate of the Company signed by the
Secretary or Assistant Secretary of the Company, dated the Closing Date or the Option Date, as the
case may be, respectively, certifying: (i)&nbsp;that the By-Laws and Articles of Incorporation of the
Company are true and complete, have not been modified and are in full force and effect; (ii)&nbsp;that
the resolutions relating to the public offering contemplated by this Agreement are in full force
and effect and have not been modified; (iii)&nbsp;all correspondence between the Company or its counsel
and the Commission; and (iv)&nbsp;as to the incumbency of the officers of the Company. The documents
referred to in such certificate shall be attached to such certificate.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <U>No Material Changes</U>. Prior to and on each of the Closing Date and the Option
Closing Date, if any: (i)&nbsp;there shall have been no material adverse change or development involving
a prospective material adverse change in the condition or prospects or the business activities,
financial or otherwise, of the Company from the latest dates as of which such condition is set
forth in the Registration Statement and Prospectus; (ii)&nbsp;no action suit or proceeding, at law or in
equity, shall have been pending or threatened against the Company or any Initial Stockholder before
or by any court or federal or state commission, board or other administrative agency wherein an
unfavorable decision, ruling or finding may materially adversely affect the business, operations,
prospects or financial condition or income of the Company, except as set forth in the Registration
Statement and Prospectus; (iii)&nbsp;no stop order shall have been issued under the Act and no
proceedings therefor shall have been initiated or threatened by the Commission; and (iv)&nbsp;the
Registration Statement and the Prospectus and any amendments or supplements thereto shall contain
all material statements which are required to be stated therein in accordance with the Act and the
Regulations and shall conform in all material respects to the requirements of the Act and the
Regulations, and neither the Registration Statement nor the Prospectus nor any amendment or
supplement thereto shall contain any untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <U>Delivery of Agreements</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.1 <U>Effective Date Deliveries</U>. On the Effective Date, the Company shall have
delivered to the Representative executed copies of the Escrow Agreement, the Trust Agreement,
Advisory Agreement, the Warrant Agreement, the Services Agreement and all of the Insider Letters.


<P align="center" style="font-size: 10pt">20
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.2 <U>Closing Date Deliveries</U>. On the Closing Date, the Company shall have delivered
to the Representative executed copies of the Representative&#146;s Purchase Option.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <U>Opinion of Counsel for the Underwriters</U>. All proceedings taken in connection with
the authorization, issuance or sale of the Securities as herein contemplated shall be reasonably
satisfactory in form and substance to you and to Gersten Savage and you shall have received from
such counsel a favorable opinion, dated the Closing Date and the Option Closing Date, if any, with
respect to such of these proceedings as you may reasonably require. On or prior to the Effective
Date, the Closing Date and the Option Closing Date, as the case may be, counsel for the
Underwriters shall have been furnished such documents, certificates and opinions as they may
reasonably require for the purpose of enabling them to review or pass upon the matters referred to
in this Section&nbsp;4.7, or in order to evidence the accuracy, completeness or satisfaction of any of
the representations, warranties or conditions herein contained.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <U>Secondary Market Trading Survey</U>. On the Closing Date, the Representative shall
have received the Secondary Market Trading Survey from Gersten Savage.

<P align="left" style="font-size: 10pt">5. <U>Indemnification</U>.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <U>Indemnification of Underwriters</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 <U>General</U>. Subject to the conditions set forth below, the Company agrees to
indemnify and hold harmless each of the Underwriters, their respective directors, officers and
employees and each person, if any, who controls any such Underwriter (&#147;<B>controlling person</B>&#148;) within
the meaning of Section&nbsp;15 of the Act or Section 20(a) of the Exchange Act, against any and all
loss, liability, claim, damage and expense whatsoever (including but not limited to any and all
legal or other expenses reasonably incurred in investigating, preparing or defending against any
litigation, commenced or threatened, or any claim whatsoever, whether arising out of any action
between any of the Underwriters and the Company or between any of the Underwriters and any third
party or otherwise) to which they or any of them may become subject under the Act, the Exchange Act
or any other statute or at common law or otherwise or under the laws of foreign countries, arising
out of or based upon any untrue statement or alleged untrue statement of a material fact contained
in (i)&nbsp;any Preliminary Prospectus, the Registration Statement or the Prospectus (as from time to
time each may be amended and supplemented); (ii)&nbsp;in any post-effective amendment or amendments or
any new registration statement and prospectus in which is included securities of the Company issued
or issuable upon exercise of the Representative&#146;s Purchase Option; or (iii)&nbsp;any application or
other document or written communication (in this Section&nbsp;5 collectively called &#147;<B>application</B>&#148;)
executed by the Company or based upon written information furnished by the Company in any
jurisdiction in order to qualify the Units under the securities laws thereof or filed with the
Commission, any state securities commission or agency, Nasdaq or any securities exchange; or the
omission or alleged omission therefrom of a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading, unless such statement or omission was made in reliance upon and in conformity
with written information furnished to the Company with respect to an Underwriter by or on behalf of
such Underwriter expressly for use in any Preliminary Prospectus, the Registration Statement or
Prospectus, or any amendment or supplement thereof, or in any application, as the case may be.
With respect to any untrue statement or omission or alleged untrue statement or omission made in
the Preliminary Prospectus, the
indemnity agreement contained in this paragraph shall not inure to the benefit of any
Underwriter to the extent that any loss, liability, claim, damage or expense of such Underwriter
results from the fact that a copy of the Prospectus was not given or sent to the person asserting
any such loss, liability, claim or damage at or prior to the written confirmation of sale of the
Securities to such person as required by the Act and the Regulations, and if the untrue statement
or omission has been corrected in the Prospectus, unless such failure to deliver the Prospectus was
a result of non-compliance by the Company with its obligations under Section&nbsp;3.4 hereof. The
Company agrees promptly to notify the Representative of the


<P align="center" style="font-size: 10pt">21
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>


<P align="left" style="font-size: 10pt">commencement of any litigation or
proceedings against the Company or any of its officers, directors or controlling persons in
connection with the issue and sale of the Securities or in connection with the Registration
Statement or Prospectus.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 <U>Procedure</U>. If any action is brought against an Underwriter or controlling
person in respect of which indemnity may be sought against the Company pursuant to Section&nbsp;5.1.1,
such Underwriter shall promptly notify the Company in writing of the institution of such action and
the Company shall assume the defense of such action, including the employment and fees of counsel
(subject to the reasonable approval of such Underwriter) and payment of actual expenses. Such
Underwriter or controlling person shall have the right to employ its or their own counsel in any
such case, but the fees and expenses of such counsel shall be at the expense of such Underwriter or
such controlling person unless: (i)&nbsp;the employment of such counsel at the expense of the Company
shall have been authorized in writing by the Company in connection with the defense of such action;
(ii)&nbsp;the Company shall not have employed counsel to have charge of the defense of such action; or
(iii)&nbsp;such indemnified party or parties shall have reasonably concluded that there may be defenses
available to it or them which are different from or additional to those available to the Company
(in which case the Company shall not have the right to direct the defense of such action on behalf
of the indemnified party or parties), in any of which events the reasonable fees and expenses of
not more than one additional firm of attorneys selected by the Underwriter and/or controlling
person shall be borne by the Company. Notwithstanding anything to the contrary contained herein,
if the Underwriter or controlling person shall assume the defense of such action as provided above,
the Company shall have the right to approve the terms of any settlement of such action which
approval shall not be unreasonably withheld.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <U>Indemnification of the Company</U>. Each Underwriter, severally and not jointly,
agrees to indemnify and hold harmless the Company, its directors, officers and employees and agents
who control the Company within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the Exchange
Act against any and all loss, liability, claim, damage and expense described in the foregoing
indemnity from the Company to the several Underwriters, as incurred, but only with respect to
untrue statements or omissions, or alleged untrue statements or omissions made in any Preliminary
Prospectus, the Registration Statement or Prospectus or any amendment or supplement thereto or in
any application, in reliance upon, and in strict conformity with, written information furnished to
the Company with respect to such Underwriter by or on behalf of the Underwriter expressly for use
in such Preliminary Prospectus, the Registration Statement or Prospectus or any amendment or
supplement thereto or in any such application. In case any action shall be brought against the
Company or any other person so indemnified based on any Preliminary Prospectus, the Registration
Statement or Prospectus or any amendment or supplement thereto or any application, and in respect
of which indemnity may be sought against any Underwriter, such Underwriter shall have the rights
and duties given to the Company, and the Company and each other person so indemnified shall have
the rights and duties given to the several Underwriters by the provisions of Section&nbsp;5.1.2.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <U>Contribution</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 <U>Contribution Rights</U>. In order to provide for just and equitable contribution
under the Act in any case in which (i)&nbsp;any person entitled to indemnification under this Section&nbsp;5
makes claim for indemnification pursuant hereto but it is judicially determined (by the entry of a
final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal
or the denial of the last right of appeal) that such indemnification may not be enforced in such
case notwithstanding the fact that this Section&nbsp;5 provides for indemnification in such case, or
(ii)&nbsp;contribution under the Act, the Exchange Act or otherwise may be required on the part of any
such person in circumstances for which
indemnification is provided under this Section&nbsp;5, then, and in each such case, the Company and
the Underwriters shall contribute to the aggregate losses, liabilities, claims, damages and
expenses of the nature contemplated by said indemnity agreement incurred by the Company and the
Underwriters, as incurred, in such proportions that the Underwriters are responsible for that
portion represented by the percentage that the underwriting discount appearing on the cover page of
the Prospectus bears to the


<P align="center" style="font-size: 10pt">22
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>


<P align="left" style="font-size: 10pt">initial offering price appearing thereon and the Company is responsible
for the balance; provided, that, no person guilty of a fraudulent misrepresentation (within the
meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. Notwithstanding the provisions of this Section&nbsp;5.3.1,
no Underwriter shall be required to contribute any amount in excess of the amount by which the
total price at which the Public Securities underwritten by it and distributed to the public were
offered to the public exceeds the amount of any damages that such Underwriter has otherwise been
required to pay in respect of such losses, liabilities, claims, damages and expenses. For purposes
of this Section, each director, officer and employee of an Underwriter or the Company, as
applicable, and each person, if any, who controls an Underwriter or the Company, as applicable,
within the meaning of Section&nbsp;15 of the Act shall have the same rights to contribution as the
Underwriters or the Company, as applicable.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 <U>Contribution Procedure</U>. Within fifteen days after receipt by any party to this
Agreement (or its representative) of notice of the commencement of any action, suit or proceeding,
such party will, if a claim for contribution in respect thereof is to be made against another party
(&#147;contributing party&#148;), notify the contributing party of the commencement thereof, but the omission
to so notify the contributing party will not relieve it from any liability which it may have to any
other party other than for contribution hereunder. In case any such action, suit or proceeding is
brought against any party, and such party notifies a contributing party or its representative of
the commencement thereof within the aforesaid fifteen days, the contributing party will be entitled
to participate therein with the notifying party and any other contributing party similarly
notified. Any such contributing party shall not be liable to any party seeking contribution on
account of any settlement of any claim, action or proceeding effected by such party seeking
contribution on account of any settlement of any claim, action or proceeding effected by such party
seeking contribution without the written consent of such contributing party. The contribution
provisions contained in this Section are intended to supersede, to the extent permitted by law, any
right to contribution under the Act, the Exchange Act or otherwise available. The Underwriters&#146;
obligations to contribute pursuant to this Section&nbsp;5.3 are several and not joint.

<P align="left" style="font-size: 10pt">6. <U>Default by an Underwriter</U>.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <U>Default Not Exceeding 10% of Firm Units or Option Units</U>. If any Underwriter or
Underwriters shall default in its or their obligations to purchase the Firm Units or the Option
Units, if the over-allotment option is exercised, hereunder, and if the number of the Firm Units or
Option Units with respect to which such default relates does not exceed in the aggregate 10% of the
number of Firm Units or Option Units that all Underwriters have agreed to purchase hereunder, then
such Firm Units or Option Units to which the default relates shall be purchased by the
non-defaulting Underwriters in proportion to their respective commitments hereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <U>Default Exceeding 10% of Firm Units or Option Units</U>. In the event that such
default relates to more than 10% of the Firm Units or Option Units, you may in your discretion
arrange for yourself or for another party or parties to purchase such Firm Units or Option Units to
which such default relates on the terms contained herein. If within one business day after such
default relating to more than 10% of the Firm Units or Option Units you do not arrange for the
purchase of such Firm Units or Option Units, then the Company shall be entitled to a further period
of one business day within which to procure another party or parties satisfactory to you to
purchase said Firm Units or Option Units on such terms. In the event that neither you nor the
Company arrange for the purchase of the Firm Units or Option Units to which a default relates as
provided in this Section&nbsp;6, this Agreement may be terminated by you or the Company without
liability on the part of the Company (except as provided in Sections&nbsp;3.15 and 5 hereof) or the
several Underwriters (except as provided in Section&nbsp;5 hereof); <I>provided</I>, <I>however</I>, that if such default
occurs with respect to the Option Units, this Agreement will not terminate as to the Firm Units;
and <I>provided further </I>that nothing herein shall relieve a defaulting Underwriter of its liability,
if any, to the other several Underwriters and to the Company for damages occasioned by its default
hereunder.


<P align="center" style="font-size: 10pt">23
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <U>Postponement of Closing Date</U>. In the event that the Firm Units or Option Units to
which the default relates are to be purchased by the non-defaulting Underwriters, or are to be
purchased by another party or parties as aforesaid, you or the Company shall have the right to
postpone the Closing Date or Option Closing Date for a reasonable period, but not in any event
exceeding five business days, in order to effect whatever changes may thereby be made necessary in
the Registration Statement or the Prospectus or in any other documents and arrangements, and the
Company agrees to file promptly any amendment to the Registration Statement or the Prospectus that
in the opinion of counsel for the Underwriter may thereby be made necessary. The term &#147;Underwriter&#148;
as used in this Agreement shall include any party substituted under this Section&nbsp;6 with like effect
as if it had originally been a party to this Agreement with respect to such Securities.

<P align="left" style="font-size: 10pt">7. <U>Right to Appoint Representative</U>. For a period of two years from the Effective Date,
upon notice from FBW to the Company, FBW shall have the right to send a representative (who need
not be the same individual from meeting to meeting) to observe each meeting of the Board of
Directors of the Company; provided that such representative shall sign a Regulation&nbsp;FD compliant
confidentiality agreement which is reasonably acceptable to FBW and its counsel in connection with
such representative&#146;s attendance at meetings of the Board of Directors; and provided further that
upon written notice to FBW, the Company may exclude the representative from meetings where, in the
written opinion of counsel for the Company, the representative&#146;s presence would destroy the
attorney-client privilege. The Company agrees to give FBW written notice of each such meeting and
to provide FBW with an agenda and minutes of the meeting no later than it gives such notice and
provides such items to the other directors, and reimburse the representative of FBW for its
reasonable out-of-pocket expenses incurred in connection with its attendance at the meeting,
including but not limited to, food, lodging and transportation.


<P align="left" style="font-size: 10pt">8. <U>Additional Covenants</U>.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <U>Intentionally Omitted</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <U>Additional Shares or Options</U>. The Company hereby agrees that until the Company
consummates a Business Combination (as such term is defined in the Registration Statement), it
shall not issue any shares of Common Stock or any options or other securities convertible into
Common Stock, or any shares of Preferred Stock which participate in any manner in the Trust Fund or
which vote as a class with the Common Stock on a Business Combination.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <U>Trust Fund Waiver Letters</U>. The Company hereby agrees that it will not commence
its due diligence investigation of any operating business which the Company seeks to acquire
(&#147;<B>Target Business</B>&#148;) or obtain the services of any vendor unless and until the Target Business or
the vendor executes a waiver letter in the form attached hereto as <B>Exhibit&nbsp;A </B>and <B>B</B>, respectively.
Furthermore, each officer and director of the Company shall execute a waiver letter in the form
attached hereto as <B>Exhibit&nbsp;C.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <U>Insider Letters</U>. The Company shall not take any action or omit to take any action
which would cause a breach of any of the Insider Letters executed between each Initial Stockholder
and FBW and will not allow any amendments to, or waivers of, such Insider Letters without the prior
written consent of FBW.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <U>Articles of Incorporation and By-Laws</U>. The Company shall not take any action or
omit to take any action that would cause the Company to be in breach or violation of its Articles
of Incorporation or By-Laws.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <U>Blue Sky Requirements</U>. The Company shall provide counsel to the Representative
with ten copies of all proxy information and all related material filed with the Commission in
connection with a Business Combination concurrently with such filing with the Commission. In
addition, the Company


<P align="center" style="font-size: 10pt">24
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>


<P align="left" style="font-size: 10pt">shall furnish any other state in which its initial public offering was
registered, such information as may be requested by such state.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 <U>Intentionally Omitted</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 <U>Acquisition/Liquidation Procedure</U>. The Company agrees: (i)&nbsp;that, prior to the
consummation of any Business Combination, it will submit such transaction to the Company&#146;s
stockholders for their approval (&#147;<B>Business Combination Vote</B>&#148;) even if the nature of the acquisition
is such as would not ordinarily require stockholder approval under applicable state law; and (ii)
that, in the event that the Company does not effect a Business Combination within 18&nbsp;months from
the consummation of this Offering (subject to extension for an additional six-month period, as
described in the Prospectus), the Company will be liquidated and will distribute to all holders of
IPO Shares (defined below) an aggregate sum equal to the Company&#146;s &#147;Liquidation Value.&#148; With
respect to the Business Combination Vote, the Company shall cause all of the Initial Stockholders
to vote the shares of Common Stock owned by them immediately prior to this Offering in accordance
with the vote of the holders of a majority of the IPO Shares. At the time the Company seeks
approval of any potential Business Combination, the Company will offer each of holders of the
Company&#146;s Common Stock issued in this Offering (the &#147;<B>IPO Shares</B>&#148;) the right to convert their IPO
Shares at a per share price equal to the amount in the Trust Fund (inclusive of any interest income
therein) on the record date (the &#147;<B>Conversion Price</B>&#148;) for determination of stockholders entitled to
vote upon the proposal to approve such Business Combination (the &#147;<B>Record Date</B>&#148;) divided by the
total number of IPO Shares. The Company&#146;s &#147;Liquidation Value&#148; shall mean the Company&#146;s book value,
as determined by the Company and audited by GGK. In no event, however, will the Company&#146;s
Liquidation Value be less than the Trust Fund, inclusive of any net interest income thereon. If
holders of less than 20% in interest of the Company&#146;s IPO Shares vote against such approval of a
Business Combination, the Company may, but will not be required to, proceed with such Business
Combination. If the Company elects to so proceed, it will convert shares, based upon the
Conversion Price, from those holders of IPO Shares who affirmatively requested such conversion and
who voted against the Business Combination. Only holders of IPO Shares shall be entitled to
receive liquidating distributions and the Company shall pay no liquidating distributions with
respect to any other shares of capital stock of the Company. If holders of 20% or more in interest
of the IPO Shares vote against approval of any potential Business Combination, the Company will not
proceed with such Business Combination and will not convert such shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 <U>Rule&nbsp;419</U>. The Company agrees that it will use its best efforts to prevent the
Company from becoming subject to Rule&nbsp;419 under the Act prior to the consummation of any Business
Combination, including, but not limited to, using its best efforts to prevent any of the Company&#146;s
outstanding securities from being deemed to be a &#147;penny stock&#148; as defined in Rule&nbsp;3a-51-1 under the
Exchange Act during such period.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 <U>Affiliated Transactions</U>. The Company shall cause each of the Initial Stockholders
to agree that, in order to minimize potential conflicts of interest which may arise from multiple
affiliations, the Initial Stockholders will present to the Company for its consideration, prior to
presentation to any other person or company, any suitable opportunity to acquire an operating
business, until the earlier of the consummation by the Company of a Business Combination, the
liquidation of the Company or until such time as the Initial Stockholders cease to be an officer or
director of the Company, subject to any pre-existing fiduciary obligations the Initial Stockholders
might have or new fiduciary obligations related to or affiliated with entities to whom the Initial
Stockholders have pre-existing fiduciary obligations, including, but not limited to, fiduciary
obligations to next generation, follow-on or successor entities to any entities to which the
Initial Stockholders have pre-existing obligations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 <U>Target Net Assets</U>. The Company agrees that the initial Target Business that it
acquires must have a fair market value equal to at least 80% of the Company&#146;s net assets at the
time of such acquisition. The fair market value of such business must be determined by the Board of
Directors of the


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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>


<P align="left" style="font-size: 10pt">Company based upon standards generally accepted by the financial community, such
as actual and potential sales, earnings and cash flow and book value. If the Board of Directors of
the Company is not able to independently determine that the target business has a fair market value
of at least 80% of the Company&#146;s fair market value at the time of such acquisition, the Company
will obtain an opinion from an unaffiliated, independent investment banking firm which is a member
of the NASD with respect to the satisfaction of such criteria. The Company is not required to
obtain an opinion from an investment banking firm as to the fair market value if the Company&#146;s
Board of Directors independently determines that the Target Business does have sufficient fair
market value.


<P align="left" style="font-size: 10pt">9. <U>Representations and Agreements to Survive Delivery</U>. Except as the context otherwise
requires, all representations, warranties and agreements contained in this Agreement shall be
deemed to be representations, warranties and agreements at the Closing Dates and such
representations, warranties and agreements of the Underwriters and Company, including the indemnity
agreements contained in Section&nbsp;5 hereof, shall remain operative and in full force and effect
regardless of any investigation made by or on behalf of any Underwriter, the Company or any
controlling person, and shall survive termination of this Agreement or the issuance and delivery of
the Securities to the several Underwriters until the earlier of the expiration of any applicable
statute of limitations and the seventh anniversary of the later of the Closing Date or the Option
Closing Date, if any, at which time the representations, warranties and agreements shall terminate
and be of no further force and effect.


<P align="left" style="font-size: 10pt">10. <U>Effective Date of This Agreement and Termination Thereof</U>.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <U>Effective Date</U>. This Agreement shall become effective on the Effective Date at
the time the Registration Statement is declared effective by the Commission.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <U>Termination</U>. You shall have the right to terminate this Agreement at any time
prior to any Closing Date, (i)&nbsp;if any domestic or international event or act or occurrence has
materially disrupted, or in your opinion will in the immediate future materially disrupt, general
securities markets in the United States; or (ii)&nbsp;if trading on the New York Stock Exchange, the
American Stock Exchange, the Boston Stock Exchange or on the NASD OTC Bulletin Board (or successor
trading market) shall have been suspended, or minimum or maximum prices for trading shall have been
fixed, or maximum ranges for prices for securities shall have been fixed, or maximum ranges for
prices for securities shall have been required on the NASD OTC Bulletin Board or by order of the
Commission or any other government authority having jurisdiction, or (iii)if the United States
shall have become involved in a new war or an increase in major hostilities, or (iv)&nbsp;if a banking
moratorium has been declared by a New York State or federal authority, or (v)&nbsp;if a moratorium on
foreign exchange trading has been declared which materially adversely impacts the United States
securities market, or (vi)&nbsp;if the Company shall have sustained a material loss by fire, flood,
accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether
or not such loss shall have been insured, will, in your opinion, make it inadvisable to proceed
with the delivery of the Units, or (vii)&nbsp;if any of the Company&#146;s representations, warranties or
covenants hereunder are breached, or (viii)&nbsp;if the Representative shall have become aware after the
date hereof of such a material adverse change in the conditions or prospects of the Company, or
such adverse material change in general market conditions as in the Representative&#146;s judgment would
make it impracticable to proceed with the offering, sale and/or delivery of the Units or to enforce
contracts made by the Underwriters for the sale of the Units.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <U>Expenses</U>. In the event that this Agreement shall not be carried out for any
reason whatsoever, within the time specified herein or any extensions thereof pursuant to the terms
herein, the obligations of the Company to pay the out of pocket expenses related to the
transactions contemplated herein shall be governed by Section&nbsp;3.13.1 hereof.


<P align="center" style="font-size: 10pt">26
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <U>Indemnification</U>. Notwithstanding any contrary provision contained in this
Agreement, any election hereunder or any termination of this Agreement, and whether or not this
Agreement is otherwise carried out, the provisions of Section&nbsp;5 shall not be in any way effected
by, such election or termination or failure to carry out the terms of this Agreement or any part
hereof.

<P align="left" style="font-size: 10pt">11. <U>Miscellaneous</U>.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <U>Notices</U>. All communications hereunder, except as herein otherwise specifically
provided, shall be in writing and shall be mailed, delivered or telecopied and confirmed and shall
be deemed given when so delivered or telecopied and confirmed or if mailed, two days after such
mailing

<P align="left" style="font-size: 10pt">If to the Representative:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="4%">&nbsp;</TD>
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    <TD width="94%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ferris, Baker Watts, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 Light Street</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Baltimore, Maryland 21202</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Richard K. Prins, Senior-Vice-President</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;Copy to:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gersten, Savage, Kaplowitz, Wolf &#038; Marcus, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">600 Lexington Avenue, 9<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, New York 10022</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Jay M. Kaplowitz, Esq.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">If to the Company:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">India Globalization Capital, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o Integrated Global Networks, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4336 Montgomery Avenue</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bethesda, Maryland 20814</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Ram Mukunda, Chairman and Chief Executive Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;Copy to:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Seyfarth Shaw LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">55 East Monroe Street, Suite&nbsp;4200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chicago, Illinois 60603-5803</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Michael E. Blount, Esq.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <U>Headings</U>. The headings contained herein are for the sole purpose of convenience
of reference, and shall not in any way limit or affect the meaning or interpretation of any of the
terms or provisions of this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <U>Amendment</U>. This Agreement may only be amended by a written instrument executed
by each of the parties hereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <U>Entire Agreement</U>. This Agreement (together with the other agreements and
documents being delivered pursuant to or in connection with this Agreement) constitute the entire
agreement of the parties hereto with respect to the subject matter hereof and thereof, and
supersede all prior agreements and understandings of the parties, oral and written, with respect to
the subject matter hereof.


<P align="center" style="font-size: 10pt">27
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <U>Binding Effect</U>. This Agreement shall inure solely to the benefit of and shall be
binding upon the Representative, the Underwriters, the Company and the controlling persons,
directors and officers referred to in Section&nbsp;5 hereof, and their respective successors, legal
representatives and assigns,
and no other person shall have or be construed to have any legal or equitable right, remedy or
claim under or in respect of or by virtue of this Agreement or any provisions herein contained.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <U>Governing Law</U>. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Maryland, without giving effect to conflict of laws. The
Company hereby agrees that any action, proceeding or claim against it arising out of, relating in
any way to this Agreement shall be brought and enforced in the courts of the State of Maryland of
the United States of America for the District of Baltimore, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to
such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process
or summons to be served upon the Company may be served by transmitting a copy thereof by registered
or certified mail, return receipt requested, postage prepaid, addressed to it at the address set
forth in Section&nbsp;10 hereof. Such mailing shall be deemed personal service and shall be legal and
binding upon the Company in any action, proceeding or claim. The Company agrees that the
prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all
of its reasonable attorneys&#146; fees and expenses relating to such action or proceeding and/or
incurred in connection with the preparation therefor.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <U>Execution in Counterparts</U>. This Agreement may be executed in one or more
counterparts, and by the different parties hereto in separate counterparts, each of which shall be
deemed to be an original, but all of which taken together shall constitute one and the same
agreement, and shall become effective when one or more counterparts has been signed by each of the
parties hereto and delivered to each of the other parties hereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 <U>Waiver, Etc.</U> The failure of any of the parties hereto to at any time enforce any
of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such
provision, nor to in any way effect the validity of this Agreement or any provision hereof or the
right of any of the parties hereto to thereafter enforce each and every provision of this
Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of
this Agreement shall be effective unless set forth in a written instrument executed by the party or
parties against whom or which enforcement of such waiver is sought; and no waiver of any such
breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other
or subsequent breach, non-compliance or non-fulfillment.


<P align="center" style="font-size: 10pt"><B>&#091;REMAINDER OF PAGE INTENTIONALLY LEFT BLANK&#093;</B>



<P align="center" style="font-size: 10pt">28
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing correctly sets forth the understanding between the Underwriters and the
Company, please so indicate in the space provided below for that purpose, whereupon this letter
shall constitute a binding agreement between us.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Very truly yours,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">INDIA GLOBALIZATION CAPITAL, INC.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Ram Mukunda</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Chairman and Chief Executive Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Accepted on the date first<BR>
above written.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">FERRIS, BAKER WATTS, INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Richard K. Prins</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Senior Vice-President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">29
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="center" style="font-size: 10pt"><B>SCHEDULE I</B>



<P align="center" style="font-size: 10pt"><B>INDIA GLOBALIZATION CAPITAL, INC.</B>



<P align="center" style="font-size: 10pt"><B>20,000,000 Units</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of Firm Units</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><U>Underwriter</U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><U>to be Purchased</U></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ferris, Baker Watts, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="center" style="font-size: 10pt"><B>EXHIBIT A</B>



<P align="left" style="font-size: 10pt">India Globalization Capital, Inc.<BR>
Attn.: Ram Mukunda<BR>
c/o Integrated Global Networks, LLC<BR>
4336 Montgomery Avenue<BR>
Bethesda, Maryland 20814

<P align="left" style="font-size: 10pt">Gentlemen:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Final Prospectus of India Globalization Capital, Inc. (&#147;<B>IGC</B>&#148;), dated
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2005 (the &#147;<B>Prospectus</B>&#148;). Capitalized terms used and not otherwise defined herein shall
have the meanings assigned to them in Prospectus.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have read the Prospectus and understand that IGC has established the Trust Fund, initially
in an amount of $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> for the benefit of the Public Stockholders and that IGC may disburse
monies from the Trust Fund only (i)&nbsp;to the Public Stockholders in the event of the redemption of
their shares or the liquidation of IGC or (ii)&nbsp;to IGC after it consummates a Business Combination.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For and in consideration of IGC agreeing to evaluate the undersigned for purposes of
consummating a Business Combination with it, the undersigned hereby agrees that it does not have
any right, title, interest or claim of any kind in or to any monies in the Trust Fund (the &#147;<B>Claim</B>&#148;)
and hereby waives any Claim it may have in the future as a result of, or arising out of, any
negotiations, contracts or agreements with IGC and will not seek recourse against the Trust Fund
for any reason whatsoever.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Print Name of Target Business</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Signature of Target Business</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="center" style="font-size: 10pt"><B>EXHIBIT B</B>



<P align="left" style="font-size: 10pt">India Globalization Capital, Inc.<BR>
Attn.: Ram Mukunda<BR>
c/o Integrated Global Networks, LLC<BR>
4336 Montgomery Avenue<BR>
Bethesda, Maryland 20814

<P align="left" style="font-size: 10pt">Gentlemen:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Final Prospectus of India Globalization Capital, Inc. (&#147;<B>IGC</B>&#148;), dated
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2005 (the &#147;<B>Prospectus</B>&#148;). Capitalized terms used and not otherwise defined herein shall
have the meanings assigned to them in Prospectus.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have read the Prospectus and understand that IGC has established the Trust Fund, initially
in an amount of $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> for the benefit of the Public Stockholders and that IGC may disburse
monies from the Trust Fund only: (i)&nbsp;to the Public Stockholders in the event of the redemption of
their shares or the liquidation of IGC; or (ii)&nbsp;to IGC after it consummates a Business Combination.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For and in consideration of IGC engaging the services of the undersigned, the undersigned
hereby agrees that it does not have any right, title, interest or claim of any kind in or to any
monies in the Trust Fund (the &#147;<B>Claim</B>&#148;) and hereby waives any Claim it may have in the future as a
result of, or arising out of, any contracts or agreements with IGC and will not seek recourse
against the Trust Fund for any reason whatsoever.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Print Name of Lender</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Signature of Lender</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><B>EXHIBIT 1.1</B>



<P align="center" style="font-size: 10pt"><B>EXHIBIT C</B>



<P align="left" style="font-size: 10pt">India Globalization Capital, Inc.<BR>
Attn.: Ram Mukunda<BR>
c/o Integrated Global Networks, LLC<BR>
4336 Montgomery Avenue<BR>
Bethesda, Maryland 20814

<P align="left" style="font-size: 10pt">Gentlemen:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned officer or director of India Globalization Capital, Inc. (&#147;<B>IGC</B>&#148;) hereby
acknowledges that IGC has established the Trust Fund, initially in an amount of $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> for the
benefit of the Public Stockholders and that IGC may disburse monies from the Trust Fund only (i)&nbsp;to
the Public Stockholders in the event of the redemption of their shares or the liquidation of IGC or
(ii)&nbsp;to IGC after it consummates a Business Combination.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby agrees that it does not have any right, title, interest or claim of any
kind in or to any monies in the Trust Fund (the &#147;<B>Claim</B>&#148;) and hereby waives any Claim it may have in
the future as a result of, or arising out of, any contracts or agreements with IGC and will not
seek recourse against the Trust Fund for any reason whatsoever.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, such waiver shall not apply to any shares acquired by the
undersigned in the public market.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Print Name of Officer/Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Signature of Officer/Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>c95282exv1w2.htm
<DESCRIPTION>FORM OF SELECTED DEALER AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv1w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt">EXHIBIT 1.2



<P align="center" style="font-size: 10pt"><B>Ferris, Baker Watts<BR>
Incorporated<BR>
100 Light Street<BR>
Baltimore, Maryland 21202</B>



<P align="center" style="font-size: 10pt"><B>SELECTED DEALERS AGREEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dear Sirs:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Registration under the Securities Act of 1933, as amended (the &#147;<B>Act</B>&#148;), of the
20,000,000 Units* of India Globalization Capital, Inc. (the &#147;<B>Company</B>&#148;), as more fully described in
the Preliminary Prospectus, dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2005 and in the final prospectus (the &#147;<B>Prospectus</B>&#148;) which will
be forwarded to you, will become effective in the near future. We, as the Underwriters, are
offering certain of the Units for purchase by a selected group of dealers (the &#147;<B>Selected Dealers</B>&#148;)
on the terms and conditions stated herein.

<P align="left" style="font-size: 10pt">* Plus the over-allotment option available to the Underwriters to purchase up to an
additional 3,000,000 Units.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Authorized Public Offering Price:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$6.00 per Unit.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dealers&#146; Selling Concession:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not to exceed
$&nbsp;&nbsp;&nbsp;&nbsp;per Unit
payable upon termination of this
Agreement, except as provided
below. We reserve the right not
to pay such concession on any of
the Units purchased by any of
the Selected Dealers from us and
repurchased by us at or below
the price stated above prior to
such termination.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Reallowance:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">You may reallow not in excess of
$&nbsp;&nbsp;&nbsp;&nbsp; per Unit as a selling
concession to dealers who are
members in good standing of the
National Association of
Securities Dealers, Inc. (the
&#147;<B>NASD</B>&#148;) or to foreign dealers
who are not eligible for
membership in the NASD and who
have agreed: (i)&nbsp;not to sell the
Units within the United States
of America, its territories or
possessions or to persons who
are citizens thereof or
residents therein; and (ii)&nbsp;to
abide by the applicable Conduct
Rules of the NASD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Delivery and Payment:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delivery of the Units shall be
made on or about &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&nbsp;&nbsp;&nbsp;&nbsp;,
2005 or such later date as we
may advise on not less than one
day&#146;s notice to you, at the
offices of Ferris, Baker Watts,
Inc., 100 Light Street
Baltimore, Maryland 21202 or at
such other place as we shall
specify on not less than one
day&#146;s notice to you. Payment for
the Units is to be made, against
delivery, at the authorized
public offering price stated
above, or, if we shall so advise
you, at the authorized public
offering price less the dealers&#146;
selling concession stated above,
by a certified or official bank
check in Clearing House Funds
payable to the order of Ferris,
Baker Watts, Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Termination:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This Agreement shall terminate
at the close of business on the
45<SUP style="font-size: 85%; vertical-align: text-top">th </SUP>day following
the effective date of the
Registration Statement (of which
the enclosed Prospectus forms a
part), unless extended at our
discretion for a period or
periods not to exceed in the
aggregate 30 additional days.
We may terminate this Agreement,
whether or not extended, at any
time without notice.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Any of the Units purchased by you hereunder are to be offered by you to the
public at the public offering price, except as herein otherwise provided and except that a
reallowance from such public offering price not in excess of the amount set forth on the first page
of this Agreement may be allowed as consideration for services rendered in distribution to dealers
that: (a)&nbsp;are actually engaged in the investment banking or securities business; (b)&nbsp;execute the
written agreement prescribed by Rule&nbsp;2740 of the NASD Conduct Rules; and (c)&nbsp;are either members in
good standing of the NASD or foreign banks, dealers or institutions not eligible for membership in
the NASD that represent to you that they will promptly reoffer such Units at the public offering
price and will abide by the conditions with respect to foreign banks, dealers and institutions set
forth in paragraph 9 below.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;You, by becoming a member of the Selected Dealers, agree: (a)&nbsp;upon effectiveness of the
Registration Statement and your receipt of the Prospectus, to take up and pay for the number of
Units allotted and confirmed to you; (b)&nbsp;not to use any of the Units to reduce or cover any short
position you may have; and (c)&nbsp;to make available a copy of the Prospectus to all persons who on
your behalf will solicit orders for the Units prior to the making of such solicitations by such
persons. You are not authorized to give any information or to make any representations other than
those contained in the Prospectus or any supplements or amendments thereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;As contemplated by Rule&nbsp;15c2-8 under the Securities Exchange Act of 1934, as amended,
we agree to mail a copy of the Prospectus to any person making a written request therefor during
the period referred to in the rules and regulations adopted under such Act, the mailing to be made
to the address given in the request. You confirm that you have delivered all preliminary
prospectuses and revised preliminary prospectuses, if any, required to be delivered under the
provisions of Rule&nbsp;15c2-8 and agree to deliver all copies of the Prospectus required to be
delivered thereunder. We have heretofore delivered to you such preliminary prospectuses as have
been required by you, receipt of which is hereby acknowledged, and will deliver such further
prospectuses as may be requested by you.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;You agree that until termination of this Agreement you will not make purchases or sales
of the Units except: (a)&nbsp;pursuant to this Agreement; (b)&nbsp;pursuant to authorization received from
us; or (c)&nbsp;in the ordinary course of business as broker or agent for a customer pursuant to any
unsolicited order.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Additional copies of the Prospectus and any supplements or amendments thereto shall be
supplied in reasonable quantity upon request.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;The Units are offered by us for delivery when, as and if sold to, and accepted by, us
and subject to the terms herein and in the Prospectus or any supplements or amendments


<P align="center" style="font-size: 10pt">-2-
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">thereto, to our right to vary the concessions and terms of offering after their release for public
sale, to approval of counsel as to legal matters and to withdrawal, cancellation or modification of
the offer without notice.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Upon written application to us, you shall be informed as to the jurisdictions under the
securities or blue sky laws of which we believe the Units are eligible for sale, but we assume no
responsibility as to such eligibility or the right of any member of the Selected Dealers to sell
any of the Units in any jurisdiction. We acknowledge that you have advised us that sales of the
Company&#146;s securities cannot be made from the state of New Jersey. We represent to you that all
sales by us of the Company&#146;s securities will be made by our offices outside the state of New
Jersey. We have caused to be filed a Further State Notice relating to such of the Units to be
offered to the public in New York in the form required by, and pursuant to, the provisions of
Article&nbsp;23A of the General Business Law of the State of New York. Upon the completion of the
public offering contemplated herein, each member of the Selected Dealers agrees to promptly furnish
to us, upon our request, territorial distribution reports setting forth each jurisdiction in which
sales of the Units were made by such member, the number of Units sold in such jurisdiction, and any
further information as we may request, in order to permit us to file on a timely basis any report
that we as the Underwriters of the offering or manager of the Selected Dealers may be required to
file pursuant to the securities or blue sky laws of any jurisdiction.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;You, by becoming a member of the Selected Dealers, represent that you actually engaged
in the investment banking or securities business and that you are: (a)&nbsp;a member in good standing of
the NASD and will comply with Rule&nbsp;2740 NASD&#146;s Conduct Rules; or (b)&nbsp;a foreign dealer or
institution that is not eligible for membership in the NASD and that has agreed (i)&nbsp;not to sell
Units within the United States of America, its territories or possessions or to persons who are
citizens thereof or residents therein, (ii)&nbsp;that any and all sales shall be in compliance with Rule
2110-01 of the NASD&#146;s Conduct Rules, (iii)&nbsp;to comply, as though it were a member of the NASD, with
Rules&nbsp;2730, 2740 and 2750 of the NASD&#146;s Conduct Rules, and to comply with Rule&nbsp;2420 thereof as that
Rule applies to a non-member broker or dealer in a foreign country.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Nothing herein shall constitute any members of the Selected Dealers&#146; partners with us or
with each other, but you agree, notwithstanding any prior settlement of accounts or termination of
this Agreement, to bear your proper proportion of any tax or other liability based upon the claim
that the Selected Dealers constitute a partnership, association, unincorporated business or other
separate entity and a like share of any expenses of resisting any such claim.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Ferris, Baker Watts, Inc. shall be the Managing Underwriter of the offering and manager
of the Selected Dealers and shall have full authority to take such action as we may deem advisable
in respect of all matters pertaining to the offering or the Selected Dealers or any members of
them. Except as expressly stated herein, or as may arise under the Act, we shall be under no
liability to any member of the Selected Dealers as such for, or in respect of: (i)&nbsp;the validity or
value of the Units; (ii)&nbsp;the form of, or the statements contained in, the Prospectus, the
Registration Statement of which the Prospectus forms a part, any


<P align="center" style="font-size: 10pt">-3-
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">supplements or amendments to the Prospectus or such Registration Statement, any preliminary
prospectus, any instruments executed by, or obtained or any supplemental sales data or other
letters from, the Company, or others; (iii)&nbsp;the form or validity of the Underwriting Agreement or
this Agreement; (iv)&nbsp;the eligibility of any of the Units for sale under the laws of any
jurisdiction; (v)&nbsp;the delivery of the Units; (vi)&nbsp;the performance by the Company, or others of any
agreement on its or their part; or (vii)&nbsp;any matter in connection with any of the foregoing, except
our own want of good faith.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;If for federal income tax purposes the Selected Dealers, among themselves or with the
Underwriters, should be deemed to constitute a partnership, then we elect to be excluded from the
application of Subchapter K, Chapter&nbsp;1, Subtitle A of the Internal Revenue Code of 1986, as
amended, and we agree not to take any position inconsistent with such selection. We authorize you,
in your discretion, to execute and file on our behalf such evidence of such election as may be
required by the Internal Revenue Service.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;All communications from you shall be addressed to Ferris, Baker Watts, Inc. at 100 Light
Street, Baltimore, Maryland 21202, Attention: Richard K. Prins, <I>Senior Vice-President</I>. Any notice
from us to you shall be deemed to have been fully authorized by the Underwriters and to have been
duly given if mailed, telegraphed or sent by confirmed facsimile transmittal to you at the address
to which this letter is mailed. This Agreement shall be construed in accordance with the laws of
the State of Maryland without giving effect to conflict of laws. Time is of the essence in this
Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you desire to become a member of the Selected Dealers, please advise us to that effect
immediately by facsimile transmission and sign and return to us the enclosed counterpart of this
letter.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Very truly yours,</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">FERRIS, BAKER WATTS, INC.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Richard K. Prins<BR>
Senior Vice-President</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We accept membership in the Selected Dealers on the terms specified above.


<P align="left" style="font-size: 10pt">Dated: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2005


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Selected Dealer)


<P align="left" style="font-size: 10pt">By:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:



<P align="center" style="font-size: 10pt">-4-
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>4
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<DESCRIPTION>ARTICLES OF INCORPORATION
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<P align="right" style="font-size: 10pt">EXHIBIT 3.1



<P align="center" style="font-size: 10pt">ARTICLES OF INCORPORATION



<P align="center" style="font-size: 10pt">OF



<P align="center" style="font-size: 10pt">INDIA GLOBALIZATION CAPITAL, INC.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: The undersigned, Stanley S. Jutkowitz, whose address is 815 Connecticut Avenue, N.W.,
Suite&nbsp;500, Washington, D.C. 20006, being at least eighteen years of age, does hereby form a
corporation under the laws of the State of Maryland.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: The name of the corporation (the &#147;Corporation&#148;) is India Globalization Capital, Inc.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD: The purpose of the Corporation shall be to engage in any lawful businesses or
activities for which corporations may be organized under the Maryland General Corporation Law
(&#147;MGCL&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH: The street address of the principal office of the Corporation in Maryland is 4336
Montgomery Avenue, Bethesda, Maryland, 20814.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIFTH: The name of the resident agent of the Corporation in Maryland is The Corporation Trust
Incorporated whose address is 300 East Lombard Street, Baltimore, Maryland 21202.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIXTH: The total number of shares of all classes of capital stock which the Corporation shall
have authority to issue is one hundred fifty one million (151,000,000) shares, of which one hundred
fifty million (150,000,000) shares shall be shares of common stock, with a par value of $0.0001 per
share (the &#147;Common Stock&#148;) and one million (1,000,000) shares shall be shares of preferred stock,
with a par value of $0.0001 per share (the &#147;Preferred Stock&#148;). The aggregate stated capital is
$15,100.00.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;<U>Preferred Stock</U>. The Board of Directors is expressly granted authority to issue
shares of Preferred Stock, in one or more series, and to fix for each such series such voting
powers, full or limited, and such designations, preferences and relative, participating, optional
or other special rights and such qualifications, limitations or restrictions thereof as shall be
stated and expressed in the resolution or resolutions adopted by the Board of Directors providing
for the issue of such series (a &#147;Preferred Stock Designation&#148;) and as may be permitted by the MGCL.
The number of authorized shares of Preferred Stock may be increased or decreased (but not below
the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority
of the voting power of all of the then outstanding shares of the capital stock of the Corporation
entitled to vote generally in the election of directors, voting together as a single class, without
a separate vote of the holders of the Preferred Stock, or any series thereof, unless a vote of any
such holders is required to take such action pursuant to any Preferred Stock Designation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;<U>Common Stock</U>. Except as otherwise required by law or as otherwise provided in any
Preferred Stock Designation, the holders of Common Stock shall exclusively possess all voting power
and each share of Common Stock shall have one vote.


<P align="center" style="font-size: 10pt">1
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEVENTH: Paragraphs A through E set forth below shall apply during the period commencing upon
the initial public offering of the Company&#146;s securities (the &#147;IPO&#148;) and terminating upon the
consummation of a &#147;Business Combination,&#148; (the &#147;Restricted Period&#148;) and shall not be amended during
such period. A &#147;Business Combination&#148; shall mean the acquisition by the Corporation, whether by
merger, capital stock exchange, asset or stock acquisition or other similar type of transaction or
a combination of any of the foregoing, of one or more operating businesses with its or their
primary operations in India. (collectively, the &#147;Target Business&#148;) having collectively, a fair
market value (as calculated in accordance with the requirements set forth below) of at least 80% of
the Corporation&#146;s net assets at the time of such acquisition; provided, that any acquisition of
multiple operating businesses shall occur contemporaneously with one another. For purposes of this
Article, fair market value shall be determined by the Board of Directors of the Corporation based
upon financial standards generally accepted by the financial community, such as actual and
potential sales, earnings, cash flow and book value. If the Board of Directors of the Corporation
is not able independently to determine the fair market value of the Target Business, the
Corporation shall obtain an opinion with regard to such fair market value from an unaffiliated,
independent investment banking firm that is a member of the National Association of Securities
Dealers, Inc. (d/b/a NASD) (an &#147;Independent Financial Advisor&#148;). The Corporation will not
consummate a Business Combination with any entity that is affiliated with any of the Corporation&#146;s
stockholders immediately prior to the IPO unless the Corporation obtains an opinion from an
Independent Financial Advisor that the Business Combination is fair to the Corporation&#146;s
stockholders from a financial perspective.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;Prior to the consummation of a Business Combination, the Corporation shall submit such
Business Combination to its stockholders for approval regardless of whether the Business
Combination is of a type which normally would require such stockholder approval under the MGCL. In
the event that a majority of the IPO Shares (as defined below) cast at the meeting to approve the
Business Combination are voted for the approval of such Business Combination, the Corporation shall
be authorized to consummate the Business Combination; provided, that the Corporation shall not
consummate a Business Combination if holders representing 20% or more in interest of the IPO Shares
exercise their conversion rights described in paragraph B below.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;Any stockholder of the Corporation holding shares of Common Stock issued by the Corporation
in the IPO (such shares so issued in connection with the IPO, the &#147;IPO Shares&#148;) of securities who
voted against the Business Combination may, contemporaneous with such vote, demand that the
Corporation convert his or her IPO Shares into cash. If so demanded, in the event that a Business
Combination is approved in accordance with paragraph A above and is consummated by the Corporation,
the Corporation shall convert such shares at a per share conversion price equal to the quotient
determined by dividing (i)&nbsp;the amount in the Trust Fund (as defined below), inclusive of any
interest thereon, calculated as of two business days prior to the proposed consummation of the
Business Combination, by (ii)&nbsp;the total number of IPO Shares. &#147;Trust Fund&#148; means the trust account
established by the Corporation in connection with the consummation of its IPO and into which a
certain amount of the net proceeds of the IPO are deposited.


<P align="center" style="font-size: 10pt">2
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;In the event that the Corporation does not consummate a Business Combination by the later
of (i)&nbsp;18&nbsp;months after the consummation of the IPO or (ii)&nbsp;24&nbsp;months after the consummation of the
IPO in the event that either a letter of intent, an agreement in principle or a definitive
agreement to complete a Business Combination was executed but was not consummated within such
18-month period (such later date being referred to as the &#147;Termination Date&#148;), the officers of the
Corporation shall take all such action necessary to dissolve and liquidate the Corporation as soon
as reasonably practicable. In the event that the Corporation is so dissolved and liquidated, only
the holders of IPO Shares shall be entitled to receive liquidating distributions and the
Corporation shall pay no liquidating distributions with respect to any other shares of capital
stock of the Corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;A holder of IPO Shares shall be entitled to receive distributions from the Trust Fund only
in the event of a liquidation of the Corporation or in the event he or she demands conversion of
his or her shares in accordance with paragraph B above. Except as may be required under applicable
law, in no other circumstances shall a holder of IPO Shares have any right or interest of any kind
in or to the Trust Fund or any amount or other property held therein.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;Unless and until the Corporation has consummated a Business Combination as permitted under
this Article&nbsp;Fifth, the Corporation may not consummate any other business combination, whether by
merger, acquisition, asset purchase or otherwise.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EIGHTH:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;The number of directors that will constitute the Board of Directors shall be at least one
(1). The number of directors shall be fixed from time to time as set forth in this Article&nbsp;EIGHTH
or the Bylaws of the Corporation. The name and address of the initial director of the Corporation
is: Ram Mukunda, 4336 Montgomery Avenue, Bethesda, Maryland 20814.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;The Board of Directors shall be divided into three classes: Class&nbsp;A, Class&nbsp;B and Class&nbsp;C.
The number of directors in each class shall be as nearly equal as possible. The director of the
Corporation on the date hereof shall become a Class&nbsp;C director and shall then elect Class&nbsp;A, Class
B, and, to the extent appropriate, additional Class&nbsp;C directors. The directors in Class&nbsp;A shall be
elected for a term expiring at the first Annual Meeting of Stockholders, the directors in Class&nbsp;B
shall be elected for a term expiring at the second Annual Meeting of Stockholders and the directors
in Class&nbsp;C shall be elected for a term expiring at the third Annual Meeting of Stockholders.
Commencing at the first Annual Meeting of Stockholders, and at each Annual Meeting of Stockholders
thereafter, directors elected to succeed those directors whose terms expire in connection with such
Annual Meeting of Stockholders shall be elected for a term of office to expire at the third
succeeding Annual Meeting of Stockholders after their election. Except as the MGCL may otherwise
require, in the interim between Annual Meetings of Stockholders or Special Meetings of Stockholders
called for the election of directors and/or the removal of one or more directors and the filling of
any vacancy in connection therewith, newly created directorships and any vacancies in the Board of
Directors, including unfilled vacancies resulting from the removal of directors for cause, may be
filled by the vote of a majority of the remaining directors then in office, although less than a
quorum (as defined in the Corporation&#146;s Bylaws), or by the sole remaining director. All directors
shall hold office until the expiration of their respective terms of office and until their
successors shall have been elected and qualified.


<P align="center" style="font-size: 10pt">3
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<P align="left" style="font-size: 10pt">A director elected to fill a vacancy resulting from the death, resignation or removal of a
director shall serve for the remainder of the full term of the director whose death, resignation or
removal shall have created such vacancy and until his successor shall have been elected and
qualified.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NINTH: The following provisions are inserted for the management of the business and for the
conduct of the affairs of the Corporation, and for further definition, limitation and regulation of
the powers of the Corporation and of its directors and stockholders:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;Election of directors need not be by ballot unless the Corporation&#146;s Bylaws so provide.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;The Board of Directors shall have the power, without the assent or vote of the
stockholders, to make, alter, amend, change, add to or repeal the Corporation&#146;s Bylaws as provided
in the Corporation&#146;s Bylaws.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;The directors in their discretion may submit any contract or act for approval or
ratification at any Annual Meeting of Stockholders or at any Special Meeting of Stockholders called
for the purpose of considering any such act or contract, and any contract or act that shall be
approved or be ratified by the vote of the holders of a majority of the stock of the Corporation
which is represented in person or by proxy at such meeting and entitled to vote thereat (provided
that a lawful quorum of stockholders be there represented in person or by proxy) shall be as valid
and binding upon the Corporation and upon all the stockholders as though it had been approved or
ratified by every stockholder of the Corporation, whether or not the contract or act would
otherwise be open to legal attack because of directors&#146; interests, or for any other reason.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;In addition to the powers and authorities hereinbefore stated or by statute expressly
conferred upon them, the directors are hereby empowered to exercise all such powers and do all such
acts and things as may be exercised or done by the Corporation; subject, notwithstanding, to the
provisions of applicable law, these Articles of Incorporation, and any bylaws from time to time
made by the stockholders; provided, however, that no bylaw so made shall invalidate any prior act
of the directors which would have been valid if such bylaw had not been made,


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TENTH: The following paragraphs shall apply with respect to liability and indemnification of
officers and directors:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;A director of the Corporation shall not be personally liable to the Corporation or its
stockholders for monetary damages for breach of fiduciary duty as a director, except for liability
(i)&nbsp;for any breach of the director&#146;s duty of loyalty to the Corporation or its stockholders, (ii)
for acts or omissions in bad faith or which involve intentional misconduct or a knowing violation
of law, or (iii)&nbsp;for any transaction from which the director derived an improper personal benefit
in money, property or services. If the MGCL is amended to authorize corporate action further
eliminating or limiting the personal liability of directors, then the liability of a director of
the Corporation shall be eliminated or limited to the fullest extent permitted by the MGCL, as so
amended. Any repeal or modification of this paragraph A by the stockholders of the Corporation
shall not adversely affect any right or protection of a director of the Corporation with respect to
events occurring prior to the time of such repeal or modification.


<P align="center" style="font-size: 10pt">4
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;The Corporation, to the full extent permitted by Section&nbsp;2-418 of the MGCL, as amended from
time to time, shall indemnify all persons whom it may indemnify pursuant thereto. Expenses
(including attorneys&#146; fees) incurred by an officer or director in defending any civil, criminal,
administrative, or investigative action, suit or proceeding or which such officer or director may
be entitled to indemnification hereunder shall be paid by the Corporation in advance of the final
disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of
such director or officer to repay such amount if it shall ultimately be determined that he or she
is not entitled to be indemnified by the Corporation as authorized hereby.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I acknowledge these Articles of Incorporation to be my act on this 28&nbsp;day of April, 2005.

<DIV align="center">
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Stanley S. Jutkowitz</TD>
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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stanley S. Jutkowitz, Incorporator</TD>
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<TYPE>EX-3.2
<SEQUENCE>5
<FILENAME>c95282exv3w2.htm
<DESCRIPTION>BY-LAWS
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 3.2</B>



<P align="center" style="font-size: 10pt">BYLAWS



<P align="center" style="font-size: 10pt">OF



<P align="center" style="font-size: 10pt">INDIA GLOBALIZATION CAPITAL, INC.




<P align="center" style="font-size: 10pt">&nbsp;
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 3.2</B>



<P align="center" style="font-size: 10pt">TABLE OF CONTENTS


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    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE I. OFFICES AND RECORDS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1.01. Registered Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1.02. Other Offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1.03. Books and Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE II. STOCKHOLDERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.01. Annual Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.02. Special Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.03. Place of Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.04. Notice of Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.05. Quorum and Adjournment; Voting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.06. Proxies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.07. Notice of Stockholder Business and Nominations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.08. Procedure for Election of Directors; Required Vote; Voting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.09. Inspectors of Elections; Opening and Closing the Polls</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.10. Action Without meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE III. BOARD OF DIRECTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.01. General Powers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.02. Meetings Generally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.03. Regular Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.04. Special Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.05. Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.06. First Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.07. Action by Consent of Board of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.08. Conference Telephone Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.09. Quorum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.10. Committees of the Board of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.11. Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.12. Compensation of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IV. OFFICERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;4.01. Elected Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;4.02. Election and Term of Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;4.03. Chairman of the Board and Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;4.04. President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;4.05. Vice Presidents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;4.06. Treasurer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;4.07. Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;4.08. Removal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;4.09. Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;4.10. Execution of Documents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">i
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE V. STOCK CERTIFICATES AND TRANSFERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.01. Stock Certificates and Transfers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.02. Lost, Stolen or Destroyed Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.03. Transfers of Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.04. Registered Stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VI. MISCELLANEOUS PROVISIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.01. Fiscal Year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.02. Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.03. Seal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.04. Waiver of Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.05. Audits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.06. Resignations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.07. Fixing Record Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.08. Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.09. Deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.10. Annual Statement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.11. Form of Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.12. Control Share Acquisition Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VII. CONTRACTS, PROXIES, ETC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;7.01. Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;7.02. Proxies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VIII. AMENDMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;8.01. Amendments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IX. INDEMNIFICATION AND INSURANCE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.01. Right to Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.02. Right of Claimant to Bring Suit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.03. Non-Exclusivity of Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.04. Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.05. Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">ii
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>EXHIBIT 3.2</B>



<P align="center" style="font-size: 10pt">BYLAWS<BR>
OF<BR>
INDIA GLOBALIZATION CAPITAL, INC.



<P align="center" style="font-size: 10pt">ARTICLE I.<BR>
OFFICES AND RECORDS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.01. Registered Office. The principal office of India Globalization Capital, Inc.
(the &#147;Corporation&#148;) shall be located at such place as the Board of Directors of the Corporation may
designate.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.02. Other Offices. The Corporation may have such other offices, either within or
without the State of Maryland, as the board of directors of the Corporation (the &#147;Board of
Directors&#148;, and each member thereof, a &#147;Director&#148;) may designate or as the business of the
Corporation may from time to time require.


<P align="center" style="font-size: 10pt">ARTICLE II.<BR>
STOCKHOLDERS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.01. Annual Meeting. The annual meeting of the stockholders of the Corporation for
the election of Directors and for the transaction of such other business as may properly come
before the meeting shall be held on such date and at such time as may be fixed by resolution of the
Board of Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.02. Special Meeting. Except as otherwise required by law special meetings of
stockholders of the Corporation for any purpose or purposes may be called only (a)&nbsp;by the Chief
Executive Officer of the Corporation, (b)&nbsp;by the Board of Directors pursuant to a resolution
stating the purpose or purposes thereof approved by a majority of the total number of Directors
which the Corporation would have if there were no vacancies or unfilled newly-created directorships
(the &#147;Whole Board&#148;), or (c)&nbsp;except as otherwise provided by law, by the Secretary of the
Corporation on the written request of stockholders entitled to cast at least a majority of all the
votes entitled to be cast at such a special meeting. Such written request by the stockholders shall
state the purpose or purposes of such special meeting and the matters proposed to be acted on
thereat. The Secretary shall inform such requesting stockholders of the reasonably estimated cost
of preparing and mailing such notice of the meeting, and, upon payment to the Corporation of such
costs, the Secretary shall give notice stating the purpose or purposes of such special meeting to
all stockholders entitled to notice of such meeting. No special meeting need be called upon the
request of the stockholders entitled to cast less than a majority of all the votes entitled to be
cast at such special meeting or to consider any matter which is substantially the same as a matter
voted upon at any special meeting of the stockholders held during the preceding twelve (12)&nbsp;months.
No business other than that stated in the Corporation&#146;s notice of meeting under Section&nbsp;2.04 shall
be brought before or transacted at any special meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.03. Place of Meeting. The Board of Directors or the Chairman of the Board, as the
case may be, may designate the place, if any, of meeting for any annual meeting or for any


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">special meeting of the stockholders. In lieu of holding a stockholders meeting in a fixed place, the Board
of Directors may make arrangements for stockholders to participate in a the meeting by means of
conference telephone or other communications equipment by means of which all persons participating
in the meeting can hear each other, and such participation in a meeting shall constitute presence
in person at such meeting.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.04. Notice of Meeting. Notice, stating the place (if any), day and hour of the
meeting and the purpose or purposes for which the meeting is called, shall be delivered by the
Corporation not less than ten (10)&nbsp;calendar days nor more than ninety (90)&nbsp;calendar days before the
date of the meeting, either personally, by mail, by electronic transmission or by other lawful
means, to each stockholder of record entitled to vote at such meeting. If mailed, such notice shall
be deemed to be delivered when deposited in the United States mail with postage thereon prepaid,
addressed to the stockholder at such person&#146;s address as it appears on the stock transfer books of
the Corporation. If sent by electronic transmission, such notice shall be deemed given when
transmitted to the stockholder by electronic mail to any electronic mail address of the stockholder
or by any electronic means. Such further notice shall be given as may be required by law. Meetings
may be held without notice if all stockholders entitled to notice are present (except when
stockholders entitled to notice attend the meeting for the express purpose of objecting, at the
beginning of the meeting, because the meeting is not lawfully called or convened), or if notice is
waived by those not present in accordance with Section&nbsp;6.04. Any previously scheduled meeting of
the stockholders may be postponed, and any special meeting of the stockholders may be canceled, by
resolution of the Board of Directors upon public notice given prior to the date previously
scheduled for such meeting of stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.05. Quorum and Adjournment; Voting. Except as otherwise provided by law or by the
Articles, the holders of a majority of the voting power of all outstanding shares of the
Corporation entitled to vote generally in the election of Directors (the &#147;Voting Stock&#148;),
represented in person or by proxy, shall constitute a quorum at a meeting of stockholders, except
that when specified business is to be voted on by a class or series of stock voting as a class, the
holders of a majority of the voting power of the outstanding shares of such class or series shall
constitute a quorum of such class or series for the transaction of such business. The chairman of
the meeting may adjourn the meeting from time to time, at his sole discretion, whether or not there
is such a quorum. No notice of the time and place of adjourned meetings need be given except as
required by law. The stockholders present at a duly called meeting at which a quorum is present may
continue to transact business until adjournment, notwithstanding the withdrawal of enough
stockholders to leave less than a quorum.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.06. Proxies. At all meetings of stockholders, a stockholder may vote by proxy in
accordance with the General Corporation Law of the State of Maryland (the &#147;MGCL&#148;) or by such
person&#146;s duly authorized attorney in fact. No proxy shall be voted or acted upon after eleven (11)
months from its date, unless the proxy provides for a longer period. A duly executed proxy shall be
irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an
interest sufficient in law to support an irrevocable power. A stockholder may revoke any proxy
which is not irrevocable by attending the meeting of stockholders and voting in person or
by filing an instrument in writing revoking the proxy or another duly executed proxy bearing a
later date with the Secretary of the Corporation.


<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.07. Notice of Stockholder Business and Nominations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Annual Meetings of Stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Nominations of persons for election to the Board of Directors and the proposal of business
to be considered by the stockholders may be made at an annual meeting of stockholders (A)&nbsp;pursuant
to the Corporation&#146;s notice of meeting pursuant to Section&nbsp;2.04, (B)&nbsp;by or at the direction of the
Board of Directors or (C)&nbsp;by any stockholder of the Corporation who was a stockholder of record at
the time of giving of notice provided for in this Section&nbsp;2.07, who shall be entitled to vote at
the meeting and who complies with the notice procedures set forth in this Section&nbsp;2.07.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;For nominations or other business to be properly brought before an annual meeting by a
stockholder pursuant to clause (C)&nbsp;of paragraph (a)(i) of this Section&nbsp;2.07, the stockholder must
(W)&nbsp;have given timely notice thereof in writing to the Secretary of the Corporation; (X)&nbsp;the
business must be a proper matter for stockholder action under Maryland law; (Y)&nbsp;if the stockholder,
or the beneficial owner on whose behalf any such proposal or nomination is made, has provided the
Corporation with a &#147;Solicitation Notice&#148; (as that term is defined below), such stockholder or
beneficial owner must, in the case of a proposal, have delivered a proxy statement and form of
proxy to holders of at least the percentage of the Corporation&#146;s voting shares required under
applicable law to carry any such proposal, or, in the case of a nomination or nominations, have
delivered a proxy statement and form of proxy to holders of a percentage of the Corporation&#146;s
voting shares reasonably believed by such stockholder or beneficial holder to be sufficient to
elect the nominee or nominees proposed to be nominated by such stockholder, and must, in either
case, have included in such materials the Solicitation Notice; and (Z)&nbsp;if no Solicitation Notice
relating thereto has been timely provided pursuant to this Section&nbsp;2.07, the stockholder or
beneficial owner proposing such business or nomination must not have solicited a number of proxies
sufficient to have required the delivery of such a Solicitation Notice under this Section.. To be
timely, a stockholder&#146;s notice shall be delivered to the Secretary of the Corporation at the
principal executive offices of the Corporation not later than the close of business on the
ninetieth (90th) calendar day nor earlier than the close of business on the one hundred and
twentieth (120th) calendar day prior to the first (1st) anniversary of the preceding year&#146;s annual
meeting; PROVIDED, HOWEVER, that in the event that the date of the annual meeting is more than
thirty (30)&nbsp;calendar days before or more than sixty (60)&nbsp;calendar days after such anniversary date
or in the case of the first annual meeting, notice by the stockholder to be timely must be so
delivered not earlier than the close of business on the one hundred and twentieth (120th) calendar
day prior to such annual meeting and not later than the close of business on the later of the
ninetieth (90th) calendar day prior to such annual meeting or the tenth (10th) calendar day
following the calendar day on which public announcement of the date of such meeting is first made
by the Corporation. In no event shall the public announcement of an adjournment or postponement of
an annual meeting commence a new time period (or extend any time period) for the giving of a
stockholder&#146;s notice as described above. Such stockholder&#146;s notice shall set forth (A)&nbsp;as to each
person whom the stockholder proposes to nominate for election or reelection as a Director all information relating to such
person that is required to be disclosed in solicitations of proxies for election of Directors in an


<P align="center" style="font-size: 10pt">3
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">election contest, or is otherwise required, in each case pursuant to Regulation&nbsp;14A under the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) (including such person&#146;s written
consent to being named in the proxy statement as a nominee and to serving as a Director if
elected); (B)&nbsp;as to any other business that the stockholder proposes to bring before the meeting, a
brief description of the business desired to be brought before the meeting, the text of the
proposal or business (including the text of any resolutions proposed for consideration and in the
event that such business includes a proposal to amend these Bylaws, the language of the proposed
amendment), the reasons for conducting such business at the meeting and any material interest in
such business of such stockholder and the beneficial owner, if any, on whose behalf the proposal is
made; and (C)&nbsp;as to the stockholder giving the notice and the beneficial owner, if any, on whose
behalf the nomination or proposal is made (1)&nbsp;the name and address of such stockholder, as they
appear on the Corporation&#146;s books, and of such beneficial owner, (2)&nbsp;the class (and, if applicable,
series) and number of shares of stock of the Corporation which are owned beneficially and of record
by such stockholder and such beneficial owner, (3)&nbsp;a representation that the stockholder is a
holder of record of stock of the Corporation entitled to vote at such meeting and intends to appear
in person or by proxy at the meeting to propose such business or nomination, and (4)&nbsp;a
representation whether the stockholder or the beneficial owner, if any, intends or is part of a
group which intends to deliver a proxy statement and/or form of proxy to holders of at least the
percentage of the Corporation&#146;s outstanding capital stock required to approve or adopt the proposal
or elect such nominee or nominees (an affirmative statement of such intent, a &#147;Solicitation
Notice&#148;). The foregoing notice requirements shall be deemed satisfied by a stockholder if the
stockholder has notified the Corporation of his or her intention to present a proposal at an annual
meeting in compliance with Rule&nbsp;14a-8 (or any successor thereof) promulgated under the Exchange Act
and such stockholder&#146;s proposal has been included in a proxy statement that has been prepared by
the Corporation to solicit proxies for such annual meeting. The Corporation may require any
proposed nominee to furnish such other information as it may reasonably require to determine the
eligibility of such proposed nominee to serve as a Director.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;Notwithstanding anything in the second sentence of paragraph (a)(ii) of this Section
2.07 to the contrary, in the event that the number of Directors to be elected to the Board of
Directors at an annual meeting is increased and there is no public announcement by the Corporation
naming all of the nominees for Director or specifying the size of the increased Board of Directors
at least one hundred (100)&nbsp;calendar days prior to the first (1st) anniversary of the preceding
year&#146;s annual meeting, a stockholder&#146;s notice required by this Section&nbsp;2.07 shall also be
considered timely, but only with respect to nominees for any new positions created by such
increase, if it shall be delivered to the Secretary at the principal executive offices of the
Corporation not later than the close of business on the tenth (10th) calendar day following the day
on which such public announcement is first made by the Corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Special Meetings of Stockholders. Only such business shall be conducted at a special
meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation&#146;s
notice of meeting under Section&nbsp;2.04. Nominations of persons for election to the Board of Directors
may be made at a special meeting of stockholders at which Directors are to be
elected (i)&nbsp;pursuant to the Corporation&#146;s notice of meeting, (ii)&nbsp;by or at the direction of the
Board of Directors or (iii)&nbsp;provided that the Board of Directors has determined that Directors
shall be


<P align="center" style="font-size: 10pt">4
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">elected at such meeting, by any stockholder of the Corporation who is a stockholder of
record at the time of giving of notice provided for in these Bylaws, who shall be entitled to vote
at the meeting and who complies with the notice procedures set forth in this Section&nbsp;2.07. In the
event the Corporation calls a special meeting of stockholders for the purpose of electing one or
more Directors to the Board of Directors, any stockholder entitled to vote in such election of
Directors may nominate, pursuant to clause (iii)&nbsp;of the immediately preceding sentence of this
Section&nbsp;2.07(b), a person or persons (as the case may be) for election to such position(s) as
specified in the Corporation&#146;s notice of meeting, if the stockholder&#146;s notice required by paragraph
(a)(ii) of this Section&nbsp;2.07 shall be delivered to the Secretary of the Corporation at the
principal executive offices of the Corporation not earlier than the close of business on the one
hundred and twentieth (120th) calendar day prior to such special meeting and not later than the
close of business on the later of the ninetieth (90th) calendar day prior to such special meeting
or the tenth (10th) calendar day following the calendar day on which public announcement of the
date of the special meeting and of the nominees proposed by the Board of Directors to be elected at
such special meeting is first made by the Corporation. In no event shall the public announcement of
an adjournment or postponement of a special meeting commence a new time period (or extend any time
period) for the giving of a stockholder&#146;s notice as described above.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;General.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Only such persons who are nominated in accordance with the procedures set forth in this
Section&nbsp;2.07 shall be eligible to serve as Directors and only such business shall be conducted at a
meeting of stockholders as (A)&nbsp;shall have been brought before the meeting in accordance with the
procedures set forth in this Section&nbsp;2.07 and (B)&nbsp;shall have been determined to be a proper matter
for stockholder action under Maryland law. Except as otherwise provided by law, the Articles or
these Bylaws, the chairman of the meeting shall have the power and the duty to determine whether a
nomination or any business proposed to be brought before the meeting was made or proposed, as the
case may be, in accordance with the procedures set forth in this Section&nbsp;2.07 (including whether
the stockholder or beneficial owner, if any, on whose behalf the nomination or proposal is made
solicited (or is part of a group which solicited) or did not so solicit, as the case may be,
proxies in support of such stockholder&#146;s nominee or proposal in compliance with such stockholder&#146;s
representation as required by clause (a)(ii)(C)(4) of this Section&nbsp;2.07 and whether any proposal of
business to be considered by the stockholders is a proper matter for stockholder action under
Maryland law) and, if any proposed nomination or business is not in compliance with this Section
2.07, to declare that such defective proposal or nomination shall be disregarded. Notwithstanding
the foregoing provisions of this Section&nbsp;2.07, if the stockholder (or a qualified representative of
the stockholder) does not appear at the annual or special meeting of stockholders of the
Corporation to present a nomination or business, such nomination shall be disregarded and such
proposed business shall not be transacted, notwithstanding that proxies in respect of such vote may
have been received by the Corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;For purposes of this Section&nbsp;2.07, &#147;public announcement&#148; shall mean disclosure in a press
release reported by the Dow Jones News Service, Associated Press or
comparable national news service or in a document publicly filed by the Corporation with the
Securities and Exchange Commission pursuant to Section&nbsp;13, 14 or 15(d) of the Exchange Act.


<P align="center" style="font-size: 10pt">5
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;Notwithstanding the foregoing provisions of this Section&nbsp;2.07, a stockholder shall also
comply with all applicable requirements of the Exchange Act and the rules and regulations
promulgated thereunder with respect to the matters set forth in this Section&nbsp;2.07. Nothing in this
Section&nbsp;2.07 shall be deemed to affect any rights (a)&nbsp;of stockholders to request inclusion of
proposals in the Corporation&#146;s proxy statement pursuant to Rule&nbsp;14a-8 under the Exchange Act or (b)
of the holders of any series of preferred stock of the Corporation (&#147;Preferred Stock&#148;) to elect
Directors under an applicable Preferred Stock Designation (as defined in the Articles).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.08. Voting. The affirmative vote of a majority of the voting power of the shares
present in person or represented by proxy at the meeting and entitled to vote on any matter
properly before the meeting shall be the act of the stockholders, except as otherwise provided in
the Articles of Incorporation (the &#147;Articles&#148;). Except as otherwise provided by the Articles, each
stockholder shall at every meeting of the stockholders be entitled to one vote in person or by
proxy for each share of the Corporation&#146;s capital stock having voting power held by such
stockholder. Voting on any question or in any election may be by voice vote unless the chairman of
the meeting shall demand that voting be by ballot.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.09. Action Without Meeting. Unless otherwise provided in the Articles, any action
required or permitted to be taken at any annual or special meeting of stockholders may be taken
without a meeting, if a consent in writing, setting forth such action, is signed by all the
stockholders entitled to vote on the subject matter thereof and any other stockholders entitled to
notice of a meeting of stockholders but not to vote thereat have waived in writing any rights which
they may have to dissent from such action, and such consent and waiver are filed with the records
of stockholders&#146; meetings. Such consents and waivers shall be delivered to the Corporation by
delivery to its registered office in the State of Maryland, its principal place of business, or an
officer or agent of the Corporation having custody of the book in which proceedings of meetings of
stockholders are recorded. Delivery made to the Corporation&#146;s registered office shall be by hand or
by certified or registered mail, return receipt requested or by electronic transmission. Every
written consent shall bear the date of signature of each stockholder who signs the consent and no
written consent shall be effective to take the corporate action referred to therein unless within
sixty (60)&nbsp;days of the earliest dated consent delivered to the Corporation in the manner required
by this Section&nbsp;2.09, all required written consents and waivers are delivered to the Corporation as
provided herein.


<P align="center" style="font-size: 10pt">ARTICLE III.<BR>
BOARD OF DIRECTORS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.01. General Powers. The business and affairs of the Corporation shall be managed by
or under the direction of the Board of Directors. In addition to the powers and authorities by
these Bylaws expressly conferred upon them, the Board of Directors may exercise all such powers of
the Corporation and do all such lawful acts and things as are not by statute or by the Articles or
by these Bylaws required to be exercised or done by the stockholders. The exact number of directors
shall be fixed from time to time, within the limits specified herein or in


<P align="center" style="font-size: 10pt">6
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">the Articles, by the Board of Directors. The Board of Directors may be divided into Classes as
more fully described in the Charter.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.02. Meetings Generally. Meetings of the Board of Directors, regular or special, may
be held at any place in or out of the State of Maryland as the Board of Directors may from time to
time determine.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.03. Regular Meetings. A regular meeting of the Board of Directors shall be held
without other notice than this Bylaw in conjunction with the annual meeting of stockholders. The
Board of Directors may, by resolution, provide the time and place for the holding of additional
regular meetings without other notice than such resolution.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.04. Special Meetings. Special meetings of the Board of Directors shall be called at
the request of the Chairman of the Board, the Chief Executive Officer or a majority of the Board of
Directors then in office. The person or persons authorized to call special meetings of the Board of
Directors may fix the place and time of the meetings.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.05. Notice. Notice of any special meeting of Directors shall be given to each
Director at such person&#146;s business or residence in writing by hand delivery, first-class or
overnight mail or courier service, facsimile transmission, electronic mail transmission, orally by
telephone or any other lawful means. If mailed by first-class mail, such notice shall be deemed
adequately delivered when deposited in the United States mail so addressed, with postage thereon
prepaid, at least five (5)&nbsp;calendar days before such meeting. If by overnight mail or courier
service, such notice shall be deemed adequately delivered when the telegram is delivered to the
telegraph company or the notice is delivered to the overnight mail or courier service company at
least twenty-four (24)&nbsp;hours before such meeting. If by facsimile transmission, such notice shall
be deemed adequately delivered when the notice is transmitted at least twelve (12)&nbsp;hours before
such meeting. If by electronic mail transmission notice shall be deemed to be given the earlier of
actual receipt or within twelve (12)&nbsp;hours of delivery provided that the message is not returned as
undeliverable within such twelve (12)&nbsp;hour period. If by telephone, by hand delivery or by other
lawful means, the notice shall be given at least twelve (12)&nbsp;hours prior to the time set for the
meeting. Neither the business to be transacted at, nor the purpose of, any regular or special
meeting of the Board of Directors need be specified in the notice of such meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.06. Action by Consent of Board of Directors. Any action required or permitted to be
taken at any meeting of the Board of Directors or of any committee thereof may be taken without a
meeting if all members of the Board of Directors or committee, as the case may be, consent in
writing thereto in accordance with applicable law and such written consent is filed with the
minutes of proceedings of the Board of Directors or committee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.07. Conference Telephone Meetings. Members of the Board of Directors or any
committee thereof may participate in a meeting of the Board of Directors or such committee by means
of conference telephone or other communications equipment by means of which all persons
participating in the meeting can hear each other, and such participation in a meeting shall
constitute presence in person at such meeting.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.08. Quorum. Subject to Article&nbsp;VIII of the Articles, a whole number of Directors
equal to at least a majority of the Whole Board shall constitute a quorum for the transaction of
business, but if at any meeting of the Board of Directors there shall be less than a quorum
present, a majority of the Directors present may adjourn the meeting from time to time without
further notice. The act of the majority of the Directors present at a meeting at which a quorum is
present shall be the act of the Board of Directors, unless the concurrence of a greater proportion
is required for such action by statute, the Articles or these Bylaws.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.09. Interested Directors. No contract or transaction between the Corporation and
one or more of its directors or officers, or between the Corporation and any other corporation,
partnership, association, or other organization in which one or more of its directors or officers
are directors or officers, or have a financial interest, shall be void or voidable solely for this
reason, or solely because the director or officer is present at or participates in the meeting of
the Board of Directors or committee thereof which authorizes the contract or transaction, or solely
because his or their votes are counted for such purpose, if (i)&nbsp;the materials facts as to his or
their relationship or interest and as to the contract or transaction are disclosed or are known to
the Board of Directors or the committee, and the Board of Directors or committee in good faith
authorizes the contract or transaction by the affirmative votes of a majority of the disinterested
directors, even through the disinterested directors be less than a quorum; or (ii)&nbsp;the material
facts as to his or their relationship or interest and as to the contract or transaction are
disclosed or are known to the stockholders entitled to vote thereon, and the contract or
transaction is specifically approved in good faith by vote of the stockholders; or (iii)&nbsp;the
contract or transaction is fair as to the Corporation as of the time it is authorized, approved or
ratified, by the Board of Directors a committee thereof or the stockholders. Common or interested
directors may be counted in determining the presence of a quorum at a meeting of the Board of
Directors or of a committee which authorizes the contract or transaction.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.10. Committees of the Board of Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Board of Directors may from time to time designate committees, which shall consist of
one or more Directors. The Board of Directors may designate one or more Directors as alternate
members of any committee, who may replace any absent or disqualified member at any meeting of the
committee. Any such committee may, to the extent permitted by law, exercise such powers and shall
have such responsibilities as shall be specified in the designating resolution. In the absence or
disqualification of any member of such committee or committees, the member or members thereof
present at any meeting and not disqualified from voting, whether or not constituting a quorum, may
unanimously appoint another member of the Board of Directors to act at the meeting in the place of
any such absent or disqualified member. Each committee shall keep written minutes of its
proceedings and shall report such proceedings to the Board of Directors when required.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;A majority of any committee may determine its action and fix the time and place of its
meetings, unless the Board of Directors shall otherwise provide. Notice of such meetings shall be
given to each member of the committee in the manner provided for in Section&nbsp;3.05. The Board of
Directors shall have power at any time to fill vacancies in, to change the membership of, or to
dissolve any such committee. Nothing herein shall be deemed to prevent


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">the Board of Directors from appointing one or more committees consisting in whole or in part of persons
who are not Directors; PROVIDED, HOWEVER, that no such committee shall have or may exercise any
authority of the Board of Directors.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.11. Records. The Board of Directors shall cause to be kept a record containing the
minutes of the proceedings of the meetings of the Board of Directors or of any committee thereof
and of the stockholders, appropriate stock books and registers and such books of records and
accounts as may be necessary for the proper conduct of the business of the Corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.12. Compensation of Directors. The Directors may, pursuant to action by the Board of
Directors, be paid their expenses, if any, of attendance at each meeting of the Board of Directors
and be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary
as Director. No such payment shall preclude any Director from serving the Corporation in any other
capacity and receiving compensation therefor. Members of special or standing committees may,
pursuant to action by the Board of Directors, be allowed like compensation for attending committee
meetings.


<P align="center" style="font-size: 10pt">ARTICLE IV.<BR>
OFFICERS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.01. Elected Officers. The elected officers of the Corporation shall be a Chairman of
the Board and Chief Executive Officer, a President, a Secretary, a Treasurer, and such other
officers (including, without limitation, chief financial officer, chief operating officer, one or
more vice presidents and general counsel) as the Board of Directors from time to time may deem
proper. The Chairman of the Board and Chief Executive Officer shall be chosen from among the
Directors. All officers elected by the Board of Directors shall each have such powers and duties as
generally pertain to their respective offices, subject to the specific provisions of this Article
IV. Such officers shall also have such powers and duties as from time to time may be conferred by
the Board of Directors or by any committee thereof. The Board of Directors or any committee thereof
may from time to time elect, or the Chairman of the Board and Chief Executive Officer may appoint,
such other officers (including one or more Vice Presidents, Controllers, Assistant Secretaries and
Assistant Treasurers), as may be necessary or desirable for the conduct of the business of the
Corporation. Such other officers and agents shall have such duties and shall hold their offices for
such terms as shall be provided in these Bylaws or as may be prescribed by the Board of Directors
or such committee or by the Chairman of the Board and Chief Executive Officer, as the case may be.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.02. Election and Term of Office. The elected officers of the Corporation shall be
elected annually by the Board of Directors at the regular meeting of the Board of Directors held in
conjunction with the annual meeting of the stockholders. If the election of officers shall not be
held at such meeting, such election shall be held as soon thereafter as convenient. Each officer
shall hold office until such person&#146;s successor shall have been duly elected and shall have
qualified or until such person&#146;s death or until he shall resign or be removed pursuant to Section
4.10.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.03. Chairman of the Board and Chief Executive Officer. The Chairman of the Board and
Chief Executive Officer shall preside at all meetings of the stockholders and of the Board of
Directors and shall be the chief executive officer of the Corporation. The Chairman of the Board
and Chief Executive Officer shall be responsible for the general management of the affairs of the
Corporation and shall perform all duties incidental to such person&#146;s office which may be required
by law and all such other duties as are properly required of him by the Board of Directors or the
stockholders. The Chairman of the Board and Chief Executive Officer shall make reports to the Board
of Directors and the stockholders and shall see that all orders and resolutions of the Board of
Directors and of any committee thereof are carried into effect. The Chairman of the Board and Chief
Executive Officer shall be the President of the Corporation if no other person has been elected as
the President. The Board of Directors also may elect a Vice-Chairman to act in the place of the
Chairman of the Board and Chief Executive Officer upon his or her absence or inability to act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.04. Chief Operating Officer: The Board of Directors may designate a chief operating
officer. The chief operating officer shall have the responsibilities and duties as set forth by
the Board of Directors or the chief executive officer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.05. Chief Financial Officer: The Board of Directors may designate a chief financial
officer. The chief financial officer shall have the responsibilities and duties as set forth by
the Board of Directors or the chief executive officer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.06. President. The President shall act in a general executive capacity and shall
assist the Chairman of the Board and Chief Executive Officer in the administration and operation of
the Corporation&#146;s business and general supervision of its policies and affairs. The President shall
also perform such other duties as may from time to time be prescribed by the Chairman of the Board
and Chief Executive Officer. The President, if he or she is also a Director, shall, in the absence
of or because of the inability to act of the Chairman of the Board and Chief Executive Officer and,
if applicable, the absence of the Vice-Chairman, perform all duties of the Chairman of the Board
and Chief Executive Officer and preside at all meetings of stockholders and of the Board of
Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.07. Vice Presidents. Each Senior Vice President and Executive Vice President and any
Vice President shall have such powers and shall perform such duties as shall be assigned to such
person by the Board of Directors or by the Chairman of the Board and Chief Executive Officer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.08. Treasurer. The Treasurer shall exercise general supervision over the receipt,
custody and disbursement of corporate funds and shall keep, or cause to be kept, full and accurate
accounts of receipts and disbursements in books belonging to the Corporation. The Treasurer shall
cause the funds of the Corporation to be deposited in such banks as may be authorized by the Board
of Directors, or in such banks as may be designated as depositories in the manner provided by
resolution of the Board of Directors. The Treasurer shall disburse the funds of the Corporation as
may be ordered by the Board of Directors or the Chairman of the Board and Chief Executive Officer,
taking proper vouchers for such disbursements, and shall render to the Chairman of the Board and
Chief Executive Officer and the Board of Directors, at


<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">regular meetings of the Board of Directors or when the Chairman of the Board and Chief Executive
Officer or the Board of Directors so requires, an account of all his transactions as Treasurer and
of the financial condition of the Corporation. The Treasurer shall have such further powers and
duties and shall be subject to such directions as may be granted or imposed from time to time by
the Board of Directors or the Chairman of the Board and Chief Executive Officer. The Board of
Directors or the Chairman of the Board and Chief Executive Officer may designate one or more
Assistant Treasurers who shall have such of the authority and perform such of the duties of the
Treasurer as may be assigned to them by the Board of Directors or the Chairman of the Board and
Chief Executive Officer. During the Treasurer&#146;s absence or inability, the Treasurer&#146;s authority and
duties shall be possessed by such Assistant Treasurer(s) as the Board of Directors or the Chairman
of the Board and Chief Executive Officer may designate.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.09. Secretary. The Secretary shall attend all meetings of the stockholders and all
meetings of the Board of Directors and any committees thereof and shall keep or cause to be kept in
one or more books provided for that purpose, the minutes of all meetings of the Board of Directors,
the committees of the Board of Directors and the stockholders; shall see that all notices are duly
given in accordance with the provisions of these Bylaws and as required by law; shall be custodian
of the records and the seal of the Corporation and affix and attest the seal to all stock
certificates of the Corporation (unless the seal of the Corporation on such certificates shall be a
facsimile, as hereinafter provided) and affix and attest the seal to all other documents to be
executed on behalf of the Corporation under its seal and shall see that the books, reports,
statements, certificates and other documents and records required by law to be kept and filed are
properly kept and filed; shall have general charge of the stock transfer books of the Corporation;
shall authenticate records of the Corporation when such authentication is required; and in general,
shall perform all the duties incident to the office of Secretary and such other duties as from time
to time may be assigned to the Secretary by the Board of Directors or the Chairman of the Board and
Chief Executive Officer. The Board of Directors or the Chairman of the Board and Chief Executive
Officer may designate one or more Assistant Secretaries who shall have such of the authority and
perform such of the duties of the Secretary as may be provided in these Bylaws or assigned to them
by the Board of Directors or the Chairman of the Board and Chief Executive Officer. During the
Secretary&#146;s absence or inability, the Secretary&#146;s authority and duties shall be possessed by such
Assistant Secretary or Assistant Secretaries as the Board of Directors or the Chairman of the Board
and Chief Executive Officer may designate.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.10. Removal. Any officer or agent of the Corporation may be removed by the
affirmative vote of a majority of the Board of Directors whenever, in their judgment, the best
interests of the Corporation would be served thereby. Any officer or agent appointed by the
Chairman of the Board and Chief Executive Officer may be removed by him or her whenever, in such
person&#146;s judgment, the best interests of the Corporation would be served thereby. No elected
officer shall have any contractual rights against the Corporation for compensation by virtue of
such election beyond the date of the election of such person&#146;s successor, such person&#146;s death, such
person&#146;s resignation or such person&#146;s removal, whichever event shall first occur, except as
otherwise provided in an employment contract or under an employee benefit plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.11. Vacancies. A newly created elected office and a vacancy in any elected office
because of death, resignation, or removal may be filled by the Board of Directors for the


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<P align="left" style="font-size: 10pt">unexpired portion of the term at any meeting of the Board of Directors. Any vacancy in an office
appointed by the Chairman of the Board and Chief Executive Officer because of death, resignation,
or removal may be filled by the Chairman of the Board and Chief Executive Officer.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.12. Execution of Documents. All deeds, mortgages, bonds, contracts, and other
instruments made by the Corporation may be executed on behalf of the Corporation by any officer of
the Corporation (unless such power is restricted by Board resolution or by law) or by any other
person or persons designated from time to time by resolution of the Board of Directors. The
Secretary, when necessary, shall attest the execution thereof.


<P align="center" style="font-size: 10pt">ARTICLE V.<BR>
STOCK CERTIFICATES AND TRANSFERS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.01. Stock Certificates and Transfers. The interest of each stockholder of the
Corporation shall be evidenced by certificates for shares of stock in such form as the Corporation
may from time to time prescribe. The shares of the stock of the Corporation shall be transferred on
the books of the Corporation by the holder thereof in person or by such person&#146;s attorney, upon
surrender for cancellation of certificates for at least the same number of shares, with an
assignment and power of transfer endorsed thereon or attached thereto, duly executed, with such
proof of the authenticity of the signature as the Corporation or its agents may reasonably require.
The certificates of stock shall be signed, countersigned and registered in such manner as the Board
of Directors may by resolution prescribe or as may otherwise be permitted by applicable law, which
resolution may permit all or any of the signatures on such certificates to be in facsimile. In case
any officer, transfer agent or registrar who has signed or whose facsimile signature has been
placed upon a certificate has ceased to be such officer, transfer agent or registrar before such
certificate is issued, it may be issued by the Corporation with the same effect as if he or she
were such officer, transfer agent or registrar at the date of issue. All certificates for shares
shall be consecutively numbered or otherwise identified. The Secretary shall enter into the stock
transfer books of the Corporation the name and address of the person to whom the shares represented
by any certificate are issued, including the number of shares and the date of issuance. Each
certificate for shares of stock which are subject to any restriction on transfer pursuant to the
Articles, these Bylaws, applicable securities laws or any agreement among any number of
stockholders or among any number of stockholders and the Corporation shall have conspicuously noted
on the face or back of the certificate either the full text of the restriction or a statement of
the existence of such restriction. Notwithstanding the foregoing provisions regarding share
certificates, the Corporation may provide that, subject to the rights of stockholders under
applicable law, some or all of any or all classes or series of the Corporation&#146;s common or any
preferred shares may be uncertificated shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.02. Lost, Stolen or Destroyed Certificates. No certificate for shares of stock in
the Corporation shall be issued in place of any certificate alleged to have been lost, destroyed or
stolen, except on production of such evidence of such loss, destruction or theft and on delivery to
the Corporation of a bond of indemnity in such amount, upon such terms and secured by such surety,
as the Board of Directors or any financial officer may in its or such person&#146;s discretion require.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.03. Transfers of Stock. Upon surrender to the Corporation or the transfer agent of
the Corporation of a certificate for shares endorsed or accompanied by proper evidence of
succession, assignment or authority to transfer and in compliance with applicable law, the
Corporation or its transfer agent shall issue a new certificate to the person entitled thereto,
cancel the old certificate and record the transaction upon its books. Whenever any transfer of
shares shall be made for collateral security, and not absolutely, it shall be so expressed in the
stock transfer books of the Corporation if, when the certificates are presented to the Corporation
for transfer, both the transferor and the transferee request the Corporation to do so.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.04. Registered Stockholders. The Corporation shall be entitled to recognize the
exclusive rights of a person registered on its books as the owner of shares for all purposes,
including all rights deriving from such shares, and shall not be bound to recognize any equitable
or other claim to, or interest in, such shares, or rights deriving from such shares, on the part of
any other person, unless and until such other person becomes the record holder of such shares,
whether or not it shall have express or other notice thereof, except as otherwise provided by
applicable law.


<P align="center" style="font-size: 10pt">ARTICLE VI.<BR>
MISCELLANEOUS PROVISIONS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.01. Fiscal Year. The fiscal year of the Corporation shall begin on the first (1st)
day of January and end on the last day of December of each year, unless otherwise determined by the
Board of Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.02. Dividends. The Board of Directors may from time to time declare, and the
Corporation may pay, dividends on its outstanding shares in the manner and upon the terms and
conditions provided by law and the Articles.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.03. Seal. The corporate seal shall have inscribed thereon the name of the
Corporation, the year of its organization and the words &#147;Corporate Seal, Maryland&#148; and such words
and figures as the Board of Directors may approve and adopt. The seal may be used by causing it or
a facsimile thereof to be impressed or affixed or reproduced or otherwise. Section&nbsp;6.04.
Waiver of Notice. Whenever any notice is required to be given under the provisions of applicable
statutes or of the Articles or of these Bylaws, a written waiver thereof, signed by the person
entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to
notice. Attendance of a person at a meeting of stockholders, Directors or members of a committee of
Directors shall constitute a waiver of notice of such meeting, except when the person attends the
meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction
of any business because the meeting is not lawfully called or convened. Neither the business to be
transacted at, nor the purpose of, any regular or special meeting of the stockholders, Directors or
members of a committee of Directors need be specified in any written waiver of notice unless so
required by the Articles of these Bylaws.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.05. Audits. The accounts, books and records of the Corporation shall be audited upon
the conclusion of each fiscal year by an independent certified public accountant selected by


<P align="center" style="font-size: 10pt">13
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<P align="left" style="font-size: 10pt">the Board of Directors, and it shall be the duty of the Board of Directors to cause such audit to
be done annually.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.06. Resignations. Any Director or any officer, whether elected or appointed, may
resign at any time by giving written notice of such resignation to the Chairman of the Board and
Chief Executive Officer, the President, or the Secretary, and such resignation shall be deemed to
be effective as of the close of business on the date said notice is received by the Chairman of the
Board and Chief Executive Officer, the President, or the Secretary, or at such later time as is
specified therein. No formal action shall be required of the Board of Directors or the stockholders
to make any such resignation effective.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.07. Fixing Record Date. In order that the Corporation may determine the stockholders
entitled to notice of or to vote at any meeting of stockholders, or to receive payment of any
dividend or other distribution or allotment of any rights in respect of any change, conversion or
exchange of stock or for the purpose of any other lawful action, the Board of Directors may, except
as otherwise required by law, fix a record date, which record date shall not precede the date upon
which the resolution fixing the record date is adopted, and which record date shall be not more
than ninety (90)&nbsp;days (and, in the case of a meeting of stockholders, not less than ten (10)&nbsp;days)
before the date on which the action requiring the determination will be taken; PROVIDED, HOWEVER,
that if no record date is fixed by the Board of Directors, the record date for determining
stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of
business on the day on which the notice of the meeting is mailed or the thirtieth (30th) day before
the meeting, whichever is later, and, for determining stockholders entitled to receive payment of
any dividend or other distribution or allotment of rights or to exercise any rights of change,
conversion or exchange of stock or for any other purpose, the record date shall be at the close of
business on the day on which the Board of Directors adopts the resolution relating thereto, so long
as this date shall not be more than sixty (60)&nbsp;days after the adoption of the resolution.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.08. Deposits. All funds of the Corporation not otherwise employed shall be deposited
from time to time to the credit of the Corporation or otherwise as the Board of Directors, the
Chairman of the Board and Chief Executive Officer or the Treasurer shall direct in such banks,
trust companies or other depositories as the Chairman of the Board and Chief Executive Officer or
the Board of Directors may select, or as may be selected by any other officer or officers or agent
or agents of the Corporation to whom power in that respect shall have been delegated by the Board
of Directors. For the purpose of deposit and collection for the account of the Corporation, checks,
drafts and other orders for the payment of money which are payable to the order of the Corporation
may be endorsed, assigned and delivered by any officer of the Corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.09. Annual Statement. The President or a Vice-President or the Treasurer shall
prepare or cause to be prepared annually a full and correct statement of the affairs of the
Corporation, including a balance sheet and a financial statement of operations for the preceding
fiscal year, which shall be submitted at the annual meeting and shall be filed within twenty (20)
days thereafter at the principal office of the Corporation.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.10. Form of Records. Any records maintained by the Corporation in the regular course
of its business, including its stock ledger, books of account and minute books, may be kept on, or
be in the form of, punch cards, magnetic tape, photographs, microphotographs or any other
information storage device, provided that the records so kept can be converted into clearly legible
written form within a reasonable time. The Corporation shall so convert any records so kept upon
the request of any person entitled to inspect the same.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.11. Control Share Acquisition Act. Notwithstanding any other provision of the
Articles or these Bylaws, Title 3, Subtitle 7 of the MGCL, or any successor statute, shall not
apply to any acquisition by any person of shares of stock of the Corporation. This section may be
repealed, in whole or in part, at any time, whether before or after an acquisition of control
shares and, upon such repeal, may, to the extent provided by any successor bylaw, apply to any
prior or subsequent control share acquisition.


<P align="center" style="font-size: 10pt">ARTICLE VII.<BR>
CONTRACTS, PROXIES, ETC.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.01. Contracts. Except as otherwise required by law, the Articles, a Preferred Stock
Designation, or these Bylaws, any contracts or other instruments may be executed and delivered in
the name and on the behalf of the Corporation by such officer or officers of the Corporation as the
Board of Directors may from time to time direct. Such authority may be general or confined to
specific instances as the Board of Directors may determine. The Chairman of the Board and Chief
Executive Officer, the President or any Senior Vice President, Executive Vice President or Vice
President may execute bonds, contracts, deeds, leases and other instruments to be made or executed
or for or on behalf of the Corporation. Subject to any restrictions imposed by the Board of
Directors or the Chairman of the Board and Chief Executive Officer, the President and or any Senior
Vice President, Executive Vice President or Vice President of the Corporation may delegate
contractual powers to others under such person&#146;s jurisdiction, it being understood, however, that
any such delegation of power shall not relieve such officer of responsibility with respect to the
exercise of such delegated power.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.02. Proxies. Unless otherwise provided by resolution adopted by the Board of
Directors, the Chairman of the Board and Chief Executive Officer, the President or any Senior Vice
President, Executive Vice President or Vice President may from time to time appoint an attorney or
attorneys or agent or agents of the Corporation, in the name and on behalf of the Corporation, to
cast the votes which the Corporation may be entitled to cast as the holders of stock or other
securities in any other entity, any of whose stock or other securities may be held by the
Corporation, at meetings of the holders of the stock or other securities of such other entity, or
to consent in accordance with applicable law, in the name of the Corporation as such holder, to any
action by such other entity, and may instruct the person or persons so appointed as to the manner
of casting such votes or giving such consent, and may execute or cause to be executed in the name
and on behalf of the Corporation and under its corporate seal or otherwise, all such proxies,
consents or other instruments as such person may deem necessary or proper in the premises.


<P align="center" style="font-size: 10pt">15
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<P align="center" style="font-size: 10pt">ARTICLE VIII.<BR>
AMENDMENTS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.01. Amendments. The Board of Directors shall have the exclusive power to adopt,
alter or repeal any provision of the Bylaws and to make new Bylaws.


<P align="center" style="font-size: 10pt">ARTICLE IX.<BR>
INDEMNIFICATION AND INSURANCE



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.01. Right to Indemnification. Subject to Article&nbsp;Tenth of the Articles, each person
who was or is made a party or is threatened to be made a party to or is involved in any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (hereinafter a &#147;Proceeding&#148;), by reason of the fact that such person, or a person of
whom such person is the legal representative, is or was a Director or officer of the Corporation
or, while a Director or officer of the Corporation, is or was serving at the request of the
Corporation as a director, officer, trustee, partner, member, agent or employee of another
corporation, partnership, limited liability company, association, joint venture, trust or other
enterprise, including service with respect to employee benefit plans, whether the basis of such
proceeding is alleged action in an official capacity as a Director, officer, employee or agent or
in any other capacity while serving as a Director, officer, employee or agent, shall be indemnified
and held harmless by the Corporation to the fullest extent authorized by the MGCL, as the same
exists or may hereafter be amended, against all expense, liability and loss (including attorneys&#146;
fees, judgments, fines, amounts paid or to be paid in settlement, and excise taxes or penalties
arising under the Employee Retirement Income Security Act of 1974, as in effect from time to time)
reasonably incurred or suffered by such person in connection therewith if such person acted in good
faith and in a manner such person reasonably believed to be in compliance with the standard of
conduct set forth in Section&nbsp;405 (or any successor provision) of the MGCL and such indemnification
shall continue as to a person who has ceased to be a Director, officer, employee or agent and shall
inure to the benefit of such person&#146;s heirs, executors and administrators; PROVIDED, HOWEVER, that,
except as provided in Section&nbsp;9.02 hereof, the Corporation shall indemnify any such person seeking
indemnification in connection with a proceeding (or part thereof) initiated by such person only if
such proceeding (or part thereof) was authorized by the Board of Directors. Upon the receipt of a
written affirmation by the Director or officer of his good faith belief that he has met the
standard of conduct necessary for indemnification, the Corporation shall pay the expenses incurred
in defending any such proceeding in advance of its final disposition with any advance payments to
be paid by the Corporation within 20 calendar days after the receipt by the Corporation of a
statement or statements from the claimant requesting such advance or advances from time to time;
PROVIDED, HOWEVER, that, if and to the extent the MGCL requires, the payment of such expenses
incurred by a Director or officer in such person&#146;s capacity as a Director or officer in advance of
the final disposition of a proceeding, shall be made only upon delivery to the Corporation of an
undertaking, by or on behalf of such Director or officer, to repay all amounts so advanced if it
shall ultimately be determined that such Director or officer is not entitled to be indemnified
under this Article&nbsp;IX or otherwise. The Corporation may, to the extent authorized from time to time
by the Board of Directors, grant rights to indemnification, and rights to have the Corporation pay
the expenses incurred in defending any proceeding in advance of its final disposition, to any
employee or agent of the Corporation to the fullest extent of the provisions of


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<P align="left" style="font-size: 10pt">this Article with respect to the indemnification and advancement of expenses of Directors and
officers of the Corporation.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.02. Right of Claimant to Bring Suit. If a claim under Section&nbsp;9.01 is not paid in
full by the Corporation within 30 calendar days after a written claim has been received by the
Corporation, the claimant may at any time thereafter bring suit against the Corporation to recover
the unpaid amount of the claim and, if successful in whole or in part, the claimant shall be
entitled to be paid also the expense of prosecuting such claim. It shall be a defense to any such
action (other than an action brought to enforce a claim for expenses incurred in defending any
proceeding in advance of its final disposition where the required undertaking, if any is required,
has been tendered to the Corporation) that the claimant has not met the standard of conduct which
makes it permissible under the MGCL for the Corporation to indemnify the claimant for the amount
claimed, but the burden of proving such defense shall be on the Corporation. Neither the failure of
the Corporation (including its Board of Directors, independent legal counsel, or its stockholders)
to have made a determination prior to the commencement of such action that indemnification of the
claimant is proper in the circumstances because the claimant has met the applicable standard of
conduct set forth in the MGCL, nor an actual determination by the Corporation (including its Board
of Directors, independent legal counsel, or its stockholders) that the claimant has not met such
applicable standard of conduct, shall be a defense to the action or create a presumption that the
claimant has not met the applicable standard of conduct.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.03. Non-Exclusivity of Rights. The right to indemnification and the payment of
expenses incurred in defending a proceeding in advance of its final disposition conferred in this
Article&nbsp;IX shall not be exclusive of any other right which any person may have or hereafter acquire
under any statute, provision of the Articles, these Bylaws, agreement, vote of stockholders or
disinterested Directors or otherwise. No repeal or modification of this Article shall in any way
diminish or adversely affect the rights of any Director, officer, employee or agent of the
Corporation hereunder in respect of any occurrence or matter arising prior to any such repeal or
modification.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.04. Insurance. The Corporation may maintain insurance, at its expense, to protect
itself and any person who is or was a Director, officer, employee or agent of the Corporation or is
or was serving at the request of the Corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise against any such
expense, liability or loss, whether or not the Corporation would have the power to indemnify such
person against such expense, liability or loss under the MGCL.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.05. Severability. If any provision or provisions of this Article&nbsp;IX shall be held to
be invalid, illegal or unenforceable for any reason whatsoever: (i)&nbsp;the validity, legality and
enforceability of the remaining provisions of this Article&nbsp;IX (including, without limitation, each
portion of any Section of this Article&nbsp;IX containing any such provision held to be invalid, illegal
or unenforceable, that is not itself held to be invalid, illegal or unenforceable) shall not in any
way be affected or impaired thereby; and (ii)&nbsp;to the fullest extent possible, the provisions of
this Article&nbsp;IX (including, without limitation, each such portion of any paragraph of this Article
IX containing any such provision held to be invalid, illegal or unenforceable) shall be construed
so as to give effect to the intent manifested by the provision held invalid, illegal or
unenforceable.



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<DESCRIPTION>SPECIMEN UNIT CERTIFICATE
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 4.1</B>



<P align="center" style="font-size: 10pt"><B>NUMBER</B>



<P align="left" style="font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <B>IGC UNITS</B>



<P align="center" style="font-size: 10pt"><B>SEE REVERSE FOR</B>



<DIV align="left" style="font-size: 10pt"><B>CERTAIN DEFINITIONS INDIA GLOBALIZATION CAPITAL, INC.</B></DIV>



<P align="center" style="font-size: 10pt"><B>CUSIP</B>



<P align="left" style="font-size: 10pt"><B>UNITS CONSISTING OF ONE SHARE OF COMMON STOCK AND TWO WARRANTS EACH TO PURCHASE</B>



<P align="center" style="font-size: 10pt"><B>ONE SHARE OF COMMON STOCK</B>



<P align="left" style="font-size: 10pt"><B>THIS CERTIFIES THAT ____________________________________________________________</B>



<P align="left" style="font-size: 10pt">is the owner of _________________________________________________________ Units.


<P align="left" style="font-size: 10pt">Each Unit (&#147;Unit&#148;) consists of one (1)&nbsp;share of common stock, par value $.0001 per share (&#147;Common
Stock&#148;), of India Globalization Capital, Inc., a Maryland corporation (the &#147;Company&#148;), and two
warrants (the &#147;Warrants&#148;). Each Warrant entitles the holder to purchase one (1)&nbsp;share of Common
Stock for $5.00 per share (subject to adjustment). Each Warrant will become exercisable on later of
(i)&nbsp;the Company&#146;s completion of a merger, capital stock exchange, asset acquisition or other
similar business combination and (ii) <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2006, and will expire unless exercised before
5:00 p.m., New York City Time, on <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2010, or earlier upon redemption (the &#147;Expiration
Date&#148;). The Common Stock and Warrants comprising the Units represented by this certificate are not
transferable separately prior to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2005, subject to earlier separation in the discretion
of Ferris, Baker Watts, Inc. The terms of the Warrants are governed by a Warrant Agreement, dated
as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2005, between the Company and Continental Stock Transfer &#038; Trust Company, as Warrant
Agent, and are subject to the terms and provisions contained therein, all of which terms and
provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant
Agreement are on file at the office of the Warrant Agent at 17 Battery Place, New York, New York
10004, and are available to any Warrant holder on written request and without cost.


<P align="left" style="font-size: 10pt">This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company.


<P align="left" style="font-size: 10pt">Witness the facsimile seal of the Company and the facsimile signature of its duly authorized officers.



<P align="center" style="font-size: 10pt"><B>INDIA GLOBALIZATION CAPITAL, INC.<BR>
CORPORATE<BR>
MARYLAND<BR>
SEAL</B>



<P align="center" style="font-size: 10pt">2005


<DIV align="center">
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    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chairman of the Board
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>INDIA GLOBALIZATION CAPITAL, INC.</B>


<P align="left" style="font-size: 10pt">The Company will furnish without charge to each stockholder who so requests, a statement of the
powers, designations, preferences and relative, participating, optional or other special rights of
each class of stock or series thereof of the Company and the qualifications, limitations, or
restrictions of such preferences and/or rights.


<P align="left" style="font-size: 10pt">The following abbreviations, when used in the inscription on the face of this certificate, shall be
construed as though they were written out in full according to applicable laws or regulations:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TEN COM -
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">as tenants in common
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">UNIF GIFT MIN ACT -
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Custodian
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TEN ENT -
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">as tenants by the entireties
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Cust)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Minor)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">JT TEN -</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">as joint tenants with right of survivorship</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">under Uniform Gifts to Minors</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and not as tenants in common</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Act______________</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(State)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Additional Abbreviations may also be used though not in the above list.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>FOR VALUE RECEIVED, ___________________________ HEREBY SELL, ASSIGN AND TRANSFER UNTO</B>


<P align="left" style="font-size: 10pt"><B>PLEASE INSERT SOCIAL SECURITY OR OTHER<BR>
IDENTIFYING NUMBER OF ASSIGNEE</B>



<P align="center" style="font-size: 10pt">(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)



<P align="left" style="font-size: 10pt"><B>__________________________________________________________________________ UNITS</B>



<P align="left" style="font-size: 10pt"><B>REPRESENTED BY THE WITHIN CERTIFICATE, AND DO HEREBY IRREVOCABLY CONSTITUTE AND APPOINT</B>



<P align="left" style="font-size: 10pt">_______________________________________________________________________ ATTORNEY TO TRANSFER THE
SAID UNITS ON THE BOOKS OF THE WITHIN NAMED COMPANY WILL FULL POWER OF SUBSTITUTION IN THE
PREMISES.



<P align="left" style="font-size: 10pt"><B>DATED _______________________</B>



<P align="center" style="font-size: 10pt">NOTICE: The signature to this assignment must<BR>
correspond with the name as written upon<BR>
the face of the certificate in every<BR>
particular, without alteration or<BR>
enlargement or any change whatever.



<P align="left" style="font-size: 10pt"><B>Signature(s) Guaranteed:</B>


<P align="left" style="font-size: 10pt">THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS,
SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).




<P align="center" style="font-size: 10pt">2
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>7
<FILENAME>c95282exv4w2.htm
<DESCRIPTION>SPECIMEN COMMON STOCK CERTIFICATE
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt"><B>EXHIBIT 4.2</B>



<P align="center" style="font-size: 10pt">NUMBER SHARES



<P align="left" style="font-size: 10pt">_________ IGC



<P align="center" style="font-size: 10pt">INDIA GLOBALIZATION CAPITAL, INC.



<P align="center" style="font-size: 10pt">INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND



<P align="center" style="font-size: 10pt">COMMON STOCK



<P align="center" style="font-size: 10pt">SEE REVERSE FOR<BR>
CERTAIN DEFINITIONS



<P align="left" style="font-size: 10pt">THIS CERTIFIES THAT CUSIP



<P align="left" style="font-size: 10pt">IS THE OWNER OF



<P align="center" style="font-size: 10pt">FULLY PAID AND NON ASSESSABLE SHARES OF THE PAR VALUE OF<BR>
$.0001 EACH OF THE COMMON STOCK OF



<P align="center" style="font-size: 10pt">INDIA GLOBALIZATION CAPITAL, INC.



<P align="center" style="font-size: 10pt">TRANSFERABLE ON THE BOOKS OF THE CORPORATION IN PERSON OR BY DULY<BR>
AUTHORIZED ATTORNEY UPON SURRENDER OF THIS CERTIFICATE PROPERLY<BR>
ENDORSED. THIS CERTIFICATE IS NOT VALID UNLESS COUNTERSIGNED BY THE<BR>
TRANSFER AGENT AND REGISTERED BY THE REGISTRAR. WITNESS THE SEAL OF<BR>
THE CORPORATION AND THE FACSIMILE SIGNATURES OF ITS DULY AUTHORIZED<BR>
OFFICERS.



<P align="left" style="font-size: 10pt">DATED:



<P align="center" style="font-size: 10pt">INDIA GLOBALIZATION CAPITAL, INC.<BR>
CORPORATE<BR>
SEAL<BR>
2005<BR>
MARYLAND


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CHAIRMAN
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SECRETARY</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">The following abbreviations, when used in the inscription on the face of this certificate, shall be
construed as though they were written out in full according to applicable laws or regulations:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TEN COM -
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">as tenants in common
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">UNIF GIFT MIN ACT -
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Custodian
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TEN ENT -
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">as tenants by the entireties
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Cust)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Minor)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">JT TEN -</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">as joint tenants with right of survivorship</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">under Uniform Gifts to Minors</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and not as tenants in common</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Act______________</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(State)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Additional Abbreviations may also be used though not in the above list.



<P align="center" style="font-size: 10pt">INDIA GLOBALIZATION CAPITAL, INC.


<P align="left" style="font-size: 10pt">The Corporation will furnish without charge to each stockholder who so requests the powers,
designations, preferences and relative, participating, optional or other special rights of each
class of stock or series thereof of the Corporation and the qualifications, limitations, or
restrictions of such preferences and/or rights. This certificate and the shares represented thereby
are issued and shall be held subject to all the provisions of the Certificate of Incorporation and
all amendments thereto and resolutions of the Board of Directors providing for the issue of shares
of Preferred Stock (copies of which may be obtained from the secretary of the Corporation), to all
of which the holder of this certificate by acceptance hereof assents.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR VALUE RECEIVED, __________________ HEREBY SELL, ASSIGN AND TRANSFER UNTO



<P align="left" style="font-size: 10pt">PLEASE INSERT SOCIAL SECURITY OR OTHER<BR>
IDENTIFYING NUMBER OF ASSIGNEE


<P align="center" style="font-size: 10pt">(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING<BR>
ZIP CODE, OF ASSIGNEE)



<P align="left" style="font-size: 10pt">_____________________________________________________ SHARES


<P align="left" style="font-size: 10pt">OF THE CAPITAL STOCK REPRESENTED BY THE WITHIN CERTIFICATE, AND DO HEREBY IRREVOCABLY CONSTITUTE
AND APPOINT



<P align="left" style="font-size: 10pt">__________________________________________________ ATTORNEY TO TRANSFER THE SAID STOCK ON THE BOOKS
OF THE WITHIN NAMED CORPORATION WILL FULL POWER OF SUBSTITUTION IN THE PREMISES.



<P align="left" style="font-size: 10pt">DATED __________________



<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt">NOTICE: The signature to this assignment must<BR>
correspond with the name as written upon<BR>
the face of the certificate in every<BR>
particular, without alteration or<BR>
enlargement or any change whatever.



<P align="left" style="font-size: 10pt">Signature(s) Guaranteed:


<P align="left" style="font-size: 10pt">THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS,
SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).


<P align="left" style="font-size: 10pt">The holder of this certificate shall be entitled to receive funds from the trust fund only in the
event of the Company&#146;s liquidation upon failure to consummate a business combination or if the
holder seeks to convert his respective shares into cash upon a business combination which he voted
against and which is actually completed by the Company. In no other circumstances shall the holder
have any right or interest of any kind in or to the trust fund.




<P align="center" style="font-size: 10pt">3
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>8
<FILENAME>c95282exv4w3.htm
<DESCRIPTION>SPECIMEN WARRANT CERTIFICATE
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt"><B>EXHIBIT 4.3</B>



<P align="center" style="font-size: 10pt"><B>NUMBER</B>



<P align="left" style="font-size: 10pt"><B>________-IGC WARRANTS</B>



<P align="center" style="font-size: 10pt">(SEE REVERSE SIDE FOR LEGEND)



<P align="center" style="font-size: 10pt">(THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 5:00 P.M.



<P align="center" style="font-size: 10pt"><B>EASTERN TIME, __________, 2010</B>



<P align="center" style="font-size: 10pt"><B>INDIA GLOBALIZATION CAPITAL, INC.</B>



<P align="center" style="font-size: 10pt"><B>CUSIP<BR>
WARRANT</B>


<P align="left" style="font-size: 10pt">THIS CERTIFIES THAT, for value received is the registered holder of a Warrant or Warrants expiring <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2010 (the &#147;Warrant&#148;) to purchase one fully paid and non-assessable share of Common Stock,
par value $.0001 per share (&#147;Shares&#148;), of India Globalization Capital, Inc., a Maryland corporation
(the &#147;Company&#148;), for each Warrant evidenced by this Warrant Certificate. The Warrant entitles the
holder thereof to purchase from the Company, commencing on the later of (i)&nbsp;the Company&#146;s
completion of a merger, capital stock exchange, asset acquisition or other similar business
combination and (ii) <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2006, such number of Shares of the Company at the price of
$5.00 per share, upon surrender of this Warrant Certificate and payment of the Warrant Price at the
office or agency of the Warrant Agent, Continental Stock Transfer &#038; Trust Company (such payment to
be made by check made payable to the Warrant Agent), but only subject to the conditions set forth
herein and in the Warrant Agreement between the Company and &#091;Continental Stock Transfer &#038; Trust
Company&#093;. The Warrant Agreement provides that upon the occurrence of certain events the Warrant
Price and the number of Warrant Shares purchasable hereunder, set forth on the face hereof, may,
subject to certain conditions, be adjusted. The term Warrant Price as used in this Warrant
Certificate refers to the price per Share at which Shares may be purchased at the time the Warrant
is exercised.


<P align="left" style="font-size: 10pt">No fraction of a Share will be issued upon any exercise of a Warrant. If the holder of a Warrant
would be entitled to receive a fraction of a Share upon any exercise of a Warrant, the Company
shall, upon such exercise, round up to the nearest whole number the number of Shares to be issued
to such holder.


<P align="left" style="font-size: 10pt">Upon any exercise of the Warrant for less than the total number of full Shares provided for herein,
there shall be issued to the registered holder hereof or his assignee a new Warrant Certificate
covering the number of Shares for which the Warrant has not been exercised.


<P align="left" style="font-size: 10pt">Warrant Certificates, when surrendered at the office or agency of the Warrant Agent by the
registered holder hereof in person or by attorney duly authorized in writing, may be exchanged in
the manner and subject to the limitations provided in the Warrant Agreement, but without payment of
any service charge, for another Warrant Certificate or Warrant Certificates of like tenor and
evidencing in the aggregate a like number of Warrants.



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Upon due presentment for registration of transfer of the Warrant Certificate at the office or
agency of the Warrant Agent, a new Warrant Certificate or Warrant Certificates of like tenor and
evidencing in the aggregate a like number of Warrants shall be issued to the transferee in exchange
for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without
charge except for any applicable tax or other governmental charge.


<P align="left" style="font-size: 10pt">The Company and the Warrant Agent may deem and treat the registered holder as the absolute owner of
this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by
anyone), for the purpose of any exercise hereof, of any distribution to the registered holder, and
for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any
notice to the contrary.


<P align="left" style="font-size: 10pt">This Warrant does not entitle the registered holder to any of the rights of a stockholder of the
Company.


<P align="left" style="font-size: 10pt">The Company reserves the right to call the Warrant at any time prior to its exercise, with a
notice of call in writing to the holders of record of the Warrant, giving 30&nbsp;days&#146; notice of such
call at any time after the Warrant becomes exercisable if the last sale price of the Shares has
been at least $8.50 per share on each of 20 trading days within any 30 trading day period ending on
the third business day prior to the date on which notice of such call is given. The call price of
the Warrants is to be $.01 per Warrant. Any Warrant either not exercised or tendered back to the
Company by the end of the date specified in the notice of call shall be canceled on the books of
the Company and have no further value except for the $.01 call price.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CHAIRMAN
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SECRETARY</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>SUBSCRIPTION FORM<BR>
To Be Executed by the Registered Holder in Order to Exercise Warrants</B>


<P align="left" style="font-size: 10pt">The undersigned Registered Holder irrevocably elects to exercise <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Warrants
represented by this Warrant Certificate, and to purchase the shares of Common Stock issuable upon
the exercise of such Warrants, and requests that Certificates for such shares shall be issued in
the name of



<P align="center" style="font-size: 10pt">(PLEASE TYPE OR PRINT NAME AND ADDRESS)



<P align="center" style="font-size: 10pt">(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)



<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>
<TR valign="top">
    <TD nowrap>and be delivered to&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt">(PLEASE PRINT OR TYPE NAME AND ADDRESS)</DIV>


<P align="left" style="font-size: 10pt">and, if such number of Warrants shall not be all the Warrants evidenced by this Warrant
Certificate, that a new Warrant Certificate for the balance of such Warrants be registered in the
name of, and delivered to, the Registered Holder at the address stated below:



<P>
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<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
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<TR valign="top">
    <TD nowrap>Dated:&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
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<DIV align="center" style="font-size: 10pt">(SIGNATURE)</DIV>



<P align="center" style="font-size: 10pt">(ADDRESS)



<P align="center" style="font-size: 10pt">(TAX IDENTIFICATION NUMBER)



<P align="center" style="font-size: 10pt"><B>ASSIGNMENT<BR>
To Be Executed by the Registered Holder in Order to Assign Warrants</B>


<P align="left" style="font-size: 10pt">For Value Received, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> hereby sell, assign, and transfer unto



<P align="center" style="font-size: 10pt">(PLEASE TYPE OR PRINT NAME AND ADDRESS)



<P align="center" style="font-size: 10pt">(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)



<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>
<TR valign="top">
    <TD nowrap>and be delivered to&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt">(PLEASE PRINT OR TYPE NAME AND ADDRESS)</DIV>


<P align="left" style="font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> of the Warrants represented by this Warrant Certificate, and hereby
irrevocably constitute and appoint <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Attorney to transfer this
Warrant Certificate on the books of the Company, with full power of substitution in the premises.



<P>
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    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>
<TR valign="top">
    <TD nowrap>Dated:&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt">(SIGNATURE)</DIV>



<P align="center" style="font-size: 10pt">3
</DIV>

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<P align="left" style="font-size: 10pt">THE SIGNATURE TO THE ASSIGNMENT OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE NAME WRITTEN UPON
THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY
CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF
THE AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR CHICAGO STOCK
EXCHANGE.




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<TYPE>EX-4.4
<SEQUENCE>9
<FILENAME>c95282exv4w4.htm
<DESCRIPTION>FORM OF WARRANT AGREEMENT
<TEXT>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt"><B>EXHIBIT 4.4</B>



<P align="center" style="font-size: 10pt">WARRANT AGREEMENT


<P align="left" style="font-size: 10pt">Agreement made as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2005 between India Globalization Capital, Inc., a Maryland
corporation, with offices at 4336 Montgomery Avenue, Bethesda, Maryland, 20814 (&#147;Company&#148;), and
Continental Stock Transfer &#038; Trust Company, a New York corporation, with offices at 17 Battery
Place, New York, New York 10004 (&#147;Warrant Agent&#148;).


<P align="left" style="font-size: 10pt">WHEREAS, the Company is engaged in a public offering (&#147;Public Offering&#148;) of Units (&#147;Units&#148;) and, in
connection therewith, has determined to issue and deliver up to (i)&nbsp;40,000,000 Warrants (&#147;Public
Warrants&#148;) to the public investors, and (ii)&nbsp;3,000,000 Warrants to Ferris, Baker Watts, Inc.
(&#147;FBW&#148;) or its designees (&#147;Representative&#146;s Warrants&#148; and, together with the Public Warrants, the
&#147;Warrants&#148;), each of such Public Warrants evidencing the right of the holder thereof to purchase
one share of common stock, par value $.0001 per share, of the Company&#146;s Common Stock (&#147;Common
Stock&#148;) for $5.00, subject to adjustment as described herein; and


<P align="left" style="font-size: 10pt">WHEREAS, the Company has filed with the Securities and Exchange Commission a Registration
Statement, No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> on Form S-1 (&#147;Registration Statement&#148;) for the registration, under the
Securities Act of 1933, as amended (&#147;Act&#148;) of, among other securities, the Warrants and the Common
Stock issuable upon exercise of the Warrants; and


<P align="left" style="font-size: 10pt">WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant
Agent is willing to so act, in connection with the issuance, registration, transfer, exchange,
redemption and exercise of the Warrants; and


<P align="left" style="font-size: 10pt">WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon
which they shall be issued and exercised, and the respective rights, limitation of rights, and
immunities of the Company, the Warrant Agent, and the holders of the Warrants; and


<P align="left" style="font-size: 10pt">WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants,
when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent, as
provided herein, the valid, binding and legal obligations of the Company, and to authorize the
execution and delivery of this Agreement.


<P align="left" style="font-size: 10pt">NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto
agree as follows:


<P align="left" style="font-size: 10pt">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APPOINTMENT OF WARRANT AGENT. The Company hereby appoints the Warrant Agent to act as agent for
the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to
perform the same in accordance with the terms and conditions set forth in this Agreement.


<P align="left" style="font-size: 10pt">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WARRANTS.


<P align="left" style="font-size: 10pt">2.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORM OF WARRANT. Each Warrant shall be issued in registered form only, shall be in
substantially the form of Exhibit&nbsp;A hereto, the provisions of which are incorporated herein and
shall be signed by, or bear the facsimile signature of, the Chairman of the Board or President and
Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the
Company&#146;s seal. In the event the person whose facsimile signature has been placed upon any



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before
such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be
such at the date of issuance.


<P align="left" style="font-size: 10pt">2.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFFECT OF COUNTERSIGNATURE. Unless and until countersigned by the Warrant Agent pursuant to
this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder
thereof.


<P align="left" style="font-size: 10pt">2.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REGISTRATION.


<P align="left" style="font-size: 10pt">2.3.1 &nbsp;&nbsp;WARRANT REGISTER. The Warrant Agent shall maintain books (&#147;Warrant Register&#148;), for the
registration of original issuance and the registration of transfer of the Warrants. Upon the
initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the
names of the respective holders thereof in such denominations and otherwise in accordance with
instructions delivered to the Warrant Agent by the Company.


<P align="left" style="font-size: 10pt">2.3.2 &nbsp;&nbsp;REGISTERED HOLDER. Prior to due presentment for registration of transfer of any Warrant, the
Company and the Warrant Agent may deem and treat the person in whose name such Warrant shall be
registered upon the Warrant Register (&#147;registered holder&#148;), as the absolute owner of such Warrant
and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing
on the Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the
purpose of any exercise thereof, and for all other purposes, and neither the Company nor the
Warrant Agent shall be affected by any notice to the contrary.


<P align="left" style="font-size: 10pt">2.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DETACHABILITY OF WARRANTS. The securities comprising the Units will not be separately
transferable until 90&nbsp;days after the date hereof unless FBW informs the Company of its decision to
allow earlier separate trading, but in no event will FBW allow separate trading of the securities
comprising the Units until the Company files a Current Report on Form 8-K which includes an audited
balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering
including the proceeds received by the Company from the exercise of the Underwriter&#146;s
over-allotment option, if the over-allotment option is exercised prior to the filing of the Form
8-K.


<P align="left" style="font-size: 10pt">2.5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WARRANTS AND REPRESENTATIVE&#146;S WARRANTS. Except as otherwise provided herein, the
Representative&#146;s Warrants shall have the same terms and be in the same form as the Public Warrants.


<P align="left" style="font-size: 10pt">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TERMS AND EXERCISE OF WARRANTS


<P align="left" style="font-size: 10pt">3.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WARRANT PRICE. Each Public Warrant shall, when countersigned by the Warrant Agent, entitle the
registered holder thereof, subject to the provisions of such Public Warrant and of this Warrant
Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the
price of $5.00 per whole share (or $6.25 per whole share in respect of the Representative&#146;s
Warrants), subject to the adjustments provided in Section&nbsp;4 hereof and in the last sentence of this
Section&nbsp;3.1. The term &#147;Warrant Price&#148; as used in this Warrant Agreement refers to the price per
share at which Common Stock may be purchased at the time a



<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time
prior to the Expiration Date.


<P align="left" style="font-size: 10pt">3.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DURATION OF WARRANTS. A Warrant may be exercised only during the period (&#147;Exercise Period&#148;)
commencing on the later of (i)&nbsp;the consummation by the Company of a merger, capital stock exchange,
asset acquisition or other similar business combination (&#147;Business Combination&#148;) (as described more
fully in the Company&#146;s Registration Statement) and (ii) <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2006, and terminating at 5:00
p.m., New York City time on the earlier to occur of (i) <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2010 or (ii)&nbsp;the date fixed
for redemption of the Warrants as provided in Section&nbsp;6 of this Agreement (&#147;Expiration Date&#148;).
Except with respect to the right to receive the Redemption Price (as set forth in Section&nbsp;6
hereunder), each Warrant not exercised on or before the Expiration Date shall become void, and all
rights thereunder and all rights in respect thereof under this Agreement shall cease at the close
of business on the Expiration Date. The Company in its sole discretion may extend the duration of
the Warrants by delaying the Expiration Date.


<P align="left" style="font-size: 10pt">3.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXERCISE OF WARRANTS.


<P align="left" style="font-size: 10pt">3.3.1 &nbsp;&nbsp;PAYMENT. Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when
countersigned by the Warrant Agent, may be exercised by the registered holder thereof by
surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant
Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set
forth in the Warrant, duly executed, and by paying in full, in lawful money of the United States,
in cash, good certified check or good bank draft payable to the order of the Company (or as
otherwise agreed to by the Company), the Warrant Price for each full share of Common Stock as to
which the Warrant is exercised and any and all applicable taxes due in connection with the exercise
of the Warrant, the exchange of the Warrant for the Common Stock, and the issuance of the Common
Stock.


<P align="left" style="font-size: 10pt">3.3.2 &nbsp;&nbsp;ISSUANCE OF CERTIFICATES. As soon as practicable after the exercise of any Warrant and the
clearance of the funds in payment of the Warrant Price, the Company shall issue to the registered
holder of such Warrant a certificate or certificates for the number of full shares of Common Stock
to which he , she or it is entitled, registered in such name or names as may be directed by him,
her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant
for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding
the foregoing, the Company shall not be obligated to deliver any securities pursuant to the
exercise of a Warrant unless a registration statement under the Act with respect to the Common
Stock is effective. Warrants may not be exercised by, or securities issued to, any registered
holder in any state in which such exercise would be unlawful.


<P align="left" style="font-size: 10pt">3.3.3 &nbsp;&nbsp;VALID ISSUANCE. All shares of Common Stock issued upon the proper exercise of a Warrant in
conformity with this Agreement shall be validly issued, fully paid and non-assessable.


<P align="left" style="font-size: 10pt">3.3.4 &nbsp;&nbsp;DATE OF ISSUANCE. Each person in whose name any such certificate for shares of Common Stock
is issued shall for all purposes be deemed to have become the holder of record of such shares on
the date on which the Warrant was surrendered and payment of the Warrant Price



<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">was made, irrespective of the date of delivery of such certificate, except that, if the date of
such surrender and payment is a date when the stock transfer books of the Company are closed, such
person shall be deemed to have become the holder of such shares at the close of business on the
next succeeding date on which the stock transfer books are open.


<P align="left" style="font-size: 10pt">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADJUSTMENTS.


<P align="left" style="font-size: 10pt">4.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STOCK DIVIDENDS &#150; SPLIT-UPS. If after the date hereof, and subject to the provisions of Section
4.6 below, the number of outstanding shares of Common Stock is increased by a stock dividend
payable in shares of Common Stock, or by a split-up of shares of Common Stock, or other similar
event, then, on the effective date of such stock dividend, split-up or similar event, the number of
shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to
such increase in outstanding shares of Common Stock.


<P align="left" style="font-size: 10pt">4.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGGREGATION OF SHARES. If after the date hereof, and subject to the provisions of Section&nbsp;4.6,
the number of outstanding shares of Common Stock is decreased by a consolidation, combination,
reverse stock split or reclassification of shares of Common Stock or other similar event, then, on
the effective date of such consolidation, combination, reverse stock split, reclassification or
similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be
decreased in proportion to such decrease in outstanding shares of Common Stock.


<P align="left" style="font-size: 10pt">4.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADJUSTMENTS IN EXERCISE PRICE. Whenever the number of shares of Common Stock purchasable upon
the exercise of the Warrants is adjusted, as provided in Section&nbsp;4.1 and 4.2 above, the Warrant
Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior
to such adjustment by a fraction (x)&nbsp;the numerator of which shall be the number of shares of Common
Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y)
the denominator of which shall be the number of shares of Common Stock so purchasable immediately
thereafter.


<P align="left" style="font-size: 10pt">4.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPLACEMENT OF SECURITIES UPON REORGANIZATION, ETC. In case of any reclassification or
reorganization of the outstanding shares of Common Stock (other than a change covered by Section
4.1 or 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the
case of any merger or consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and that does not result
in any reclassification or reorganization of the outstanding shares of Common Stock), or in the
case of any sale or conveyance to another corporation or entity of the assets or other property of
the Company as an entirety or substantially as an entirety in connection with which the Company is
dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon the
basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of
Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of
the rights represented thereby, the kind and amount of shares of stock or other securities or
property (including cash) receivable upon such reclassification, reorganization, merger or
consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder
would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately
prior to such event; and if any reclassification also results in a change in shares of Common Stock
covered by



<P align="center" style="font-size: 10pt">4
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Section&nbsp;4.1 or 4.2, then such adjustment shall be made pursuant to Sections&nbsp;4.1, 4.2, 4.3 and this
Section&nbsp;4.4. The provisions of this Section&nbsp;4.4 shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other transfers.


<P align="left" style="font-size: 10pt">4.5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICES OF CHANGES IN WARRANT. Upon every adjustment of the Warrant Price or the number of
shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the
Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the
increase or decrease, if any, in the number of shares purchasable at such price upon the exercise
of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which
such calculation is based. Upon the occurrence of any event specified in Sections&nbsp;4.1, 4.2, 4.3 or
4.4, then, in any such event, the Company shall give written notice to the Warrant holder, at the
last address set forth for such holder in the warrant register, of the record date or the effective
date of the event. Failure to give such notice, or any defect therein, shall not affect the
legality or validity of such event.


<P align="left" style="font-size: 10pt">4.6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NO FRACTIONAL SHARES. Notwithstanding any provision contained in this Warrant Agreement to the
contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason of
any adjustment made pursuant to this Section&nbsp;4, the holder of any Warrant would be entitled, upon
the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon
such exercise, round up to the nearest whole number the number of the shares of Common Stock to be
issued to the Warrant holder.


<P align="left" style="font-size: 10pt">4.7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORM OF WARRANT. The form of Warrant need not be changed because of any adjustment pursuant to
this Section&nbsp;4, and Warrants issued after such adjustment may state the same Warrant Price and the
same number of shares as is stated in the Warrants initially issued pursuant to this Agreement.
However, the Company may at any time in its sole discretion make any change in the form of Warrant
that the Company may deem appropriate and that does not affect the substance thereof, and any
Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding
Warrant or otherwise, may be in the form as so changed.


<P align="left" style="font-size: 10pt">4.8 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE OF CERTAIN TRANSACTIONS. In the event that the Company shall propose to (a)&nbsp;offer the
holders of its Common Stock rights to subscribe for or to purchase any securities convertible into
shares of Common Stock or any other securities, rights or options, (b)&nbsp;issue any rights, options or
warrants entitling the holders of Common Stock to subscribe for shares of Common Stock or (c)&nbsp;make
a tender offer or exchange offer with respect to the Common Stock, the Company shall send to the
Holders a notice of such proposed action or offer. Such notice shall be mailed to the registered
holders at their addresses as they appear in the warrant Register, which shall specify the record
date for the purposes of such dividend, distribution or rights, or the date such issuance or event
is to take place and the date of participation therein by the holders of Common Stock, if any such
date is to be fixed, and shall briefly indicate the effect of such action on the Common Stock and
on the number and kind of any other shares of stock and on other property, if any, issuable upon
exercise of each Warrant and the Warrant Price after giving effect to any adjustment pursuant to
Article&nbsp;4 which would be required as a result of such action. Such notice shall be given as
promptly as practicable after the Board has determined to take any such action and (x)&nbsp;in the case
of any action covered by clause (a)&nbsp;or (b)&nbsp;above, if practicable, at least 10&nbsp;days prior to the
record date for determining the holders of the Common Stock for



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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">purposes of such action or (y)&nbsp;in the case of any other such action, if practicable, at least 20
days prior to the date of the taking of such proposed action or the date of participation therein
by the holders of Common Stock, whichever shall be the earlier.


<P align="left" style="font-size: 10pt">4.9 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER EVENTS. If any event occurs as to which the foregoing provisions of this Article&nbsp;4 are
not strictly applicable or, if strictly applicable, would not, in the good faith judgment of the
Board, fairly and adequately protect the purchase rights of the registered holders of the Warrants
in accordance with the essential intent and principles of such provisions, then the Board shall
make such adjustments in the application of such provisions, in accordance with such essential
intent and principles, as shall be reasonably necessary, in the good faith opinion of the Board, to
protect such purchase rights as aforesaid.


<P align="left" style="font-size: 10pt">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRANSFER AND EXCHANGE OF WARRANTS.


<P align="left" style="font-size: 10pt">5.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REGISTRATION OF TRANSFER. The Warrant Agent shall register the transfer, from time to time, of
any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant for transfer,
properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions
for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of
Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants
so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.


<P align="left" style="font-size: 10pt">5.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROCEDURE FOR SURRENDER OF WARRANTS. Warrants may be surrendered to the Warrant Agent, together
with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in
exchange therefor one or more new Warrants as requested by the registered holder of the Warrants so
surrendered, representing an equal aggregate number of Warrants; provided, however, that in the
event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall
not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has
received an opinion of counsel for the Company stating that such transfer may be made and
indicating whether the new Warrants must also bear a restrictive legend.


<P align="left" style="font-size: 10pt">5.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRACTIONAL WARRANTS. The Warrant Agent shall not be required to effect any registration of
transfer or exchange which will result in the issuance of a warrant certificate for a fraction of a
warrant.


<P align="left" style="font-size: 10pt">5.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SERVICE CHARGES. No service charge shall be made for any exchange or registration of transfer
of Warrants.


<P align="left" style="font-size: 10pt">5.5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WARRANT EXECUTION AND COUNTERSIGNATURE. The Warrant Agent is hereby authorized to countersign
and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued
pursuant to the provisions of this Section&nbsp;5, and the Company, whenever required by the Warrant
Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such
purpose.



<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REDEMPTION.


<P align="left" style="font-size: 10pt">6.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REDEMPTION. Subject to Section&nbsp;6.4 hereof, not less than all of the outstanding Warrants may be
redeemed, at the option of the Company, at any time after they become exercisable and prior to
their expiration, at the office of the Warrant Agent, upon the notice referred to in Section&nbsp;6.2.,
at the price of $.01 per Warrant (&#147;Redemption Price&#148;), provided that the last sales price of the
Common Stock has been at least $8.50 per share, on each of twenty (20)&nbsp;trading days within any
thirty (30)&nbsp;trading day period ending on the third business day prior to the date on which notice
of redemption is given. The provisions of this


<P align="left" style="font-size: 10pt">6.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DATE FIXED FOR, AND NOTICE OF, REDEMPTION. In the event the Company shall elect to redeem all
of the Warrants, the Company shall fix a date for the redemption. Notice of redemption shall be
mailed by first class mail, postage prepaid, by the Company not less than 30&nbsp;days prior to the date
fixed for redemption to the registered holders of the Warrants to be redeemed at their last
addresses as they shall appear on the registration books. Any notice mailed in the manner herein
provided shall be conclusively presumed to have been duly given whether or not the registered
holder received such notice.


<P align="left" style="font-size: 10pt">6.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXERCISE AFTER NOTICE OF REDEMPTION. The Warrants may be exercised in accordance with Section&nbsp;3
of this Agreement at any time after notice of redemption shall have been given by the Company
pursuant to Section&nbsp;6.2. hereof and prior to the time and date fixed for redemption. On and after
the redemption date, the record holder of the Warrants shall have no further rights except to
receive, upon surrender of the Warrants, the Redemption Price.


<P align="left" style="font-size: 10pt">6.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OUTSTANDING WARRANTS ONLY. The Company understands that the redemption rights provided for by
this Section&nbsp;6 apply only to outstanding Warrants. To the extent a person holds rights to purchase
Warrants, such purchase rights shall not be extinguished by redemption. However, once such purchase
rights are exercised, the Company may redeem the Warrants issued upon such exercise provided that
the criteria for redemption is met. The provisions of this Section&nbsp;6.4 may not be modified, amended
or deleted without the prior written consent of FBW.


<P align="left" style="font-size: 10pt">7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS.


<P align="left" style="font-size: 10pt">7.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NO RIGHTS AS STOCKHOLDER. A Warrant does not entitle the registered holder thereof to any of
the rights of a stockholder of the Company, including, without limitation, the right to receive
dividends, or other distributions, exercise any preemptive rights to vote or to consent or to
receive notice as stockholders in respect of the meetings of stockholders or the election of
directors of the Company or any other matter.


<P align="left" style="font-size: 10pt">7.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOST, STOLEN, MUTILATED, OR DESTROYED WARRANTS. If any Warrant is lost, stolen, mutilated, or
destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they
may in their discretion impose (which shall, in the case of a mutilated Warrant, include the
surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so
lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute
contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or
destroyed Warrant shall be at any time enforceable by anyone.



<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">7.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESERVATION OF COMMON STOCK. The Company shall at all times reserve and keep available a number
of its authorized but unissued shares of Common Stock that will be sufficient to permit the
exercise in full of all outstanding Warrants issued pursuant to this Agreement.


<P align="left" style="font-size: 10pt">7.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REGISTRATION OF COMMON STOCK. The Company agrees that prior to the commencement of the Exercise
Period, it shall file with the Securities and Exchange Commission a post-effective amendment to the
Registration Statement, or a new registration statement, for the registration, under the Act, of,
and it shall take such action as is necessary to qualify for sale, in those states in which the
Warrants were initially offered by the Company, the Common Stock issuable upon exercise of the
Warrants. In either case, the Company will use its best efforts to cause the same to become
effective and to maintain the effectiveness of such registration statement until the expiration of
the Warrants in accordance with the provisions of this Agreement. The provisions of this Section
7.4 may not be modified, amended or deleted without the prior written consent of FBW.


<P align="left" style="font-size: 10pt">8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONCERNING THE WARRANT AGENT AND OTHER MATTERS.


<P align="left" style="font-size: 10pt">8.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAYMENT OF TAXES. The Company will from time to time promptly pay all taxes and charges that
may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of
shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay
any transfer taxes in respect of the Warrants or such shares.


<P align="left" style="font-size: 10pt">8.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESIGNATION, CONSOLIDATION, OR MERGER OF WARRANT AGENT.


<P align="left" style="font-size: 10pt">8.2.1 &nbsp;&nbsp;APPOINTMENT OF SUCCESSOR WARRANT AGENT. The Warrant Agent, or any successor to it hereafter
appointed, may resign its duties and be discharged from all further duties and liabilities
hereunder after giving sixty (60)&nbsp;days&#146; notice in writing to the Company. If the office of the
Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall
appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall
fail to make such appointment within a period of 30&nbsp;days after it has been notified in writing of
such resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall,
with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant
may apply to the Supreme Court of the State of New York for the County of New York for the
appointment of a successor Warrant Agent at the Company&#146;s cost. Any successor Warrant Agent,
whether appointed by the Company or by such court, shall be a corporation organized and existing
under the laws of the State of New York, in good standing and having its principal office in the
Borough of Manhattan, City and State of New York, and authorized under such laws to exercise
corporate trust powers and subject to supervision or examination by federal or state authority.
After appointment, any successor Warrant Agent shall be vested with all the authority, powers,
rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if
originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason
it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at
the expense of the Company, an instrument transferring to such successor Warrant Agent all the
authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any
successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all
instruments in writing



<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">for more fully and effectually vesting in and confirming to such successor Warrant Agent all such
authority, powers, rights, immunities, duties, and obligations.


<P align="left" style="font-size: 10pt">8.2.2 &nbsp;&nbsp;NOTICE OF SUCCESSOR WARRANT AGENT. In the event a successor Warrant Agent shall be appointed,
the Company shall give notice thereof to the predecessor Warrant Agent and the transfer agent for
the Common Stock not later than the effective date of any such appointment.


<P align="left" style="font-size: 10pt">8.2.3 &nbsp;&nbsp;MERGER OR CONSOLIDATION OF WARRANT AGENT. Any corporation into which the Warrant Agent may be
merged or with which it may be consolidated or any corporation resulting from any merger or
consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent
under this Agreement without any further act.


<P align="left" style="font-size: 10pt">8.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FEES AND EXPENSES OF WARRANT AGENT.


<P align="left" style="font-size: 10pt">8.3.1 &nbsp;&nbsp;REMUNERATION. The Company agrees to pay the Warrant Agent reasonable remuneration for its
services as such Warrant Agent hereunder and will reimburse the Warrant Agent upon demand for all
expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.


<P align="left" style="font-size: 10pt">8.3.2 &nbsp;&nbsp;FURTHER ASSURANCES. The Company agrees to perform, execute, acknowledge, and deliver or cause
to be performed, executed, acknowledged, and delivered all such further and other acts,
instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out
or performing of the provisions of this Agreement.


<P align="left" style="font-size: 10pt">8.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITY OF WARRANT AGENT.


<P align="left" style="font-size: 10pt">8.4.1 &nbsp;&nbsp;RELIANCE ON COMPANY STATEMENT. Whenever in the performance of its duties under this Warrant
Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved
or established by the Company prior to taking or suffering any action hereunder, such fact or
matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a statement signed by the President or Chairman of the
Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such
statement for any action taken or suffered in good faith by it pursuant to the provisions of this
Agreement.


<P align="left" style="font-size: 10pt">8.4.2 &nbsp;&nbsp;INDEMNITY. The Warrant Agent shall be liable hereunder only for its own negligence, willful
misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless
against any and all liabilities, including judgments, costs and reasonable counsel fees, for
anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result
of the Warrant Agent&#146;s negligence, willful misconduct, or bad faith.


<P align="left" style="font-size: 10pt">8.4.3 &nbsp;&nbsp;EXCLUSIONS. The Warrant Agent shall have no responsibility with respect to the validity of
this Agreement or with respect to the validity or execution of any Warrant (except its
countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible to
make any adjustments required under the provisions of Section&nbsp;4 hereof or responsible for the
manner, method, or amount of any such adjustment or the ascertaining of the existence of facts



<P align="center" style="font-size: 10pt">9
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">that would require any such adjustment; nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any shares of Common Stock to
be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock
will when issued be valid and fully paid and nonassessable.


<P align="left" style="font-size: 10pt">8.5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCEPTANCE OF AGENCY. The Warrant Agent hereby accepts the agency established by this Agreement
and agrees to perform the same upon the terms and conditions herein set forth and among other
things, shall account promptly to the Company with respect to Warrants exercised and concurrently
account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of
shares of the Company&#146;s Common Stock through the exercise of Warrants.


<P align="left" style="font-size: 10pt">9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS PROVISIONS.


<P align="left" style="font-size: 10pt">9.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUCCESSORS. All the covenants and provisions of this Agreement by or for the benefit of the
Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and
assigns.


<P align="left" style="font-size: 10pt">9.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICES. Any notice, statement or demand authorized by this Warrant Agreement to be given or
made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be
sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail
or private courier service within five days after deposit of such notice, postage prepaid,
addressed (until another address is filed in writing by the Company with the Warrant Agent), as
follows:


<P align="left" style="font-size: 10pt">India Globalization Capital, Inc., 4336 Montgomery Avenue, Bethesda, MD 20814 Attn: Chairman


<P align="left" style="font-size: 10pt">Any notice, statement or demand authorized by this Agreement to be given or made by the holder of
any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so
delivered if by hand or overnight delivery or if sent by certified mail or private courier service
within five days after deposit of such notice, postage prepaid, addressed (until another address is
filed in writing by the Warrant Agent with the Company), as follows:


<P align="left" style="font-size: 10pt">Continental Stock Transfer &#038; Trust Company 17 Battery Place New York, New York 10004 Attn:
Compliance Department


<P align="left" style="font-size: 10pt">with a copy in each case to:


<P align="left" style="font-size: 10pt">Seyfarth Shaw LLP, 815 Connecticut Avenue, N.W., Suite&nbsp;500<BR>
Washington, DC 20006-4004 Attn: Stanley S. Jutkowitz, Esq


<P align="left" style="font-size: 10pt">and


<P align="left" style="font-size: 10pt">Ferris, Baker Watts, Inc., 100 Light Street, 8<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor, Baltimore, MD 21202, Attn:
Scott T. Bass, Vice President


<P align="left" style="font-size: 10pt">with a copy to:



<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Gersten, Savage, Kaplowitz, Wolf &#038; Marcus, LP, 600 Lexington Avenue<BR>
New York, NY 10022, Attn: Jay M. Kaplowitz, Esq.


<P align="left" style="font-size: 10pt">9.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APPLICABLE LAW. The validity, interpretation, and performance of this Agreement and of the
Warrants shall be governed in all respects by the laws of the State of Maryland without giving
effect to conflict of laws. The Company hereby agrees that any action, proceeding or claim against
it arising out of or relating in any way to this Agreement shall be brought and enforced in the
courts of the State of Maryland or the United States District Court for the District of Maryland,
and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company
hereby waives any objection to such exclusive jurisdiction and that such courts represent an
inconvenience forum. Any such process or summons to be served upon the Company may be served by
transmitting a copy thereof by registered or certified mail, return receipt requested, postage
prepaid, addressed to it at the address set forth in Section&nbsp;9.2 hereof. Such mailing shall be
deemed personal service and shall be legal and binding upon the Company in any action, proceeding
or claim.


<P align="left" style="font-size: 10pt">9.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PERSONS HAVING RIGHTS UNDER THIS AGREEMENT. Nothing in this Agreement expressed and nothing
that may be implied from any of the provisions hereof is intended, or shall be construed, to confer
upon, or give to, any person or corporation other than the parties hereto and the registered
holders of the Warrants and, for the purposes of Sections&nbsp;6.1, 6.4, 7.4 and 9.2 hereof, FBW, any
right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition,
stipulation, promise, or agreement hereof. FBW shall be deemed to be a third-party beneficiary of
this Agreement with respect to Sections&nbsp;6.1, 6.4, 7.4 and 9.2 hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole
and exclusive benefit of the parties hereto (and FBW with respect to the Sections&nbsp;6.1, 6.4, 7.4 and
9.2 hereof) and their successors and assigns and of the registered holders of the Warrants.


<P align="left" style="font-size: 10pt">9.5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXAMINATION OF THE WARRANT AGREEMENT. A copy of this Agreement shall be available at all
reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City and State of
New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require any
such holder to submit his Warrant for inspection by it.


<P align="left" style="font-size: 10pt">9.6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COUNTERPARTS. This Agreement may be executed in any number of counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall
together constitute but one and the same instrument.


<P align="left" style="font-size: 10pt">9.7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFFECT OF HEADINGS. The Section headings herein are for convenience only and are not part of
this Warrant Agreement and shall not affect the interpretation thereof.



<P align="center" style="font-size: 10pt">&#091;REMAINDER OF PAGE DELIBERATELY LEFT BLANK&#093;



<P align="center" style="font-size: 10pt">11
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and
year first above written.

<P>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">Attest:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">INDIA GLOBALIZATION CAPITAL, INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">Attest:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CONTINENTAL STOCK TRANSFER &#038; TRUST COMPANY</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
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<TYPE>EX-4.5
<SEQUENCE>10
<FILENAME>c95282exv4w5.htm
<DESCRIPTION>FORM OF PURCHASE OPTION
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 4.5</B>


<P align="left" style="font-size: 10pt">THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL
NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN PROVIDED AND THE REGISTERED
HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR
HYPOTHECATE THIS PURCHASE OPTION FOR A PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED
BELOW). THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF (I)&nbsp;THE CONSUMMATION BY INDIA
GLOBALIZATION CAPITAL, INC. (&#147;COMPANY&#148;) OF A MERGER, CAPITAL STOCK EXCHANGE, ASSET ACQUISITION OR
OTHER SIMILAR BUSINESS COMBINATION (&#147;BUSINESS COMBINATION&#148;) (AS DESCRIBED MORE FULLY IN THE
COMPANY&#146;S REGISTRATION STATEMENT (DEFINED HEREIN)) AND (II) &#95;&#95;&#95;, 2006. VOID AFTER 5:00
P.M. EASTERN TIME, &#95;&#95;&#95;, 2010.



<P align="center" style="font-size: 10pt"><B>UNIT PURCHASE OPTION</B>



<P align="center" style="font-size: 10pt"><B>FOR THE PURCHASE OF</B>



<P align="center" style="font-size: 10pt"><B>1,500,000 UNITS</B>



<P align="center" style="font-size: 10pt"><B>OF</B>



<P align="center" style="font-size: 10pt"><B>INDIA GLOBALIZATION CAPITAL, INC.</B>



<P align="left" style="font-size: 10pt">1. PURCHASE OPTION.


<P align="left" style="font-size: 10pt">THIS CERTIFIES THAT, in consideration of $100.00 duly paid by or on behalf of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
(&#147;Holder&#148;), as registered owner of this Purchase Option, to India Globalization Capital, Inc.
(&#147;Company&#148;), Holder is entitled, at any time or from time to time upon the later of (i)&nbsp;the
consummation of a Business Combination AND (ii) <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2006 (&#147;Commencement Date&#148;), and at or
before 5:00 p.m., Eastern Time, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2010 (&#147;Expiration Date&#148;), but not thereafter, to
subscribe for, purchase and receive, in whole or in part, up to One Million Five Hundred Thousand
(1,500,000) units (&#147;Units&#148;) of the Company, each Unit consisting of one share of common stock of
the Company, par value $.0001 per share (&#147;Common Stock&#148;), and two warrants (&#147;Warrant(s)&#148;) expiring
five years from the effective date (&#147;Effective Date&#148;) of the registration statement (&#147;Registration
Statement&#148;) pursuant to which Units are offered for sale to the public (&#147;Offering&#148;). Each Warrant
is the same as the warrants included in the Units being registered for sale to the public by way of
the Registration Statement (&#147;Public Warrants&#148;), except that the Warrants have an exercise price of
$6.25 per share (125% of the exercise price of the Public Warrants). If the Expiration Date is a
day on which banking institutions are authorized by law to close, then this Purchase Option may be
exercised on the next succeeding day which is not such a day in accordance with the terms herein.
During the period ending on the Expiration Date, the Company agrees not to take any action that
would terminate the Purchase Option. This Purchase Option is initially exercisable at $7.50 per
Unit so purchased; provided, however, that upon the occurrence of any of the events specified in
Section&nbsp;6 hereof, the rights granted by this Purchase Option, including the exercise price per Unit
and the number of Units (and shares of Common Stock and Warrants) to be received upon such
exercise,

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<P align="left" style="font-size: 10pt">shall be adjusted as therein specified. The term &#147;Exercise Price&#148; shall mean the initial exercise
price or the adjusted exercise price, depending on the context.



<P align="left" style="font-size: 10pt">2. EXERCISE.


<P align="left" style="font-size: 10pt">2.1 EXERCISE FORM. In order to exercise this Purchase Option, the exercise form attached
hereto must be duly executed and completed and delivered to the Company, together with this
Purchase Option and payment of the Exercise Price for the Units being purchased payable in cash or
by certified check or official bank check. If the subscription rights represented hereby shall not
be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date this Purchase Option
shall become and be void without further force or effect, and all rights represented hereby shall
cease and expire.


<P align="left" style="font-size: 10pt">2.2 LEGEND. Each certificate for the securities purchased under this Purchase Option
shall bear a legend as follows unless such securities have been registered under the Securities Act
of 1933, as amended (&#147;Act&#148;):


<P align="left" style="font-size: 10pt">&#147;The securities represented by this certificate have not been registered under the Securities Act
of 1933, as amended (&#147;Act&#148;) or applicable state law. The securities may not be offered for sale,
sold or otherwise transferred except pursuant to an effective registration statement under the Act,
or pursuant to an exemption from registration under the Act and applicable state law.&#148;


<P align="left" style="font-size: 10pt">2.3 CASHLESS EXERCISE.


<P align="left" style="font-size: 10pt">2.3.1 DETERMINATION OF AMOUNT. In lieu of the payment of the Exercise Price multiplied
by the number of Units for which this Purchase Option is exercisable (and in lieu of being entitled
to receive Common Stock and Warrants) in the manner required by Section&nbsp;2.1, the Holder shall have
the right (but not the obligation) to convert any exercisable but unexercised portion of this
Purchase Option into Units (&#147;Conversion Right&#148;) as follows: upon exercise of the Conversion Right,
the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price
in cash) that number of shares of Common Stock and Warrants comprising that number of Units equal
to the quotient obtained by dividing (x)&nbsp;the &#147;Value&#148; (as defined below) of the portion of the
Purchase Option being converted by (y)&nbsp;the Current Market Value (as defined below). The &#147;Value&#148; of
the portion of the Purchase Option being converted shall equal the remainder derived from
subtracting (a) (i)&nbsp;the Exercise Price multiplied by (ii)&nbsp;the number of Units underlying the
portion of this Purchase Option being converted from (b)&nbsp;the Current Market Value of a Unit
multiplied by the number of Units underlying the portion of the Purchase Option being converted.
As used herein, the term &#147;Current Market Value&#148; per Unit at any date means the remainder derived
from subtracting (x)&nbsp;the exercise price of the Warrants multiplied by the number of shares of
Common Stock issuable upon exercise of the Warrants underlying one Unit from (y)(i) the Current
Market Price of the Common Stock multiplied by (ii)&nbsp;the number of shares of Common Stock underlying
one Unit, which shall include the shares of Common Stock underlying the Warrants included in such
Unit. The &#147;Current Market Price&#148; of a share of Common Stock shall mean (i)&nbsp;if the Common Stock is
listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap
Market or NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), the last sale
price of the Common Stock in the principal trading market for the Common Stock as reported by the

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<P align="left" style="font-size: 10pt">exchange, Nasdaq or the NASD, as the case may be; (ii)&nbsp;if the Common Stock is not listed on a
national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or the
NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), but is traded in the
residual over-the-counter market, the closing bid price for the Common Stock on the last trading
day preceding the date in question for which such quotations are reported by the Pink Sheets, LLC
or similar publisher of such quotations; and (iii)&nbsp;if the fair market value of the Common Stock
cannot be determined pursuant to clause (i)&nbsp;or (ii)&nbsp;above, such price as the Board of Directors of
the Company shall determine, in good faith.



<P align="left" style="font-size: 10pt">2.3.2 MECHANICS OF CASHLESS EXERCISE. The Cashless Exercise Right may be exercised by
the Holder on any business day on or after the Commencement Date and not later than the Expiration
Date by delivering the Purchase Option with the duly executed exercise form attached hereto with
the cashless exercise section completed to the Company, exercising the Cashless Exercise Right and
specifying the total number of Units the Holder will purchase pursuant to such Cashless Exercise
Right.


<P align="left" style="font-size: 10pt">3. TRANSFER.


<P align="left" style="font-size: 10pt">3.1 GENERAL RESTRICTIONS. The registered Holder of this Purchase Option, by its
acceptance hereof, agrees that it will not sell, transfer, assign, pledge or hypothecate this
Purchase Option for a period of one year following the Effective Date to anyone other than (i)&nbsp;FBW
or an underwriter or a selected dealer in connection with the Offering, or (ii)&nbsp;a bona fide officer
or partner of FBW such underwriter or selected dealer. On and after the second anniversary of the
Effective Date, transfers to others may be made subject to compliance with or exemptions from
applicable securities laws. In order to make any permitted assignment, the Holder must deliver to
the Company the assignment form attached hereto duly executed and completed, together with the
Purchase Option and payment of all transfer taxes, if any, payable in connection therewith. The
Company shall within five business days transfer this Purchase Option on the books of the Company
and shall execute and deliver a new Purchase Option or Purchase Options of like tenor to the
appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Units
purchasable hereunder or such portion of such number as shall be contemplated by any such
assignment.


<P align="left" style="font-size: 10pt">3.2 RESTRICTIONS IMPOSED BY THE ACT. The securities evidenced by this Purchase Option
shall not be transferred unless and until (i)&nbsp;the Company has received the opinion of counsel for
the Holder that the securities may be transferred pursuant to an exemption from registration under
the Act and applicable state securities laws, the availability of which is established to the
reasonable satisfaction of the Company, or (ii)&nbsp;a registration statement or a post-effective
amendment to the Registration Statement relating to such securities has been filed by the Company
and declared effective by the Securities and Exchange Commission and compliance with applicable
state securities law has been established.



<P align="left" style="font-size: 10pt">4. NEW PURCHASE OPTIONS TO BE ISSUED.


<P align="left" style="font-size: 10pt">4.1 PARTIAL EXERCISE OR TRANSFER. Subject to the restrictions in Section&nbsp;3 hereof, this
Purchase Option may be exercised or assigned in whole or in part. In the event of the exercise or
assignment hereof in part only, upon surrender of this Purchase Option for

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<P align="left" style="font-size: 10pt">cancellation, together with the duly executed exercise or assignment form and funds sufficient to
pay any Exercise Price and/or transfer tax, the Company shall cause to be delivered to the Holder
without charge a new Purchase Option in like form to this Purchase Option in the name of the Holder
evidencing the right of the Holder to purchase the number of Units purchasable hereunder as to
which this Purchase Option has not been exercised or assigned.


<P align="left" style="font-size: 10pt">4.2 LOST CERTIFICATE. Upon receipt by the Company of evidence satisfactory to it of the
loss, theft, destruction or mutilation of this Purchase Option and of reasonably satisfactory
indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase
Option of like tenor and date. Any such new Purchase Option executed and delivered as a result of
such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on
the part of the Company.



<P align="left" style="font-size: 10pt">5. REGISTRATION RIGHTS.



<P align="left" style="font-size: 10pt">5.1 DEMAND REGISTRATION.


<P align="left" style="font-size: 10pt">5.1.1 GRANT OF RIGHT. The Company, upon written demand (&#147;Initial Demand Notice&#148;) of the
Holder(s) of at least 51% of the Purchase Options and/or the underlying Units and/or the underlying
securities (&#147;Majority Holders&#148;), agrees to register on one occasion, all or any portion of the
Purchase Options requested by the Majority Holders in the Initial Demand Notice and all of the
securities underlying such Purchase Options, including the Units, Common Stock, the Warrants and
the Common Stock underlying the Warrants (collectively, the &#147;Registrable Securities&#148;). On such
occasion, the Company will file a registration statement or a post-effective amendment to the
Registration Statement covering the Registrable Securities within sixty days after receipt of the
Initial Demand Notice and use its best efforts to have such registration statement or
post-effective amendment declared effective as soon as possible thereafter. The demand for
registration may be made at any time during a period of five years beginning on the Effective Date.
The Company covenants and agrees to give written notice of its receipt of any Initial Demand Notice
by any Holder(s) to all other registered Holders of the Purchase Options and/or the Registrable
Securities within ten days from the date of the receipt of any such Initial Demand Notice.


<P align="left" style="font-size: 10pt">5.1.2 TERMS. The Company shall bear all fees and expenses attendant to registering the
Registrable Securities, including the expenses of any legal counsel selected by the Holders to
represent them in connection with the sale of the Registrable Securities, but the Holders shall pay
any and all underwriting commissions. The Company agrees to use its reasonable best efforts to
qualify or register the Registrable Securities in such States as are reasonably requested by the
Majority Holder(s); provided, however, that in no event shall the Company be required to register
the Registrable Securities in a State in which such registration would cause (i)&nbsp;the Company to be
obligated to qualify to do business in such State, or would subject the Company to taxation as a
foreign corporation doing business in such jurisdiction or (ii)&nbsp;the principal stockholders of the
Company to be obligated to escrow their shares of capital stock of the Company. The Company shall
cause any registration statement or post-effective amendment filed pursuant to the demand rights
granted under Section&nbsp;5.1.1 to remain effective for a period of nine consecutive months from the
effective date of such registration statement or post-effective amendment.



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<P align="left" style="font-size: 10pt">5.2 &#147;PIGGY-BACK&#148; REGISTRATION.


<P align="left" style="font-size: 10pt">5.2.1 GRANT OF RIGHT. In addition to the demand right of registration, the Holders of
the Purchase Options shall have the right for a period of seven years commencing on the Effective
Date, to include the Registrable Securities as part of any other registration of securities filed
by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated
under the Act or pursuant to Form S-8); provided, however, that if, in the written opinion of the
Company&#146;s managing underwriter or underwriters, if any, for such offering, the inclusion of the
Registrable Securities, when added to the securities being registered by the Company or the selling
stockholder(s), will exceed the maximum amount of the Company&#146;s securities which can be marketed
(i)&nbsp;at a price reasonably related to their then current market value, and (ii)&nbsp;without materially
and adversely affecting the entire offering, then the Company will still be required to include the
Registrable Securities, but may require the Holders to agree, in writing, to delay the sale of all
or any portion of the Registrable Securities for a period of 90&nbsp;days from the effective date of the
offering, provided, further, that if the sale of any Registrable Securities is so delayed, then the
number of securities to be sold by all stockholders in such public offering during such 90&nbsp;day
period shall be apportioned pro rata among all such selling stockholders, including all holders of
the Registrable Securities, according to the total amount of securities of the Company owned by
said selling stockholders, including all holders of the Registrable Securities.


<P align="left" style="font-size: 10pt">5.2.2 TERMS. The Company shall bear all fees and expenses attendant to registering the
Registrable Securities, including the expenses of any legal counsel selected by the Holders to
represent them in connection with the sale of the Registrable Securities but the Holders shall pay
any and all underwriting commissions related to the Registrable Securities. In the event of such a
proposed registration, the Company shall furnish the then Holders of outstanding Registrable
Securities with not less than fifteen days written notice prior to the proposed date of filing of
such registration statement. Such notice to the Holders shall continue to be given for each
applicable registration statement filed (during the period in which the Purchase Option is
exercisable) by the Company until such time as all of the Registrable Securities have been
registered and sold. The holders of the Registrable Securities shall exercise the &#147;piggy-back&#148;
rights provided for herein by giving written notice, within ten days of the receipt of the
Company&#146;s notice of its intention to file a registration statement. The Company shall cause any
registration statement filed pursuant to the above &#147;piggyback&#148; rights to remain effective for at
least nine months from the date that the Holders of the Registrable Securities are first given the
opportunity to sell all of such securities.


<P align="left" style="font-size: 10pt">5.3 DAMAGES. Should the registration or the effectiveness thereof required by Sections
5.1 and 5.2 hereof be delayed by the Company or the Company otherwise fails to comply with such
provisions, the Company shall, in addition to any other equitable or other relief available to the
Holder(s), be liable for any and all incidental, special and consequential damages sustained by the
Holder(s), including, but not limited to, the loss of any profits that might have been received by
the holder upon the sale of shares of Common Stock or Warrants (and shares of Common Stock
underlying the Warrants) underlying this Purchase Option.



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<P align="left" style="font-size: 10pt">5.4 GENERAL TERMS.


<P align="left" style="font-size: 10pt">5.4.1 INDEMNIFICATION. The Company shall indemnify the Holder(s) of the Registrable
Securities to be sold pursuant to any registration statement hereunder and each person, if any, who
controls such Holders within the meaning of Section&nbsp;15 of the Act or Section 20(a) of the
Securities Exchange Act of 1934, as amended (&#147;Exchange Act&#148;), against all loss, claim, damage,
expense or liability (including all reasonable attorneys&#146; fees and other expenses reasonably
incurred in investigating, preparing or defending against litigation, commenced or threatened, or
any claim whatsoever whether arising out of any action between the underwriter and the Company or
between the underwriter and any third party or otherwise) to which any of them may become subject
under the Act, the Exchange Act or otherwise, arising from such registration statement but only to
the same extent and with the same effect as the provisions pursuant to which the Company has agreed
to indemnify the underwriters contained in the Underwriting Agreement between the Company, FBW and
the other underwriters named therein dated the Effective Date. The Holder(s) of the Registrable
Securities to be sold pursuant to such registration statement, and their successors and assigns,
shall severally, and not jointly, indemnify the Company, its officers and directors and each
person, if any, who controls the Company within the meaning of Section&nbsp;15 of the Act or Section
20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including all
reasonable attorneys&#146; fees and other expenses reasonably incurred in investigating, preparing or
defending against any claim whatsoever) to which they may become subject under the Act, the
Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or
their successors or assigns, in writing, for specific inclusion in such registration statement to
the same extent and with the same effect as the provisions contained in Section&nbsp;5 of the
Underwriting Agreement pursuant to which the underwriters have agreed to indemnify the Company.


<P align="left" style="font-size: 10pt">5.4.2 EXERCISE OF PURCHASE OPTIONS. Nothing contained in this Purchase Option shall be
construed as requiring the Holder(s) to exercise their Purchase Options or Warrants underlying such
Purchase Options prior to or after the initial filing of any registration statement or the
effectiveness thereof.


<P align="left" style="font-size: 10pt">5.4.3 DOCUMENTS DELIVERED TO HOLDERS. The Company shall furnish FBW, as representative
of the Holders participating in any of the foregoing offerings, a signed counterpart, addressed to
the participating Holders, of (i)&nbsp;an opinion of counsel to the Company, dated the effective date of
such registration statement (and, if such registration includes an underwritten public offering, an
opinion dated the date of the closing under any underwriting agreement related thereto), and (ii)&nbsp;a
&#147;cold comfort&#148; letter dated the effective date of such registration statement (and, if such
registration includes an underwritten public offering, a letter dated the date of the closing under
the underwriting agreement) signed by the independent public accountants who have issued a report
on the Company&#146;s financial statements included in such registration statement, in each case
covering substantially the same matters with respect to such registration statement (and the
prospectus included therein) and, in the case of such accountants&#146; letter, with respect to events
subsequent to the date of such financial statements, as are customarily covered in opinions of
issuer&#146;s counsel and in accountants&#146; letters delivered to underwriters in underwritten public
offerings of securities. The Company shall also deliver promptly to FBW, as representative of the
Holders participating in the offering, the correspondence and memoranda described below and copies
of all correspondence between the Commission and the Company, its counsel or auditors and all
memoranda relating to discussions with the Commission or its staff with respect to the registration
statement and permit FBW, as

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<P align="left" style="font-size: 10pt">representative of the Holders, to do such investigation, upon reasonable advance notice, with
respect to information contained in or omitted from the registration statement as it deems
reasonably necessary to comply with applicable securities laws or rules of the National Association
of Securities Dealers, Inc. (&#147;NASD&#148;). Such investigation shall include access to books, records and
properties and opportunities to discuss the business of the Company with its officers and
independent auditors, all to such reasonable extent and at such reasonable times and as often as
FBW, as representative of the Holders, shall reasonably request. The Company shall not be required
to disclose any confidential information or other records to FBW, as representative of the Holders,
or to any other person, until and unless such persons shall have entered into reasonable
confidentiality agreements (in form and substance reasonably satisfactory to the Company), with the
Company with respect thereto.


<P align="left" style="font-size: 10pt">5.4.4 UNDERWRITING AGREEMENT. The Company shall enter into an underwriting agreement with
the managing underwriter(s), if any, selected by any Holders whose Registrable Securities are being
registered pursuant to this Section&nbsp;5, which managing underwriter shall be reasonably acceptable to
the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company,
each Holder and such managing underwriters, and shall contain such representations, warranties and
covenants by the Company and such other terms as are customarily contained in agreements of that
type used by the managing underwriter. The Holders shall be parties to any underwriting agreement
relating to an underwritten sale of their Registrable Securities and may, at their option, require
that any or all the representations, warranties and covenants of the Company to or for the benefit
of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall
not be required to make any representations or warranties to or agreements with the Company or the
underwriters except as they may relate to such Holders and their intended methods of distribution.
Such Holders, however, shall agree to such covenants and indemnification and contribution
obligations for selling stockholders as are customarily contained in agreements of that type used
by the managing underwriter. Further, such Holders shall execute appropriate custody agreements and
otherwise cooperate fully in the preparation of the registration statement and other documents
relating to any offering in which they include securities pursuant to this Section&nbsp;5. Each Holder
shall also furnish to the Company such information regarding itself, the Registrable Securities
held by it, and the intended method of disposition of such securities as shall be reasonably
required to effect the registration of the Registrable Securities.


<P align="left" style="font-size: 10pt">5.4.5 RULE 144 SALE. Notwithstanding anything contained in this Section&nbsp;5 to the
contrary, the Company shall have no obligation pursuant to Sections&nbsp;5.1 or 5.2 for the registration
of Registrable Securities held by any Holder (i)&nbsp;where such Holder would then be entitled to sell
under Rule&nbsp;144 within any three-month period (or such other period prescribed under Rule&nbsp;144 as may
be provided by amendment thereof) all of the Registrable Securities then held by such Holder, and
(ii)&nbsp;where the number of Registrable Securities held by such Holder is within the volume
limitations under paragraph (e)&nbsp;of Rule&nbsp;144 (calculated as if such Holder were an affiliate within
the meaning of Rule&nbsp;144).


<P align="left" style="font-size: 10pt">5.4.6 SUPPLEMENTAL PROSPECTUS. Each Holder agrees, that upon receipt of any notice from
the Company of the happening of any event as a result of which the prospectus included in the
Registration Statement, as then in effect, includes an untrue statement of a material fact or omits
to state a material fact required to be stated therein or necessary to make the statements

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<P align="left" style="font-size: 10pt">therein not misleading in light of the circumstances then existing, such Holder will immediately
discontinue disposition of Registrable Securities pursuant to the Registration Statement covering
such Registrable Securities until such Holder&#146;s receipt of the copies of a supplemental or amended
prospectus, and, if so desired by the Company, such Holder shall deliver to the Company (at the
expense of the Company) or destroy (and deliver to the Company a certificate of such destruction)
all copies, other than permanent file copies then in such Holder&#146;s possession, of the prospectus
covering such Registrable Securities current at the time of receipt of such notice.



<P align="left" style="font-size: 10pt">6. ADJUSTMENTS.


<P align="left" style="font-size: 10pt">6.1 ADJUSTMENTS TO EXERCISE PRICE AND NUMBER OF SECURITIES. The Exercise Price and the
number of Units underlying the Purchase Option shall be subject to adjustment from time to time as
hereinafter set forth:


<P align="left" style="font-size: 10pt">6.1.1 STOCK DIVIDENDS &#151; SPLIT-UPS. If after the date hereof, and subject to the
provisions of Section&nbsp;6.3 below, the number of outstanding shares of Common Stock is increased by a
stock dividend payable in shares of Common Stock or by a split-up of shares of Common Stock or
other similar event, then, on the effective date thereof, the number of shares of Common Stock
underlying each of the Units purchasable hereunder shall be increased in proportion to such
increase in outstanding shares. In such case, the number of shares of Common Stock, and the
exercise price applicable thereto, underlying the Warrants underlying each of the Units purchasable
hereunder shall be adjusted in accordance with the terms of the Warrants. For example, if the
Company declares a two-for-one stock dividend and at the time of such dividend this Purchase Option
is for the purchase of one Unit at $6.60 per whole Unit (each Warrant underlying the Units is
exercisable for $5.00 per share), upon effectiveness of the dividend, this Purchase Option will be
adjusted to allow for the purchase of one Unit at $6.60 per Unit, each Unit entitling the holder to
receive two shares of Common Stock and four Warrants (each Warrant exercisable for $2.50 per
share).


<P align="left" style="font-size: 10pt">6.1.2 AGGREGATION OF SHARES. If after the date hereof, and subject to the provisions of
Section&nbsp;6.3, the number of outstanding shares of Common Stock is decreased by a consolidation,
combination or reclassification of shares of Common Stock or other similar event, then, on the
effective date thereof, the number of shares of Common Stock underlying each of the Units
purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares. In
such case, the number of shares of Common Stock, and the exercise price applicable thereto,
underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted in
accordance with the terms of the Warrants.


<P align="left" style="font-size: 10pt">6.1.3 REPLACEMENT OF SECURITIES UPON REORGANIZATION, ETC. In case of any reclassification
or reorganization of the outstanding shares of Common Stock other than a change covered by Section
6.1.1 or 6.1.2 hereof or that solely affects the par value of such shares of Common Stock, or in
the case of any merger or consolidation of the Company with or into another corporation (other than
a consolidation or merger in which the Company is the continuing corporation and that does not
result in any reclassification or reorganization of the outstanding shares of Common Stock), or in
the case of any sale or conveyance to another corporation or entity of the property of the Company
as an entirety or substantially as an entirety

<P align="center" style="font-size: 10pt">8
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<P align="left" style="font-size: 10pt">in connection with which the Company is dissolved, the Holder of this Purchase Option shall have
the right thereafter (until the expiration of the right of exercise of this Purchase Option) to
receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder
immediately prior to such event, the kind and amount of shares of stock or other securities or
property (including cash) receivable upon such reclassification, reorganization, merger or
consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number
of shares of Common Stock of the Company obtainable upon exercise of this Purchase Option and the
underlying Warrants immediately prior to such event; and if any reclassification also results in a
change in shares of Common Stock covered by Section&nbsp;6.1.1 or 6.1.2, then such adjustment shall be
made pursuant to Sections&nbsp;6.1.1, 6.1.2 and this Section&nbsp;6.1.3. The provisions of this Section&nbsp;6.1.3
shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations,
sales or other transfers.


<P align="left" style="font-size: 10pt">6.1.4 CHANGES IN FORM OF PURCHASE OPTION. This form of Purchase Option need not be
changed because of any change pursuant to this Section, and Purchase Options issued after such
change may state the same Exercise Price and the same number of Units as are stated in the Purchase
Options initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance
of new Purchase Options reflecting a required or permissive change shall not be deemed to waive any
rights to an adjustment occurring after the Commencement Date or the computation thereof.


<P align="left" style="font-size: 10pt">6.2 SUBSTITUTE PURCHASE OPTION. In case of any consolidation of the Company with, or
merger of the Company with, or merger of the Company into, another corporation (other than a
consolidation or merger which does not result in any reclassification or change of the outstanding
Common Stock), the corporation formed by such consolidation or merger shall execute and deliver to
the Holder a supplemental Purchase Option providing that the holder of each Purchase Option then
outstanding or to be outstanding shall have the right thereafter (until the stated expiration of
such Purchase Option) to receive, upon exercise of such Purchase Option, the kind and amount of
shares of stock and other securities and property receivable upon such consolidation or merger, by
a holder of the number of shares of Common Stock of the Company for which such Purchase Option
might have been exercised immediately prior to such consolidation, merger, sale or transfer. Such
supplemental Purchase Option shall provide for adjustments which shall be identical to the
adjustments provided in Section&nbsp;6. The above provision of this Section shall similarly apply to
successive consolidations or mergers.


<P align="left" style="font-size: 10pt">6.3 ELIMINATION OF FRACTIONAL INTERESTS. The Company shall not be required to issue
certificates representing fractions of shares of Common Stock or Warrants upon the exercise of the
Purchase Option, nor shall it be required to issue scrip or pay cash in lieu of any fractional
interests, it being the intent of the parties that all fractional interests shall be eliminated by
rounding any fraction up to the nearest whole number of Warrants, shares of Common Stock or other
securities, properties or rights.



<P align="center" style="font-size: 10pt">9
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<P align="left" style="font-size: 10pt">7. RESERVATION AND LISTING. The Company shall at all times reserve and keep available out
of its authorized shares of Common Stock, solely for the purpose of issuance upon exercise of the
Purchase Options or the Warrants underlying the Purchase Option, such number of shares of Common
Stock or other securities, properties or rights as shall be issuable upon the exercise thereof. The
Company covenants and agrees that, upon exercise of the Purchase Options and payment of the
Exercise Price therefor, all shares of Common Stock and other securities issuable upon such
exercise shall be duly and validly issued, fully paid and non-assessable and not subject to
preemptive rights of any stockholder. The Company further covenants and agrees that upon exercise
of the Warrants underlying the Purchase Options and payment of the respective Warrant exercise
price therefor, all shares of Common Stock and other securities issuable upon such exercise shall
be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of
any stockholder. As long as the Purchase Options shall be outstanding, the Company shall use its
best efforts to cause all (i)&nbsp;Units and shares of Common Stock issuable upon exercise of the
Purchase Options, (iii)&nbsp;Warrants issuable upon exercise of the Purchase Options and (iv)&nbsp;shares of
Common Stock issuable upon exercise of the Warrants included in the Units issuable upon exercise of
the Purchase Option to be listed (subject to official notice of issuance) on all securities
exchanges (or, if applicable on the Nasdaq National Market, SmallCap Market, OTC Bulletin Board or
any successor trading market) on which the Units, the Common Stock or the Public Warrants issued to
the public in connection herewith may then be listed and/or quoted.



<P align="left" style="font-size: 10pt">8. CERTAIN NOTICE REQUIREMENTS.


<P align="left" style="font-size: 10pt">8.1 HOLDER&#146;S RIGHT TO RECEIVE NOTICE. Nothing herein shall be construed as conferring
upon the Holders the right to vote or consent as a stockholder for the election of directors or any
other matter, or as having any rights whatsoever as a stockholder of the Company. If, however, at
any time prior to the expiration of the Purchase Options and their exercise, any of the events
described in Section&nbsp;8.2 shall occur, then, in one or more of said events, the Company shall give
written notice of such event at least fifteen days prior to the date fixed as a record date or the
date of closing the transfer books for the determination of the stockholders entitled to such
dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to
vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such
record date or the date of the closing of the transfer books, as the case may be. Notwithstanding
the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other
stockholders of the Company at the same time and in the same manner that such notice is given to
the stockholders.


<P align="left" style="font-size: 10pt">8.2 EVENTS REQUIRING NOTICE. The Company shall be required to give the notice described
in this Section&nbsp;8 upon one or more of the following events: (i)&nbsp;if the Company shall take a record
of the holders of its shares of Common Stock for the purpose of entitling them to receive a
dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable
otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend
or distribution on the books of the Company, or (ii)&nbsp;the Company shall offer to all the holders of
its Common Stock any additional shares of capital stock of the Company or securities convertible
into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to
subscribe therefor, or (iii)&nbsp;a dissolution, liquidation

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<P align="left" style="font-size: 10pt">or winding up of the Company (other than in connection with a consolidation or merger) or a sale of
all or substantially all of its property, assets and business shall be proposed.


<P align="left" style="font-size: 10pt">8.3 NOTICE OF CHANGE IN EXERCISE PRICE. The Company shall, promptly after an event
requiring a change in the Exercise Price pursuant to Section&nbsp;6 hereof, send notice to the Holders
of such event and change (&#147;Price Notice&#148;). The Price Notice shall describe the event causing the
change and the method of calculating same and shall be certified as being true and accurate by the
Company&#146;s President and Chief Financial Officer.


<P align="left" style="font-size: 10pt">8.4 TRANSMITTAL OF NOTICES. All notices, requests, consents and other communications
under this Purchase Option shall be in writing and shall be deemed to have been duly made when hand
delivered, or mailed by express mail or private courier service: (i)&nbsp;If to the registered Holder of
the Purchase Option, to the address of such Holder as shown on the books of the Company, or (ii)&nbsp;if
to the Company, to the following address or to such other address as the Company may designate by
notice to the Holders:



<P align="center" style="font-size: 10pt"><B>India Globalization Capital, Inc.<BR>
4336 Montgomery Avenue<BR>
Bethesda, Maryland 20814<BR>
Attn: Ram Mukunda, Chairman</B>



<P align="left" style="font-size: 10pt">9. MISCELLANEOUS.


<P align="left" style="font-size: 10pt">9.1 AMENDMENTS. The Company and FBW may from time to time supplement or amend this
Purchase Option without the approval of any of the Holders in order to cure any ambiguity, to
correct or supplement any provision contained herein that may be defective or inconsistent with any
other provisions herein, or to make any other provisions in regard to matters or questions arising
hereunder that the Company and FBW may deem necessary or desirable and that the Company and FBW
deem shall not adversely affect the interest of the Holders. All other modifications or amendments
shall require the written consent of and be signed by the party against whom enforcement of the
modification or amendment is sought.


<P align="left" style="font-size: 10pt">9.2 HEADINGS. The headings contained herein are for the sole purpose of convenience of
reference, and shall not in any way limit or affect the meaning or interpretation of any of the
terms or provisions of this Purchase Option.


<P align="left" style="font-size: 10pt">10. ENTIRE AGREEMENT. This Purchase Option (together with the other agreements and
documents being delivered pursuant to or in connection with this Purchase Option) constitutes the
entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the
subject matter hereof.


<P align="left" style="font-size: 10pt">10.1 BINDING EFFECT. This Purchase Option shall inure solely to the benefit of and shall
be binding upon, the Holder and the Company and their permitted assignees, respective successors,
legal representative and assigns, and no other person shall have or be construed to have any legal
or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Option or
any provisions herein contained.



<P align="center" style="font-size: 10pt">11
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<P align="left" style="font-size: 10pt">10.2 GOVERNING LAW; SUBMISSION TO JURISDICTION. This Purchase Option shall be governed
by and construed and enforced in accordance with the laws of the State of Maryland, without giving
effect to conflict of laws. The Company hereby agrees that any action, proceeding or claim against
it arising out of, or relating in any way to this Purchase Option shall be brought and enforced in
the courts of the State of Maryland or of the United States of America for the District of
Maryland, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The
Company hereby waives any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum. Any process or summons to be served upon the Company may be served by
transmitting a copy thereof by registered or certified mail, return receipt requested, postage
prepaid, addressed to it at the address set forth in Section&nbsp;8 hereof. Such mailing shall be deemed
personal service and shall be legal and binding upon the Company in any action, proceeding or
claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be
entitled to recover from the other party(ies) all of its reasonable attorneys&#146; fees and expenses
relating to such action or proceeding and/or incurred in connection with the preparation therefor.


<P align="left" style="font-size: 10pt">10.3 WAIVER, ETC. The failure of the Company or the Holder to at any time enforce any of
the provisions of this Purchase Option shall not be deemed or construed to be a waiver of any such
provision, nor to in any way affect the validity of this Purchase Option or any provision hereof or
the right of the Company or any Holder to thereafter enforce each and every provision of this
Purchase Option. No waiver of any breach, non-compliance or non-fulfillment of any of the
provisions of this Purchase Option shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such waiver is sought; and no
waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a
waiver of any other or subsequent breach, non-compliance or non-fulfillment.


<P align="left" style="font-size: 10pt">10.4 EXECUTION IN COUNTERPARTS. This Purchase Option may be executed in one or more
counterparts, and by the different parties hereto in separate counterparts, each of which shall be
deemed to be an original, but all of which taken together shall constitute one and the same
agreement, and shall become effective when one or more counterparts has been signed by each of the
parties hereto and delivered to each of the other parties hereto.


<P align="left" style="font-size: 10pt">10.5 EXCHANGE AGREEMENT. As a condition of the Holder&#146;s receipt and acceptance of this
Purchase Option, Holder agrees that, at any time prior to the complete exercise of this Purchase
Option by Holder, if the Company and FBW enter into an agreement (&#147;Exchange Agreement&#148;) pursuant to
which they agree that all outstanding Purchase Options will be exchanged for securities or cash or
a combination of both, then Holder shall agree to such exchange and become a party to the Exchange
Agreement.


<P align="left" style="font-size: 10pt">10.6 UNDERLYING WARRANTS. At any time after exercise by the Holder of this Purchase
Option, the Holder may exchange its Warrants (with a $6.25 exercise price) for Public Warrants
(with a $5.00 exercise price) upon payment to the Company of the difference between the aggregate
exercise price of the Warrants being exchanged and the aggregate exercise price of the Pubic
Warrants for which the Warrants are being exchanged.



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<P align="center" style="font-size: 10pt">12
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<P align="left" style="font-size: 10pt">IN WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by its duly authorized
officer as of the <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2005.



<P align="left" style="font-size: 10pt"><B>INDIA GLOBALIZATION CAPITAL, INC.</B>

<P align="left" style="font-size: 10pt; margin-left: 25px">By:

<P align="center" style="font-size: 10pt">13
</DIV>

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<P align="left" style="font-size: 10pt">Form to be used to exercise Purchase Option:



<P align="left" style="font-size: 10pt">India Globalization Capital, Inc.<BR>
4336 Montgomery Avenue<BR>
Bethesda, Maryland 20814


<P align="left" style="font-size: 10pt">Date:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 200<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>


<P align="left" style="font-size: 10pt">The undersigned hereby elects irrevocably to exercise all or a portion of the within Purchase
Option and to purchase <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Units of India Globalization Capital, Inc. and hereby makes payment of
$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (at the rate of $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> per Unit) in payment of the Exercise Price pursuant
thereto. Please issue the Common Stock and Warrants as to which this Purchase Option is exercised
in accordance with the instructions given below.



<P align="left" style="font-size: 10pt">OR


<P align="left" style="font-size: 10pt">The undersigned hereby elects irrevocably to convert its right to purchase <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Units
purchasable under the within Purchase Option by surrender of the unexercised portion of the
attached Purchase Option (with a &#147;Value&#148; based of $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> based on a &#147;Market Price&#148; of $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>).
Please issue the securities comprising the Units as to which this Purchase Option is exercised in
accordance with the instructions given below.



<P align="left" style="font-size: 10pt"><B>Signature</B>



<P align="left" style="font-size: 10pt"><B>Signature Guaranteed</B>



<P align="left" style="font-size: 10pt"><B>INSTRUCTIONS FOR REGISTRATION OF SECURITIES</B>



<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="70%"></TD>
    <TD width="30%"></TD>
</TR>
<TR valign="top">
    <TD nowrap>Name&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Print in Block Letters)</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="68%"></TD>
    <TD width="30%"></TD>
</TR>
<TR valign="top">
    <TD nowrap>Address&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE
WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR
BY A FIRM HAVING MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.<BR>



<P align="center" style="font-size: 10pt">14
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 4.5</B>

<P align="left" style="font-size: 10pt">Form to be used to assign Purchase Option:



<P align="left" style="font-size: 10pt"><B>ASSIGNMENT</B>



<P align="left" style="font-size: 10pt">(To be executed by the registered Holder to effect a transfer of the within Purchase Option):


<P align="left" style="font-size: 10pt">FOR VALUE RECEIVED,<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> does hereby sell, assign and
transfer unto <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> the right to purchase <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Units of India
Globalization Capital, Inc. (&#147;Company&#148;) evidenced by the within Purchase Option and does hereby
authorize the Company to transfer such right on the books of the Company.



<P align="left" style="font-size: 10pt">Dated:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 200<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>



<P align="left" style="font-size: 10pt"><B>Signature</B>



<P align="left" style="font-size: 10pt"><B>Signature Guaranteed</B>


<P align="left" style="font-size: 10pt">NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE
WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR
BY A FIRM HAVING MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.




<P align="center" style="font-size: 10pt">
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<TYPE>EX-10.1
<SEQUENCE>11
<FILENAME>c95282exv10w1.htm
<DESCRIPTION>LETTER AGREEMENT
<TEXT>
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 10.1</B>



<P align="center" style="font-size: 10pt">May&nbsp;5, 2005



<P align="left" style="font-size: 10pt">India Globalization Capital, Inc.<BR>
4336 Montgomery Ave.<BR>
Bethesda, Maryland 20814


<P align="left" style="font-size: 10pt">Ferris, Baker Watts, Inc.<BR>
7601 Lewinsville Road, Suite&nbsp;450<BR>
McLean, VA 22102


<P align="center" style="font-size: 10pt"><B>Re: INITIAL PUBLIC OFFERING</B>



<P align="left" style="font-size: 10pt">Gentlemen:


<P align="left" style="font-size: 10pt">The undersigned stockholder, officer and director of India Globalization Capital, Inc. (&#147;Company&#148;),
in consideration of Ferris, Baker Watts, Inc. (&#147;FBW&#148;) entering into a letter of intent (&#147;Letter of
Intent&#148;) to underwrite an initial public offering of the securities of the Company (&#147;IPO&#148;) and
embarking on the IPO process, hereby agrees as follows (certain capitalized terms used herein are
defined in paragraph 11 hereof):


<P align="left" style="font-size: 10pt">1. If the Company solicits approval of its stockholders of a Business Combination, the undersigned
will vote all Insider Shares owned by him in accordance with the majority of the votes cast by the
holders of the IPO Shares.


<P align="left" style="font-size: 10pt">2. In the event that the Company fails to consummate a Business Combination within 18&nbsp;months from
the effective date (&#147;Effective Date&#148;) of the registration statement relating to the IPO (or 24
months under the circumstances described in the prospectus relating to the IPO), the undersigned
will take all reasonable actions within his power to cause the Company to liquidate as soon as
reasonably practicable. The undersigned hereby waives any and all right, title, interest or claim
of any kind in or to any distribution of the Trust Fund (as defined in the Letter of Intent) as a
result of such liquidation with respect to his Insider Shares (&#147;Claim&#148;) and hereby waives any Claim
the undersigned may have in the future as a result of, or arising out of, any contracts or
agreements with the Company and will not seek recourse against the Trust Fund for any reason
whatsoever. The undersigned agrees to indemnify and hold harmless the Company, pro rata with the
other officers and directors of the Company based on the number of Insider Shares held by each such
individual, against any and all loss, liability, claims, damage and expense whatsoever (including,
but not limited to, any and all legal or other expenses reasonably incurred in investigating,
preparing or defending against any litigation, whether pending or threatened, or any claim
whatsoever) which the Company may become subject as a result of any claim by any vendor or other
person who is owed money by the Company for services rendered or products sold, or by any target
business, but only to the extent necessary to ensure that such loss, liability, claim, damage or
expense does not reduce the amount in the Trust Fund. The foregoing sentence is not for the
benefit of any third party creditors of the Company.


<P align="left" style="font-size: 10pt">3. In order to minimize potential conflicts of interest which may arise from multiple affiliations,
the undersigned agrees to present to the Company for its consideration, prior to presentation to
any other person or entity, any suitable opportunity to acquire an operating

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">India Globalization Capital, Inc.<BR>
Ferris, Baker Watts, Inc.<BR>
May&nbsp;5, 2005<BR>
Page 2

<P align="left" style="font-size: 10pt">business whose primary operations are located in India, until the earlier of the consummation by
the Company of a Business Combination, the liquidation of the Company or until such time as the
undersigned ceases to be an officer or director of the Company, subject to any pre-existing
fiduciary obligations the undersigned might have.


<P align="left" style="font-size: 10pt">4. The undersigned acknowledges and agrees that the Company will not consummate any Business
Combination which involves a company which is affiliated with any of the Insiders unless the
Company obtains an opinion from an independent investment banking firm reasonably acceptable to FBW
that the business combination is fair to the Company&#146;s stockholders from a financial perspective.


<P align="left" style="font-size: 10pt">5. Neither the undersigned, any member of the family of the undersigned, nor any Affiliate of the
undersigned will be entitled to receive and will not accept any compensation for services rendered
to the Company prior to the consummation of the Business Combination; provided that commencing on
the Effective Date, Integrated Global Network, LLC (&#147;Related Party&#148;), shall be allowed to charge
the Company $7,500 per month, to compensate it for the Company&#146;s use of Related Party&#146;s offices,
utilities and personnel. Related Party and the undersigned shall also be entitled to reimbursement
from the Company for their respective out-of-pocket expenses incurred in connection with seeking
and consummating a Business Combination.


<P align="left" style="font-size: 10pt">6. Neither the undersigned, nor any member of the family of the undersigned, nor any Affiliate of
the undersigned will be entitled to receive or accept a finder&#146;s fee or any other compensation in
the event the undersigned, any member of the family of the undersigned or any Affiliate of the
undersigned originates a Business Combination.


<P align="left" style="font-size: 10pt">7. The undersigned will escrow his Insider Shares for period commencing on the Effective Date and
ending six months after the consummation of a Business Combination, subject to the terms of a Stock
Escrow Agreement which the Company will enter into with the undersigned and an escrow agent
acceptable to the Company.


<P align="left" style="font-size: 10pt">8. The undersigned agrees to be the Chairman, Chief Executive Officer and President of the Company
until the earlier of the consummation by the Company of a Business Combination or the liquidation
of the Company. The undersigned&#146;s biographical information furnished to the Company and FBW is true
and accurate in all respects, does not omit any material information with respect to the
undersigned&#146;s background and contains all of the information required to be disclosed pursuant to
Section&nbsp;401 of Regulation&nbsp;S-K, promulgated under the Securities Act of 1933. The undersigned&#146;s
Questionnaire furnished to the Company and FBW. The undersigned represents and warrants that:


<P align="left" style="font-size: 10pt">(a)&nbsp;he is not subject to or a respondent in any legal action for, any injunction, cease-and-desist
order or order or stipulation to desist or refrain from any act or practice relating to the
offering of securities in any jurisdiction;



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">India Globalization Capital, Inc.<BR>
Ferris, Baker Watts, Inc.<BR>
May&nbsp;5, 2005<BR>
Page 3

<P align="left" style="font-size: 10pt">(b)&nbsp;he has never been convicted of or pleaded guilty to any crime (i)&nbsp;involving any fraud or (ii)
relating to any financial transaction or handling of funds of another person, or (iii)&nbsp;pertaining
to any dealings in any securities and he is not currently a defendant in any such criminal
proceeding; and


<P align="left" style="font-size: 10pt">(c)&nbsp;he has never been suspended or expelled from membership in any securities or commodities
exchange or association or had a securities or commodities license or registration denied,
suspended or revoked.


<P align="left" style="font-size: 10pt">9. The undersigned has full right and power, without violating any agreement by which he is bound,
to enter into this letter agreement and to serve as Chairman, CEO, President of the Company.


<P align="left" style="font-size: 10pt">10. The undersigned authorizes any employer, financial institution, or consumer credit reporting
agency to release to FBW and its legal representatives or agents (including any investigative
search firm retained by FBW) any information they may have about the undersigned&#146;s background and
finances (&#147;Information&#148;). Neither FBW nor its agents shall be violating the undersigned&#146;s right of
privacy in any manner in requesting and obtaining the Information and the undersigned hereby
releases them from liability for any damage whatsoever in that connection.


<P align="left" style="font-size: 10pt">11. As used herein, (i)&nbsp;a &#147;Business Combination&#148; shall mean an acquisition by merger, capital stock
exchange, asset or stock acquisition, reorganization or otherwise, of an operating business whose
primary operations are in India and selected by the Company; and


<P align="left" style="font-size: 10pt">(ii) &#147;Insiders&#148; shall mean all officers, directors and stockholders of the Company immediately
prior to the IPO; (iii) &#147;Insider Shares&#148; shall mean all of the shares of Common Stock of the
Company owned by an Insider prior to the IPO; and (iv) &#147;IPO Shares&#148; shall mean the shares of Common
Stock issued in the Company&#146;s IPO.



<P align="center" style="font-size: 10pt"><B>Ram Mukunda</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="59%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>/s/Ram Mukunda</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="26%" align="left" color="#000000"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Signature</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>12
<FILENAME>c95282exv10w2.htm
<DESCRIPTION>LETTER AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt"><B>EXHIBIT 10.2</B>



<P align="center" style="font-size: 10pt">May&nbsp;11, 2005



<P align="left" style="font-size: 10pt">India Globalization Capital, Inc.<BR>
4336 Montgomery Ave.<BR>
Bethesda, Maryland 20814


<P align="left" style="font-size: 10pt">Ferris, Baker Watts, Inc.<BR>
7601 Lewinsville Road, Suite&nbsp;450<BR>
McLean, VA 22102


<P align="center" style="font-size: 10pt"><B>Re: INITIAL PUBLIC OFFERING</B>



<P align="left" style="font-size: 10pt">Gentlemen:


<P align="left" style="font-size: 10pt">The undersigned stockholder, officer and director of India Globalization Capital, Inc. (&#147;Company&#148;),
in consideration of Ferris, Baker Watts, Inc. (&#147;FBW&#148;) entering into a letter of intent (&#147;Letter of
Intent&#148;) to underwrite an initial public offering of the securities of the Company (&#147;IPO&#148;) and
embarking on the IPO process, hereby agrees as follows (certain capitalized terms used herein are
defined in paragraph 11 hereof):


<P align="left" style="font-size: 10pt">1. If the Company solicits approval of its stockholders of a Business Combination, the undersigned
will vote all Insider Shares owned by him in accordance with the majority of the votes cast by the
holders of the IPO Shares.


<P align="left" style="font-size: 10pt">2. In the event that the Company fails to consummate a Business Combination within 18&nbsp;months from
the effective date (&#147;Effective Date&#148;) of the registration statement relating to the IPO (or 24
months under the circumstances described in the prospectus relating to the IPO), the undersigned
will take all reasonable actions within his power to cause the Company to liquidate as soon as
reasonably practicable. The undersigned hereby waives any and all right, title, interest or claim
of any kind in or to any distribution of the Trust Fund (as defined in the Letter of Intent) as a
result of such liquidation with respect to his Insider Shares (&#147;Claim&#148;) and hereby waives any Claim
the undersigned may have in the future as a result of, or arising out of, any contracts or
agreements with the Company and will not seek recourse against the Trust Fund for any reason
whatsoever. The undersigned agrees to indemnify and hold harmless the Company, pro rata with the
other officers and directors of the Company based on the number of Insider Shares held by each such
individual, against any and all loss, liability, claims, damage and expense whatsoever (including,
but not limited to, any and all legal or other expenses reasonably incurred in investigating,
preparing or defending against any litigation, whether pending or threatened, or any claim
whatsoever) which the Company may become subject as a result of any claim by any vendor or other
person who is owed money by the Company for services rendered or products sold, or by any target
business, but only to the extent necessary to ensure that such loss, liability, claim, damage or
expense does not reduce the amount in the Trust Fund. The foregoing sentence is not for the
benefit of any third party creditors of the Company.


<P align="left" style="font-size: 10pt">3. In order to minimize potential conflicts of interest which may arise from multiple affiliations,
the undersigned agrees to present to the Company for its consideration, prior to presentation to
any other person or entity, any suitable opportunity to acquire an operating

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">India Globalization Capital, Inc.<BR>
Ferris, Baker Watts, Inc.<BR>
May&nbsp;11, 2005<BR>
Page 2

<P align="left" style="font-size: 10pt">business whose primary operations are located in India, until the earlier of the consummation by
the Company of a Business Combination, the liquidation of the Company or until such time as the
undersigned ceases to be an officer or director of the Company, subject to any pre-existing
fiduciary obligations the undersigned might have.


<P align="left" style="font-size: 10pt">4. The undersigned acknowledges and agrees that the Company will not consummate any Business
Combination which involves a company which is affiliated with any of the Insiders unless the
Company obtains an opinion from an independent investment banking firm reasonably acceptable to FBW
that the business combination is fair to the Company&#146;s stockholders from a financial perspective.


<P align="left" style="font-size: 10pt">5. Neither the undersigned, any member of the family of the undersigned, nor any Affiliate of the
undersigned will be entitled to receive and will not accept any compensation for services rendered
to the Company prior to the consummation of the Business Combination; provided that commencing on
the Effective Date, Integrated Global Network, LLC (&#147;Related Party&#148;), shall be allowed to charge
the Company $7,500 per month, to compensate it for the Company&#146;s use of Related Party&#146;s offices,
utilities and personnel. Related Party and the undersigned shall also be entitled to reimbursement
from the Company for their respective out-of-pocket expenses incurred in connection with seeking
and consummating a Business Combination.


<P align="left" style="font-size: 10pt">6. Neither the undersigned, nor any member of the family of the undersigned, nor any Affiliate of
the undersigned will be entitled to receive or accept a finder&#146;s fee or any other compensation in
the event the undersigned, any member of the family of the undersigned or any Affiliate of the
undersigned originates a Business Combination.


<P align="left" style="font-size: 10pt">7. The undersigned will escrow his Insider Shares for period commencing on the Effective Date and
ending six months after the consummation of a Business Combination, subject to the terms of a Stock
Escrow Agreement which the Company will enter into with the undersigned and an escrow agent
acceptable to the Company.


<P align="left" style="font-size: 10pt">8. The undersigned agrees to be the CFO of the Company until the
earlier of the consummation by the Company of a Business Combination or the liquidation of the
Company. The undersigned&#146;s biographical information furnished to the Company and FBW is true and
accurate in all respects, does not omit any material information with respect to the undersigned&#146;s
background and contains all of the information required to be disclosed pursuant to Section&nbsp;401 of
Regulation&nbsp;S-K, promulgated under the Securities Act of 1933. The undersigned&#146;s Questionnaire
furnished to the Company and FBW. The undersigned represents and warrants that:


<P align="left" style="font-size: 10pt">(a)&nbsp;he is not subject to or a respondent in any legal action for, any injunction, cease-and-desist
order or order or stipulation to desist or refrain from any act or practice relating to the
offering of securities in any jurisdiction;



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">India Globalization Capital, Inc.<BR>
Ferris, Baker Watts, Inc.<BR>
May&nbsp;11, 2005<BR>
Page 3

<P align="left" style="font-size: 10pt">(b)&nbsp;he has never been convicted of or pleaded guilty to any crime (i)&nbsp;involving any fraud or (ii)
relating to any financial transaction or handling of funds of another person, or (iii)&nbsp;pertaining
to any dealings in any securities and he is not currently a defendant in any such criminal
proceeding; and


<P align="left" style="font-size: 10pt">(c)&nbsp;he has never been suspended or expelled from membership in any securities or commodities
exchange or association or had a securities or commodities license or registration denied,
suspended or revoked.


<P align="left" style="font-size: 10pt">9. The undersigned has full right and power, without violating any agreement by which he is bound,
to enter into this letter agreement and to serve as CFO of the Company.


<P align="left" style="font-size: 10pt">10. The undersigned authorizes any employer, financial institution, or consumer credit reporting
agency to release to FBW and its legal representatives or agents (including any investigative
search firm retained by FBW) any information they may have about the undersigned&#146;s background and
finances (&#147;Information&#148;). Neither FBW nor its agents shall be violating the undersigned&#146;s right of
privacy in any manner in requesting and obtaining the Information and the undersigned hereby
releases them from liability for any damage whatsoever in that connection.


<P align="left" style="font-size: 10pt">11. As used herein, (i)&nbsp;a &#147;Business Combination&#148; shall mean an acquisition by merger, capital stock
exchange, asset or stock acquisition, reorganization or otherwise, of an operating business whose
primary operations are in India and selected by the Company; and


<P align="left" style="font-size: 10pt">(ii) &#147;Insiders&#148; shall mean all officers, directors and stockholders of the Company immediately
prior to the IPO; (iii) &#147;Insider Shares&#148; shall mean all of the shares of Common Stock of the
Company owned by an Insider prior to the IPO; and (iv) &#147;IPO Shares&#148; shall mean the shares of Common
Stock issued in the Company&#146;s IPO.



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="10%" align="center" color="#000000">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="59%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>/s/John Cherin</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="26%" align="left" color="#000000"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Signature</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>13
<FILENAME>c95282exv10w3.htm
<DESCRIPTION>LETTER AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt"><B>EXHIBIT 10.3</B>



<P align="center" style="font-size: 10pt">May&nbsp;5, 2005



<P align="left" style="font-size: 10pt">India Globalization Capital, Inc.<BR>
4336 Montgomery Ave.<BR>
Bethesda, Maryland 20814


<P align="left" style="font-size: 10pt">Ferris, Baker Watts, Inc.<BR>
7601 Lewinsville Road, Suite&nbsp;450<BR>
McLean, VA 22102


<P align="center" style="font-size: 10pt"><B>Re: INITIAL PUBLIC OFFERING</B>



<P align="left" style="font-size: 10pt">Gentlemen:


<P align="left" style="font-size: 10pt">The undersigned stockholder and special advisor of India Globalization Capital, Inc. (&#147;Company&#148;),
in consideration of Ferris, Baker Watts, Inc. (&#147;FBW&#148;) entering into a letter of intent (&#147;Letter of
Intent&#148;) to underwrite an initial public offering of the securities of the Company (&#147;IPO&#148;) and
embarking on the IPO process, hereby agrees as follows (certain capitalized terms used herein are
defined in paragraph 11 hereof):


<P align="left" style="font-size: 10pt">1. If the Company solicits approval of its stockholders of a Business Combination, the undersigned
will vote all Insider Shares owned by him in accordance with the majority of the votes cast by the
holders of the IPO Shares.


<P align="left" style="font-size: 10pt">2. In the event that the Company fails to consummate a Business Combination within 18&nbsp;months from
the effective date (&#147;Effective Date&#148;) of the registration statement relating to the IPO (or 24
months under the circumstances described in the prospectus relating to the IPO), the undersigned
will take all reasonable actions within his power to cause the Company to liquidate as soon as
reasonably practicable. The undersigned hereby waives any and all right, title, interest or claim
of any kind in or to any distribution of the Trust Fund (as defined in the Letter of Intent) as a
result of such liquidation with respect to his Insider Shares (&#147;Claim&#148;) and hereby waives any Claim
the undersigned may have in the future as a result of, or arising out of, any contracts or
agreements with the Company and will not seek recourse against the Trust Fund for any reason
whatsoever. The undersigned agrees to indemnify and hold harmless the Company, pro rata with the
other officers and directors of the Company based on the number of Insider Shares held by each such
individual, against any and all loss, liability, claims, damage and expense whatsoever (including,
but not limited to, any and all legal or other expenses reasonably incurred in investigating,
preparing or defending against any litigation, whether pending or threatened, or any claim
whatsoever) which the Company may become subject as a result of any claim by any vendor or other
person who is owed money by the Company for services rendered or products sold, or by any target
business, but only to the extent necessary to ensure that such loss, liability, claim, damage or
expense does not reduce the amount in the Trust Fund. The foregoing sentence is not for the
benefit of any third party creditors of the Company.


<P align="left" style="font-size: 10pt">3. In order to minimize potential conflicts of interest which may arise from multiple affiliations,
the undersigned agrees to present to the Company for its consideration, prior to presentation to
any other person or entity, any suitable opportunity to acquire an operating

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">India Globalization Capital, Inc.<BR>
Ferris, Baker Watts, Inc.<BR>
May&nbsp;5, 2005<BR>
Page 2

<P align="left" style="font-size: 10pt">business whose primary operations are located in India, until the earlier of the consummation by
the Company of a Business Combination, the liquidation of the Company or until such time as the
undersigned ceases to be an officer or director of the Company, subject to any pre-existing
fiduciary obligations the undersigned might have.


<P align="left" style="font-size: 10pt">4. The undersigned acknowledges and agrees that the Company will not consummate any Business
Combination which involves a company which is affiliated with any of the Insiders unless the
Company obtains an opinion from an independent investment banking firm reasonably acceptable to FBW
that the business combination is fair to the Company&#146;s stockholders from a financial perspective.


<P align="left" style="font-size: 10pt">5. Neither the undersigned, any member of the family of the undersigned, nor any Affiliate of the
undersigned will be entitled to receive and will not accept any compensation for services rendered
to the Company prior to the consummation of the Business Combination; provided that commencing on
the Effective Date, Integrated Global Network, LLC (&#147;Related Party&#148;), shall be allowed to charge
the Company $7,500 per month, to compensate it for the Company&#146;s use of Related Party&#146;s offices,
utilities and personnel. Related Party and the undersigned shall also be entitled to reimbursement
from the Company for their respective out-of-pocket expenses incurred in connection with seeking
and consummating a Business Combination.


<P align="left" style="font-size: 10pt">6. Neither the undersigned, nor any member of the family of the undersigned, nor any Affiliate of
the undersigned will be entitled to receive or accept a finder&#146;s fee or any other compensation in
the event the undersigned, any member of the family of the undersigned or any Affiliate of the
undersigned originates a Business Combination.


<P align="left" style="font-size: 10pt">7. The undersigned will escrow his Insider Shares for period commencing on the Effective Date and
ending six months after the consummation of a Business Combination, subject to the terms of a Stock
Escrow Agreement which the Company will enter into with the undersigned and an escrow agent
acceptable to the Company.


<P align="left" style="font-size: 10pt">8. The undersigned agrees to be the special advisor of the Company until the
earlier of the consummation by the Company of a Business Combination or the liquidation of the
Company. The undersigned&#146;s biographical information furnished to the Company and FBW is true and
accurate in all respects, does not omit any material information with respect to the undersigned&#146;s
background and contains all of the information required to be disclosed pursuant to Section&nbsp;401 of
Regulation&nbsp;S-K, promulgated under the Securities Act of 1933. The undersigned&#146;s Questionnaire
furnished to the Company and FBW. The undersigned represents and warrants that:


<P align="left" style="font-size: 10pt">(a)&nbsp;he is not subject to or a respondent in any legal action for, any injunction, cease-and-desist
order or order or stipulation to desist or refrain from any act or practice relating to the
offering of securities in any jurisdiction;



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">India Globalization Capital, Inc.<BR>
Ferris, Baker Watts, Inc.<BR>
May&nbsp;5, 2005<BR>
Page 3

<P align="left" style="font-size: 10pt">(b)&nbsp;he has never been convicted of or pleaded guilty to any crime (i)&nbsp;involving any fraud or (ii)
relating to any financial transaction or handling of funds of another person, or (iii)&nbsp;pertaining
to any dealings in any securities and he is not currently a defendant in any such criminal
proceeding; and


<P align="left" style="font-size: 10pt">(c)&nbsp;he has never been suspended or expelled from membership in any securities or commodities
exchange or association or had a securities or commodities license or registration denied,
suspended or revoked.


<P align="left" style="font-size: 10pt">9. The undersigned has full right and power, without violating any agreement by which he is bound,
to enter into this letter agreement and to serve as special advisor of the Company.


<P align="left" style="font-size: 10pt">10. The undersigned authorizes any employer, financial institution, or consumer credit reporting
agency to release to FBW and its legal representatives or agents (including any investigative
search firm retained by FBW) any information they may have about the undersigned&#146;s background and
finances (&#147;Information&#148;). Neither FBW nor its agents shall be violating the undersigned&#146;s right of
privacy in any manner in requesting and obtaining the Information and the undersigned hereby
releases them from liability for any damage whatsoever in that connection.


<P align="left" style="font-size: 10pt">11. As used herein, (i)&nbsp;a &#147;Business Combination&#148; shall mean an acquisition by merger, capital stock
exchange, asset or stock acquisition, reorganization or otherwise, of an operating business whose
primary operations are in India and selected by the Company; and


<P align="left" style="font-size: 10pt">(ii) &#147;Insiders&#148; shall mean all officers, directors and stockholders of the Company immediately
prior to the IPO; (iii) &#147;Insider Shares&#148; shall mean all of the shares of Common Stock of the
Company owned by an Insider prior to the IPO; and (iv) &#147;IPO Shares&#148; shall mean the shares of Common
Stock issued in the Company&#146;s IPO.



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="10%" align="center" color="#000000">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="59%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>/s/Ranga Krishna</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Signature</I></TD>
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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>14
<FILENAME>c95282exv10w4.htm
<DESCRIPTION>FORM OF INVESTMENT MANAGEMENT TRUST AGREEMENT
<TEXT>
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 10.4</B>



<P align="center" style="font-size: 10pt"><B>INVESTMENT MANAGEMENT TRUST AGREEMENT</B>


<P align="left" style="font-size: 10pt">This Agreement is made as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2005 by and between India Globalization Capital, Inc.
(the &#147;Company&#148;) and Continental Stock Transfer &#038; Trust Company (&#147;Trustee&#148;).


<P align="left" style="font-size: 10pt">WHEREAS, the Company&#146;s Registration Statement on Form&nbsp;S-1, No.<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (&#147;Registration Statement&#148;),
for its initial public offering of securities (&#147;IPO&#148;) has been declared effective as of the date
hereof by the Securities and Exchange Commission (&#147;Effective Date&#148;); and


<P align="left" style="font-size: 10pt">WHEREAS, Ferris, Baker Watts, Inc. (&#147;FBW&#148;) is acting as the representative of the underwriters in
the IPO; and


<P align="left" style="font-size: 10pt">WHEREAS, as described in the Company&#146;s Registration Statement, $107,498,000 of the gross proceeds
of the IPO as herein provided ($124,418,000 if the underwriters over-allotment option is exercised
in full) will be delivered to the Trustee to be deposited and held in a trust account for the
benefit of the Company and the holders of the Company&#146;s common stock, par value $.0001 per share,
issued in the IPO (the amount to be delivered to the Trustee will be referred to herein as the
&#147;Property&#148;; the stockholders for whose benefit the Trustee shall hold the Property will be referred
to as the &#147;Public Stockholders,&#148; and the Public Stockholders and the Company will be referred to
together as the &#147;Beneficiaries&#148;) and in the event the securities offered in the IPO are registered
in Colorado, pursuant to Section&nbsp;11-51-302(6) of the Colorado Revised Statutes (the &#147;CRS&#148;). A copy
of Section&nbsp;11-51-302(6) of the CRS is attached hereto and made a part hereof and


<P align="left" style="font-size: 10pt">WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the terms and
conditions pursuant to which the Trustee shall hold the Property;



<P align="left" style="font-size: 10pt"><B>IT IS AGREED:</B>


<P align="left" style="font-size: 10pt">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENTS AND COVENANTS OF TRUSTEE. The Trustee hereby agrees and covenants to:


<P align="left" style="font-size: 10pt">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hold the Property in trust for the Beneficiaries in accordance with the terms of this
Agreement, including, without limitation, the terms of Section&nbsp;11-51-302(6) of the CRS, in a
segregated trust account (&#147;Trust Account&#148;) established by the Trustee at a branch of United Bank
selected by the Trustee;


<P align="left" style="font-size: 10pt">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manage, supervise and administer the Trust Account subject to the terms and conditions set
forth herein;


<P align="left" style="font-size: 10pt">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In a timely manner, upon the instruction of the Company, to invest and reinvest the Property in
any &#147;Government Security.&#148; As used herein, Government Security means any Treasury Bill issued by
the United States, having a maturity of one hundred and eighty days or less;


<P align="left" style="font-size: 10pt">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collect and receive, when due, all principal and income arising from the Property, which shall
become part of the &#147;Property,&#148; as such term is used herein;



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P align="left" style="font-size: 10pt">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notify the Company of all communications received by it with respect to any Property requiring
action by the Company;


<P align="left" style="font-size: 10pt">(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supply any necessary information or documents as may be requested by the Company in connection
with the Company&#146;s preparation of the tax returns for the Trust Account;


<P align="left" style="font-size: 10pt">(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participate in any plan or proceeding for protecting or enforcing any right or interest arising
from the Property if, as and when instructed by the Company to do so;


<P align="left" style="font-size: 10pt">(h) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Render to the Company and to FBW, and to such other person as the Company may instruct, monthly
written statements of the activities of and amounts in the Trust Account reflecting all receipts
and disbursements of the Trust Account; and


<P align="left" style="font-size: 10pt">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commence liquidation of the Trust Account only after receipt of and only in accordance with the
terms of a letter (&#147;Termination Letter&#148;), in a form substantially similar to that attached hereto
as either Exhibit&nbsp;A or Exhibit&nbsp;B, signed on behalf of the Company by its President or Chairman of
the Board and Secretary or Assistant Secretary, and complete the liquidation of the Trust Account
and distribute the Property in the Trust Account only as directed in the Termination Letter and the
other documents referred to therein. The Trustee understands and agrees that disbursements from
the Trust Account shall be made only pursuant to a duly executed Termination Letter, together with
the other documents referenced herein. In all cases, the Trustee shall provide FBW with a copy of
any Termination Letters and/or any other correspondence that it receives with respect to any
proposed withdrawal from the Trust Account promptly after it receives same.


<P align="left" style="font-size: 10pt">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENTS AND COVENANTS OF THE COMPANY. The Company hereby agrees and covenants to:


<P align="left" style="font-size: 10pt">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Give all instructions to the Trustee hereunder in writing, signed by the Company&#146;s President or
Chairman of the Board. In addition, except with respect to its duties under paragraph 1(i) above,
the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or
telephonic advice or instruction which it in good faith believes to be given by any one of the
persons authorized above to give written instructions, provided that the Company shall promptly
confirm such instructions in writing;


<P align="left" style="font-size: 10pt">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hold the Trustee harmless and indemnify the Trustee from and against, any and all expenses,
including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection
with any action, suit or other proceeding brought against the Trustee involving any claim, or in
connection with any claim or demand which in any way arises out of or relates to this Agreement,
the services of the Trustee hereunder, or the Property or any income earned from investment of the
Property, except for expenses and losses resulting from the Trustee&#146;s gross negligence or willful
misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the
commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek
indemnification under this paragraph, it shall notify the Company in writing of such claim
(hereinafter referred to as the &#147;Indemnified Claim&#148;). The Trustee shall have the right to conduct
and manage the defense against such Indemnified Claim, provided, that the Trustee shall obtain the
consent of the Company with respect to the selection of counsel, which consent



<P align="center" style="font-size: 10pt">2
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">shall not be unreasonably withheld. The Company may participate in such action with its own
counsel; and


<P align="left" style="font-size: 10pt">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay the Trustee an initial acceptance fee of $1,000 and an annual fee of $3,000 (it being
expressly understood that the Property shall not be used to pay such fee). The Company shall pay
the Trustee the initial acceptance fee and first year&#146;s fee at the consummation of the IPO and
thereafter on the anniversary of the Effective Date. The Trustee shall refund to the Company the
fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Fund. The
Company shall not be responsible for any other fees or charges of the Trustee except as may be
provided in paragraph 2(b) hereof (it being expressly understood that the Property shall not be
used to make any payments to the Trustee under such paragraph).


<P align="left" style="font-size: 10pt">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIMITATIONS OF LIABILITY. The Trustee shall have no responsibility or liability to:


<P align="left" style="font-size: 10pt">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take any action with respect to the Property, other than as directed in paragraph 1 hereof and
the Trustee shall have no liability to any party except for liability arising out of its own gross
negligence or willful misconduct;


<P align="left" style="font-size: 10pt">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institute any proceeding for the collection of any principal and income arising from, or
institute, appear in or defend any proceeding of any kind with respect to, any of the Property
unless and until it shall have received instructions from the Company given as provided herein to
do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses
incident thereto;


<P align="left" style="font-size: 10pt">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change the investment of any Property, other than in compliance with paragraph 1(c);


<P align="left" style="font-size: 10pt">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refund any depreciation in principal of any Property;


<P align="left" style="font-size: 10pt">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assume that the authority of any person designated by the Company to give instructions
hereunder shall not be continuing unless provided otherwise in such designation, or unless the
Company shall have delivered a written revocation of such authority to the Trustee;


<P align="left" style="font-size: 10pt">(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The other parties hereto or to anyone else for any action taken or omitted by it, or any action
suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment,
except for its gross negligence or willful misconduct. The Trustee may rely conclusively and shall
be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Trustee), statement, instrument, report or other paper or document
(not only as to its due execution and the validity and effectiveness of its provisions, but also as
to the truth and acceptability of any information therein contained) which is believed by the
Trustee, in good faith, to be genuine and to be signed or presented by the proper person or
persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification,
termination or rescission of this agreement or any of the terms hereof, unless evidenced by a
written instrument delivered to the Trustee signed by the proper party or parties and, if the
duties or rights of the Trustee are affected, unless it shall give its prior written consent
thereto;



<P align="center" style="font-size: 10pt">3
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<P align="left" style="font-size: 10pt">(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verify the correctness of the information set forth in the Registration Statement or to confirm
or assure that any acquisition made by the Company or any other action taken by it is as
contemplated by the Registration Statement; and


<P align="left" style="font-size: 10pt">(h) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay any taxes on behalf of the Trust Account (it being expressly understood that the Property
shall not be used to pay any such taxes and that such taxes, if any, shall be paid by the Company
from funds not held in the Trust Account).


<P align="left" style="font-size: 10pt">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TERMINATION. This Agreement shall terminate as follows:


<P align="left" style="font-size: 10pt">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee gives written notice to the Company that it desires to resign under this
Agreement, the Company shall use its reasonable efforts to locate a successor trustee. At such time
that the Company notifies the Trustee that a successor trustee has been appointed by the Company
and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the
management of the Trust Account to the successor trustee, including but not limited to the transfer
of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that, in the event that the Company does not locate a successor
trustee within ninety days of receipt of the resignation notice from the Trustee, the Trustee may
submit an application to have the Property deposited with the United States District Court for the
Southern District of New York and upon such deposit, the Trustee shall be immune from any liability
whatsoever;


<P align="left" style="font-size: 10pt">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At such time that the Trustee has completed the liquidation of the Trust Account in accordance
with the provisions of paragraph 1(i) hereof, and distributed the Property in accordance with the
provisions of the Termination Letter, this Agreement shall terminate except with respect to
Paragraph&nbsp;2(b); or


<P align="left" style="font-size: 10pt">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On such date after <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2007 when the Trustee deposits the Property with the United
States District Court for the Southern District of New York in the event that, prior to such date,
the Trustee has not received a Termination Letter from the Company pursuant to paragraph 1(i).


<P align="left" style="font-size: 10pt">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS.


<P align="left" style="font-size: 10pt">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and the Trustee each acknowledge that the Trustee will follow the security
procedures set forth below with respect to funds transferred from the Trust Account. Upon receipt
of written instructions, the Trustee will confirm such instructions with an Authorized Individual
at an Authorized Telephone Number listed on the attached Exhibit&nbsp;C. The Company and the Trustee
will each restrict access to confidential information relating to such security procedures to
authorized persons. Each party must notify the other party immediately if it has reason to believe
unauthorized persons may have obtained access to such information, or of any change in its
authorized personnel. In executing funds transfers, the Trustee will rely upon account numbers or
other identifying numbers of a beneficiary, beneficiary&#146;s bank or intermediary bank, rather than
names. The Trustee shall not be liable for any loss, liability or expense resulting from any error
in an account number or other identifying number, provided it has accurately transmitted the
numbers provided.



<P align="center" style="font-size: 10pt">4
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<P align="left" style="font-size: 10pt">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by and construed and enforced in accordance with the laws of
the State of New York, without giving effect to conflict of laws. It may be executed in several
counterparts, each one of which shall constitute an original, and together shall constitute but one
instrument.


<P align="left" style="font-size: 10pt">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement contains the entire agreement and understanding of the parties hereto with
respect to the subject matter hereof. This Agreement or any provision hereof may only be changed,
amended or modified by a writing signed by each of the parties hereto; provided, however, that no
such change, amendment or modification may be made without the prior written consent of FBW. As to
any claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives the
right to trial by jury.


<P align="left" style="font-size: 10pt">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto consent to the jurisdiction and venue of any state or federal court located
in the State of New York for purposes of resolving any disputes hereunder.


<P align="left" style="font-size: 10pt">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice, consent or request to be given in connection with any of the terms or provisions of
this Agreement shall be in writing and shall be sent by express mail or similar private courier
service, by certified mail (return receipt requested), by hand delivery or by facsimile
transmission:



<P align="left" style="font-size: 10pt"><B>if to the Trustee, to:</B>



<P align="left" style="font-size: 10pt">Continental Stock Transfer<BR>
&#038; Trust Company<BR>
17 Battery Place<BR>
New York, New York 10004<BR>
Attn: Steven G. Nelson Fax No.: (212)&nbsp;509-5150


<P align="left" style="font-size: 10pt"><B>if to the Company, to:</B>



<P align="left" style="font-size: 10pt">India Globalization Capital, Inc.<BR>
4336 Montgomery Avenue<BR>
Bethesda, Maryland 20814<BR>
Attn: Ram Mukunda, Chairman Fax No.: (301)

<P align="left" style="font-size: 10pt">in either case with a copy to:



<P align="left" style="font-size: 10pt">Ferris, Baker Watts, Inc.<BR>
7601 Lewinsville Road, Suite&nbsp;450<BR>
McLean, VA 22102<BR>
Attn: Scott T. Bass, Vice President Fax No.:

<P align="left" style="font-size: 10pt">(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may not be assigned by the Trustee without the prior consent of the Company.


<P align="left" style="font-size: 10pt">(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Trustee and the Company hereby represents that it has the full right and power and
has been duly authorized to enter into this Agreement and to perform its respective



<P align="center" style="font-size: 10pt">5
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or
proceed against the Trust Account, including by way of set-off, and shall not be entitled to any
funds in the Trust Account under any circumstance.



<P align="center" style="font-size: 10pt">&#091;REMAINDER OF PAGE DELIBERATELY LEFT BLANK&#093;



<P align="center" style="font-size: 10pt">6
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of
the date first written above.



<P align="left" style="font-size: 10pt"><B>CONTINENTAL STOCK TRANSFER &#038; TRUST<BR>
COMPANY, as Trustee</B>



<P align="left" style="font-size: 10pt">By:


<P align="left" style="font-size: 10pt">Name:


<P align="left" style="font-size: 10pt">Title:


<P align="left" style="font-size: 10pt"><B>INDIA GLOBALIZATION CAPITAL, INC.</B>



<P align="left" style="font-size: 10pt">By<U>:</U>



<P align="left" style="font-size: 10pt">Name: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Chairman and Chief Executive Officer


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<P align="center" style="font-size: 10pt"><B>EXHIBIT A</B>



<P align="center" style="font-size: 10pt"><B>&#091;LETTERHEAD OF COMPANY&#093;</B>



<P align="center" style="font-size: 10pt"><B>&#091;INSERT DATE&#093;</B>



<P align="left" style="font-size: 10pt">Continental Stock Transfer<BR>
&#038; Trust Company<BR>
17 Battery Place<BR>
New York, New York 10004<BR>
Attn: Steven Nelson


<P align="left" style="font-size: 10pt"><B>Re: TRUST ACCOUNT NO. _____________ TERMINATION LETTER</B>


<P align="left" style="font-size: 10pt">Gentlemen:


<P align="left" style="font-size: 10pt">Pursuant to paragraph 1(i) of the Investment Management Trust Agreement between India Globalization
Capital, Inc. (&#147;Company&#148;) and Continental Stock Transfer &#038; Trust Company (&#147;Trustee&#148;), dated as of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2005 (&#147;Trust Agreement&#148;), this is to advise you that the Company has entered into an
agreement (&#147;Business Agreement&#148;) with <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (&#147;Target Business&#148;) to consummate a
business combination with Target Business (&#147;Business Combination&#148;) on or about &#091;INSERT DATE&#093;. The
Company shall notify you at least 48 hours in advance of the actual date of the consummation of the
Business Combination (&#147;Consummation Date&#148;).


<P align="left" style="font-size: 10pt">In accordance with the terms of the Trust Agreement, we hereby authorize you to commence
liquidation of the Trust Account to the effect that, on the Consummation Date, all of funds held in
the Trust Account will be immediately available for transfer to the account or accounts that the
Company shall direct on the Consummation Date.


<P align="left" style="font-size: 10pt">On the Consummation Date (i)&nbsp;counsel for the Company shall deliver to you written notification that
(a)&nbsp;the Business Combination has been consummated, and (b)&nbsp;the provisions of Section&nbsp;11-51-302(6)
and Rule&nbsp;51-3.4 of the CRS have been met, to the extent applicable and (ii)&nbsp;the Company shall
deliver to you written instructions with respect to the transfer of the funds held in the Trust
Account (&#147;Instruction Letter&#148;). You are hereby directed and authorized to transfer the funds held
in the Trust Account immediately upon your receipt of the counsel&#146;s letter and the Instruction
Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits
held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will
notify the Company of the same and the Company shall direct you as to whether such funds should
remain in the Trust Account and distributed after the Consummation Date to the Company. Upon the
distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust
Agreement shall be terminated.



<P align="center" style="font-size: 10pt">8
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<P align="left" style="font-size: 10pt">In the event that the Business Combination is not consummated on the Consummation Date described in
the notice thereof and we have not notified you on or before the original Consummation Date of a
new Consummation Date, then the funds held in the Trust Account shall be reinvested as provided in
the Trust Agreement on the business day immediately following the Consummation Date as set forth in
the notice.


<P align="left" style="font-size: 10pt">Very truly yours,



<P align="left" style="font-size: 10pt"><B>INDIA GLOBALIZATION CAPITAL, INC.</B>



<P align="left" style="font-size: 10pt">By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U>



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<P align="center" style="font-size: 10pt"><B>EXHIBIT B</B>



<P align="center" style="font-size: 10pt"><B>&#091;LETTERHEAD OF COMPANY&#093;</B>



<P align="center" style="font-size: 10pt"><B>&#091;INSERT DATE&#093;</B>



<P align="left" style="font-size: 10pt">Continental Stock Transfer<BR>
&#038; Trust Company<BR>
17 Battery Place<BR>
New York, New York 10004<BR>
Attn:


<P align="left" style="font-size: 10pt"><B>Re: TRUST ACCOUNT NO. _________________ TERMINATION LETTER</B>


<P align="left" style="font-size: 10pt">Gentlemen:


<P align="left" style="font-size: 10pt">Pursuant to paragraph 1(i) of the Investment Management Trust Agreement between India Globalization
Capital, Inc. (&#147;Company&#148;) and Continental Stock Transfer &#038; Trust Company (&#147;Trustee&#148;), dated as of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2005 (&#147;Trust Agreement&#148;), this is to advise you that the Company has been unable to
effect a Business Combination with a Target Company within the time frame specified in the
Company&#146;s prospectus relating to its IPO.


<P align="left" style="font-size: 10pt">In accordance with the terms of the Trust Agreement, we hereby (a)&nbsp;certify to you that the
provisions of Section&nbsp;11-51-302(6) and Rule&nbsp;51-3.4 of the CRS have been met, to the extent
applicable, and (b)&nbsp;authorize you, to commence liquidation of the Trust Account. You will notify
the Company and United Bank (&#147;Designated Paying Agent&#148;) in writing as to when all of the funds in
the Trust Account will be available for immediate transfer (&#147;Transfer Date&#148;). The Designated Paying
Agent shall thereafter notify you as to the account or accounts of the Designated Paying Agent that
the funds in the Trust Account should be transferred to on the Transfer Date so that the Designated
Paying Agent may commence distribution of such funds in accordance with the Company&#146;s instructions.
You shall have no obligation to oversee the Designated Paying Agent&#146;s distribution of the funds.
Upon the payment to the Designated Paying Agent of all the funds in the Trust Account, the Trust
Agreement shall be terminated.


<P align="left" style="font-size: 10pt">Very truly yours,



<P align="left" style="font-size: 10pt"><B>INDIA GLOBALIZATION CAPITAL, INC.</B>



<P align="left" style="font-size: 10pt">By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U>

<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt">EXHIBIT C


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD><!-- VRule -->
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">AUTHORIZED INDIVIDUAL(S)<BR>
FOR TELEPHONE CALL BACK
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AUTHORIZED<BR>
TELEPHONE NUMBER(S)</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">COMPANY:</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">India Globalization Capital, Inc.</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4336 Montgomery Avenue</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bethesda, Maryland 20814</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attn: Ram Mukunda, Chairman</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(301) 983-0998</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TRUSTEE:</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Continental Stock Transfer</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#038; Trust Company</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">17 Battery Place</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">New York, NY 10004</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attn: Steven Nelson</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(212) 845-3200</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">11
</DIV>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>15
<FILENAME>c95282exv10w5.htm
<DESCRIPTION>PROMISSORY NOTE
<TEXT>
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<TITLE>exv10w5</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt"><B>EXHIBIT 10.5</B>



<P align="center" style="font-size: 10pt"><B>PROMISSORY NOTE</B>



<P align="right" style="font-size: 10pt">$100,000<BR>
Bethesda, Maryland


<P align="left" style="font-size: 10pt">India Globalization Capital, Inc. (the &#147;Maker&#148;) promises to pay to the order of Ram Mukunda (the
&#147;Payee&#148;) the principal sum of One Hundred Thousand Dollars and No Cents ($100,000.00) in lawful
money of the United States of America, together with interest on the unpaid principal balance of
this Note, on the terms and conditions described below.


<P align="left" style="font-size: 10pt">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL. The principal balance of this Note shall be repayable on the earlier of (i)&nbsp;April&nbsp;30,
2006 or (ii)&nbsp;the date on which Maker consummates an initial public offering of its securities.


<P align="left" style="font-size: 10pt">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTEREST. The principal balance shall bear interest at the rate of four per cent per annum.


<P align="left" style="font-size: 10pt">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APPLICATION OF PAYMENTS. All payments shall be applied first to payment in full of any costs
incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorneys&#146; fees, then to the payment in full of any late charges and finally to the
reduction of the unpaid principal balance of this Note.


<P align="left" style="font-size: 10pt">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVENTS OF DEFAULT. The following shall constitute Events of Default:


<P align="left" style="font-size: 10pt">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAILURE TO MAKE REQUIRED PAYMENTS. Failure by Maker to pay the principal of or accrued interest
on this Note within five (5)&nbsp;business days following the date when due.


<P align="left" style="font-size: 10pt">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VOLUNTARY BANKRUPTCY, ETC. The commencement by Maker of a voluntary case under the Federal
Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal or state
bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it
to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally
to pay its debts as such debts become due, or the taking of corporate action by Maker in
furtherance of any of the foregoing.


<P align="left" style="font-size: 10pt">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INVOLUNTARY BANKRUPTCY, ETC. The entry of a decree or order for relief by a court having
jurisdiction in the premises in respect of maker in an involuntary case under the Federal
Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its
property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such
decree or order unstayed and in effect for a period of 60 consecutive days.


<P align="left" style="font-size: 10pt">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REMEDIES.


<P align="left" style="font-size: 10pt">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of an Event of Default specified in Section&nbsp;4(a), Payee may, by written
notice to Maker, declare this Note to be due and payable, whereupon the principal



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">amount of this Note, and all other amounts payable thereunder, shall become immediately due and
payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary
notwithstanding.


<P align="left" style="font-size: 10pt">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid
principal balance of, and all other sums payable with regard to, this Note shall automatically and
immediately become due and payable, in all cases without any action on the part of Payee.


<P align="left" style="font-size: 10pt">6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WAIVERS. Maker and all endorsers and guarantors of, and sureties for, this Note waive
presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to
the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future
laws exempting any property, real or personal, or any part of the proceeds arising from any sale of
any such property, from attachment, levy or sale under execution, or providing for any stay of
execution, exemption from civil process, or extension of time for payment; and Maker agrees that
any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any
writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order
desired by Payee.


<P align="left" style="font-size: 10pt">7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNCONDITIONAL LIABILITY. Maker hereby waives all notices in connection with the delivery,
acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its
liability shall be unconditional, without regard to the liability of any other party, and shall not
be affected in any manner by any indulgence, extension of time, renewal, waiver or modification
granted or consented to by Payee, and consents to any and all extensions of time, renewals,
waivers, or modifications that may be granted by Payee with respect to the payment or other
provisions of this Note, and agree that additional makers, endorsers, guarantors, or sureties may
become parties hereto without notice to them or affecting their liability hereunder.


<P align="left" style="font-size: 10pt">8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICES. Any notice called for hereunder shall be deemed properly given if (i)&nbsp;sent by certified
mail, return receipt requested, (ii)&nbsp;personally delivered, (iii)&nbsp;dispatched by any form of private
or governmental express mail or delivery service providing receipted delivery, (iv)&nbsp;sent by
telefacsimile or (v)&nbsp;sent by e-mail, to the following addresses or to such other address as either
party may designate by notice in accordance with this Section:



<P align="left" style="font-size: 10pt"><B>If to Maker:</B><BR>
India Globalization Capital, Inc.<BR>
4336 Montgomery Avenue<BR>
Bethesda, Maryland 20814<BR>
Attn.: John Cherin, Chief Financial Officer


<P align="left" style="font-size: 10pt"><B>If to Payee:</B><BR>
Ram Mukunda<BR>
4336 Montgomery Avenue<BR>
Bethesda, Maryland 20814


<P align="center" style="font-size: 10pt">2
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Notice shall be deemed given on the earlier of (i)&nbsp;actual receipt by the receiving party, (ii)&nbsp;the
date shown on a telefacsimile transmission confirmation, (iii)&nbsp;the date on which an e-mail
transmission was received by the receiving party&#146;s on-line access provider (iv)&nbsp;the date reflected
on a signed delivery receipt, or (vi)&nbsp;two (2)&nbsp;Business Days following tender of delivery or
dispatch by express mail or delivery service.


<P align="left" style="font-size: 10pt">9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSTRUCTION. This Note shall be construed and enforced in accordance with the domestic,
internal law, but not the law of conflict of laws, of the State of Maryland.


<P align="left" style="font-size: 10pt">10. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEVERABILITY. Any provision contained in this Note which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.


<P align="left" style="font-size: 10pt">IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly
executed by its Chief Executive Officer the day and year first above written.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>INDIA GLOBALIZATION CAPITAL, INC.</B><BR><BR><BR></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><DIV style="margin-left:20px;text-indent:-0px">/s/ John Cherin</DIV></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><DIV style="margin-left:20px;text-indent:-0px">Chief Financial Officer&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">3
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>16
<FILENAME>c95282exv10w6.htm
<DESCRIPTION>FORM OF STOCK ESCROW AGREEMENT
<TEXT>
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 10.6</B>



<P align="center" style="font-size: 10pt"><B>STOCK ESCROW AGREEMENT</B>



<P align="left" style="font-size: 10pt">STOCK ESCROW AGREEMENT, dated as of &#95;&#95;&#95;, 2005 (&#147;Agreement&#148;), by and among INDIA
GLOBALIZATION CAPITAL, INC., a Maryland corporation (&#147;Company&#148;), RAM MUKUNDA, JOHN CHERIN and RANGA
KRISHNA (collectively, the &#147;Initial Stockholders&#148;) and CONTINENTAL STOCK TRANSFER &#038;
TRUST COMPANY, a New York corporation (&#147;Escrow Agent&#148;).


<P align="left" style="font-size: 10pt">WHEREAS, the Company has entered into an Underwriting Agreement, dated &#95;&#95;&#95;, 2005 (&#147;Underwriting
Agreement&#148;), with Ferris, Baker Watts, Inc. (&#147;FBW&#148;) acting as representative of the several
underwriters (collectively, the &#147;Underwriters&#148;), pursuant to which, among other matters, the
Underwriters have agreed to purchase 20,000,000 units (&#147;Units&#148;) of the Company. Each Unit consists
of one share of the Company&#146;s Common Stock, par value $.0001 per share, and two Warrants, each
Warrant to purchase one share of Common Stock, all as more fully described in the Company&#146;s final
Prospectus, dated &#95;&#95;&#95;, 2005 (&#147;Prospectus&#148;) comprising part of the Company&#146;s Registration
Statement on Form S-1 (File No. -&#95;&#95;&#95;) under the Securities Act of 1933, as amended
(&#147;Registration Statement&#148;), declared effective on &#95;&#95;&#95;, 2005 (&#147;Effective Date&#148;).


<P align="left" style="font-size: 10pt">WHEREAS, the Initial Stockholders have agreed as a condition of the sale of the Units to deposit
their shares of Common Stock of the Company, as set forth opposite their respective names in
Exhibit&nbsp;A attached hereto (collectively &#147;Escrow Shares&#148;), in escrow as hereinafter provided.


<P align="left" style="font-size: 10pt">WHEREAS, the Company and the Initial Stockholders desire that the Escrow Agent accept the Escrow
Shares, in escrow, to be held and disbursed as hereinafter provided.


<P align="left" style="font-size: 10pt"><B>IT IS AGREED:</B>



<P align="left" style="font-size: 10pt">1.&nbsp;APPOINTMENT OF ESCROW AGENT. The Company and the Initial Stockholders hereby appoint the Escrow
Agent to act in accordance with and subject to the terms of this Agreement and the Escrow Agent
hereby accepts such appointment and agrees to act in accordance with and subject to such terms.
Capitalized terms used in this Agreement but not defined herein will have the meanings set forth in
the Registration Statement.


<P align="left" style="font-size: 10pt">2.&nbsp;DEPOSIT OF ESCROW SHARES. On or before the Effective Date, each of the Initial Stockholders
shall deliver to the Escrow Agent certificates representing his respective Escrow Shares, to be
held and disbursed subject to the terms and conditions of this Agreement. Each Initial Stockholder
acknowledges that the certificate representing his Escrow Shares is legended to reflect the deposit
of such Escrow Shares under this Agreement.


<P align="left" style="font-size: 10pt">3.&nbsp;DISBURSEMENT OF THE ESCROW SHARES.


<P align="left" style="font-size: 10pt">3.1 The Escrow Agent shall hold the Escrow Shares until the one hundred eightieth day following the
consummation by the Company of a Business Combination (&#147;Escrow Period&#148;), on which date it shall,
upon written instructions from each Initial Stockholder, disburse each of the Initial Stockholder&#146;s
Escrow Shares to such Initial Stockholder; provided, however, that if the Escrow Agent is notified
by the Company pursuant to Section&nbsp;3.3 hereof that the Company is


<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="font-size: 10pt">being liquidated at any time during the Escrow Period, then the Escrow Agent shall promptly destroy
the certificates representing the Escrow Shares; provided further, however, that if, after the
Company consummates a Business Combination (as such term is defined in the Registration Statement),
it (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange or
other similar transaction which results in all of the stockholders of such entity having the right
to exchange their shares of Common Stock for cash, securities or other property, then the Escrow
Agent will, upon receipt of a certificate, executed by the Chief Executive Officer or Chief
Financial Officer of the Company, in form reasonably acceptable to the Escrow Agent, that such
transaction is then being consummated, and release the Escrow Shares to the Initial Stockholders
upon consummation of the transaction so that they can similarly participate. The Escrow Agent shall
have no further duties hereunder after the disbursement or destruction of the Escrow Shares in
accordance with this Section&nbsp;3.


<P align="left" style="font-size: 10pt">3.2 CONSUMMATION OF A BUSINESS COMBINATION. Within thirty (30)&nbsp;days after the consummation by the
Company of a Business Combination, the Company shall deliver to the Escrow Agent a certificate
executed by the Chief Executive Officer or the Chief Financial Officer, in form reasonably
acceptable to the Escrow Agent, stating that a Business Combination has been consummated, the date
of the Business Combination shall have been consummated and the date that is one hundred eighty
days after the date of consummation of a Business Combination.


<P align="left" style="font-size: 10pt">3.3 LIQUIDATION OF THE COMPANY. The Company shall give the Escrow Agent written notification of the
liquidation and dissolution of the Company in the event that the Company fails to consummate a
Business Combination within the time period(s) specified in the Prospectus.


<P align="left" style="font-size: 10pt">4.&nbsp;RIGHTS OF INITIAL STOCKHOLDERS IN ESCROW SHARES.


<P align="left" style="font-size: 10pt">4.1 VOTING RIGHTS AS A STOCKHOLDER. Subject to the terms of the Insider Letter described in Section
4.4 hereof and except as herein provided, the Initial Stockholders shall retain all of their rights
as stockholders of the Company during the Escrow Period, including, without limitation, the right
to vote such shares.


<P align="left" style="font-size: 10pt">4.2 DIVIDENDS AND OTHER DISTRIBUTIONS IN RESPECT OF THE ESCROW SHARES. During the Escrow Period,
all dividends payable in cash with respect to the Escrow Shares shall be paid to the Initial
Stockholders, but all dividends payable in stock or other non-cash property (&#147;Non-Cash Dividends&#148;)
shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein,
the term &#147;Escrow Shares&#148; shall be deemed to include the Non-Cash Dividends distributed thereon, if
any.


<P align="left" style="font-size: 10pt">4.3 RESTRICTIONS ON TRANSFER. During the Escrow Period, no sale, transfer or other disposition may
be made of any or all of the Escrow Shares except (i)&nbsp;by gift to a member of Initial Stockholder&#146;s
immediate family or to a trust, the beneficiary of which is an Initial Stockholder or a member of
an Initial Stockholder&#146;s immediate family, (ii)&nbsp;by virtue of the laws of descent and distribution
upon death of any Initial Stockholder, or (iii)&nbsp;pursuant to a qualified domestic relations order;
provided, however, that such permissive transfers may be implemented only upon the respective
transferee&#146;s written agreement to be bound by the terms and conditions


<P align="center" style="font-size: 10pt">2
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<P align="left" style="font-size: 10pt">of this Agreement and of the Insider Letter signed by the Initial Stockholder transferring the
Escrow Shares. During the Escrow Period, the Initial Stockholders shall not pledge or grant a
security interest in the Escrow Shares or grant a security interest in their rights under this
Agreement.


<P align="left" style="font-size: 10pt">4.4 INSIDER LETTERS. Each of the Initial Stockholders has executed a letter agreement with FBW and
the Company, dated as indicated on Exhibit&nbsp;A hereto, and which is filed as an exhibit to the
Registration Statement (&#147;Insider Letter&#148;), respecting the rights and obligations of such Initial
Stockholder in certain events, including but not limited to the liquidation of the Company.


<P align="left" style="font-size: 10pt">5.&nbsp;CONCERNING THE ESCROW AGENT.


<P align="left" style="font-size: 10pt">5.1 GOOD FAITH RELIANCE. The Escrow Agent shall not be liable for any action taken or omitted by it
in good faith and in the exercise of its own best judgment, and may rely conclusively and shall be
protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or
document (not only as to its due execution and the validity and effectiveness of its provisions,
but also as to the truth and acceptability of any information therein contained) which is believed
by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons.
The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification,
termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow
Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are
affected, unless it shall have given its prior written consent thereto.


<P align="left" style="font-size: 10pt">5.2 INDEMNIFICATION. The Escrow Agent shall be indemnified and held harmless by the Company from
and against any expenses, including counsel fees and disbursements, or loss suffered by the Escrow
Agent in connection with any action, suit or other proceeding involving any claim which in any way,
directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow
Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising
from the gross negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by
the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or
proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the
receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the
nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow
Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain
the Escrow Shares pending receipt of a final, non-appealable order of a court having jurisdiction
over all of the parties hereto directing to whom and under what circumstances the Escrow Shares are
to be disbursed and delivered. The provisions of this Section&nbsp;5.2 shall survive in the event the
Escrow Agent resigns or is discharged pursuant to Sections&nbsp;5.5 or 5.6 below.


<P align="left" style="font-size: 10pt">5.3 COMPENSATION. The Escrow Agent shall be entitled to reasonable compensation from the Company
for all services rendered by it hereunder. The Escrow Agent shall also be entitled to reimbursement
from the Company for all expenses paid or incurred by it in the administration


<P align="center" style="font-size: 10pt">3
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<P align="left" style="font-size: 10pt">of its duties hereunder including, but not limited to, all counsel, advisors&#146; and agents&#146; fees and
disbursements and all taxes or other governmental charges.


<P align="left" style="font-size: 10pt">5.4 FURTHER ASSURANCES. From time to time on and after the date hereof, the Company and the Initial
Stockholders shall deliver or cause to be delivered to the Escrow Agent such further documents and
instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably
request to carry out more effectively the provisions and purposes of this Agreement, to evidence
compliance herewith or to assure itself that it is protected in acting hereunder.


<P align="left" style="font-size: 10pt">5.5 RESIGNATION. The Escrow Agent may resign at any time and be discharged from its duties as
escrow agent hereunder by its giving the other parties hereto written notice and such resignation
shall become effective as hereinafter provided. Such resignation shall become effective at such
time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company,
the Escrow Shares held hereunder. If no new escrow agent is so appointed within the 60&nbsp;day period
following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares
with any court it reasonably deems appropriate.


<P align="left" style="font-size: 10pt">5.6 DISCHARGE OF ESCROW AGENT. The Escrow Agent shall resign and be discharged from its duties as
escrow agent hereunder if so requested in writing at any time by the other parties hereto, jointly,
provided, however, that such resignation shall become effective only upon acceptance of appointment
by a successor escrow agent as provided in Section&nbsp;5.5.


<P align="left" style="font-size: 10pt">5.7 LIABILITY. Notwithstanding anything herein to the contrary, the Escrow Agent shall not be
relieved from liability hereunder for its own gross negligence or its own willful misconduct.


<P align="left" style="font-size: 10pt">6.&nbsp;MISCELLANEOUS.


<P align="left" style="font-size: 10pt">6.1 GOVERNING LAW. This Agreement shall for all purposes be deemed to be made under and shall be
construed in accordance with the laws of the State of New York.


<P align="left" style="font-size: 10pt">6.2 THIRD PARTY BENEFICIARIES. Each of the Initial Stockholders hereby acknowledges that the
Underwriters are third party beneficiaries of this Agreement and this Agreement may not be modified
or changed without the prior written consent of FBW.


<P align="left" style="font-size: 10pt">6.3 ENTIRE AGREEMENT. This Agreement contains the entire agreement of the parties hereto with
respect to the subject matter hereof and, except as expressly provided herein, may not be changed
or modified except by an instrument in writing signed by the party to the charged.


<P align="left" style="font-size: 10pt">6.4 HEADINGS. The headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation thereof.


<P align="left" style="font-size: 10pt">6.5 BINDING EFFECT. This Agreement shall be binding upon and inure to the benefit of the respective
parties hereto and their legal representatives, successors and assigns.


<P align="center" style="font-size: 10pt">4
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<P align="left" style="font-size: 10pt">6.6 NOTICES. Any notice or other communication required or which may be given hereunder shall be in
writing and either be delivered personally or be mailed, certified or registered mail, or by
private national courier service, return receipt requested, postage prepaid, and shall be deemed
given when so delivered personally or, if mailed, two days after the date of mailing, as follows:


<P align="left" style="font-size: 10pt"><B>If to the Company, to:</B>



<P align="left" style="font-size: 10pt">India Globalization Capital, Inc.<BR>
4336 Montgomery Avenue<BR>
Bethesda, Maryland 20814<BR>
Attn: Chairman


<P align="left" style="font-size: 10pt">If to a Stockholder, to his address set forth in Exhibit&nbsp;A.


<P align="left" style="font-size: 10pt"><B>and if to the Escrow Agent, to:</B>



<P align="left" style="font-size: 10pt">Continental Stock Transfer &#038; Trust Company 17 Battery Place<BR>
New York, New York 10004 Attn: Chairman


<P align="left" style="font-size: 10pt">A copy of any notice sent hereunder shall be sent to:


<P align="left" style="font-size: 10pt">Seyfarth Shaw LLP<BR>
815 Connecticut Avenue, N.W., Suite&nbsp;500<BR>
Washington, DC 20006-4004<BR>
Attn: Stanley S. Jutkowitz, Esq.


<P align="left" style="font-size: 10pt">Ferris, Baker Watts, Inc.<BR>
100 Light Street<BR>
Baltimore, Maryland 21202<BR>
Attn: Richard K. Prins, Senior Vice President


<P align="left" style="font-size: 10pt">and:


<P align="left" style="font-size: 10pt">Gersten, Savage, Kaplowitz, Wolf &#038; Marcus, LP<BR>
600 Lexington Avenue<BR>
New York, NY 10022<BR>
Attn: Jay M. Kaplowitz, Esq.


<P align="left" style="font-size: 10pt">The parties may change the persons and addresses to which the notices or other communications are
to be sent by giving written notice to any such change in the manner provided herein for giving
notice.


<P align="center" style="font-size: 10pt">5
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<P align="left" style="font-size: 10pt">WITNESS the execution of this Agreement as of the date first above written.


<P align="left" style="font-size: 10pt"><B>INDIA GLOBALIZATION CAPITAL, INC.</B>



<P align="left" style="font-size: 10pt">By:


<P align="left" style="font-size: 10pt"><B>INITIAL STOCKHOLDERS:</B>



<P align="left" style="font-size: 10pt"><B>CONTINENTAL STOCK TRANSFER<BR>
&#038; TRUST COMPANY</B>


<P align="left" style="font-size: 10pt">By:


<P align="left" style="font-size: 10pt">Name:


<P align="left" style="font-size: 10pt">Title:


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<P align="center" style="font-size: 10pt"><B>EXHIBIT A</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Name and Address of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" >Number</TD>
     <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Stock</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Date of</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Initial Stockholder</TD>
    <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
    <TD nowrap align="left" >of Shares</TD>
        <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Certificate Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Insider Letter</TD>
</TR>

<!-- End Table Head -->
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ram Mukunda
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2,500,000</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">May &#95;&#95;&#95;, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Cherin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">500,000</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">May &#95;&#95;&#95;, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ranga Krishna
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">500,000</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">May &#95;&#95;&#95;, 2005</TD>
</TR>
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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">7
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<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>17
<FILENAME>c95282exv10w7.htm
<DESCRIPTION>FORM OF REGISTRATION RIGHTS AGREEMENT
<TEXT>
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 10.7</B>



<P align="center" style="font-size: 10pt"><B>REGISTRATION RIGHTS AGREEMENT</B>



<P align="left" style="font-size: 10pt">THIS REGISTRATION RIGHTS AGREEMENT (this &#147;Agreement&#148;) is entered into as of the &#95;&#95;&#95;day of &#95;&#95;&#95;,
2005, by and among: India Globalization Capital, Inc., a Maryland corporation (the &#147;Company&#148;); and
the undersigned parties listed under Investor on the signature page hereto (each, an &#147;Investor&#148; and
collectively, the &#147;Investors&#148;).


<P align="left" style="font-size: 10pt">WHEREAS, the Investors currently hold all of the issued and outstanding securities of the Company;



<P align="left" style="font-size: 10pt">WHEREAS, the Investors and the Company desire to enter into this Agreement to provide the Investors
with certain rights relating to the registration of shares of Common Stock held by them;


<P align="left" style="font-size: 10pt">NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:


<P align="left" style="font-size: 10pt">1.&nbsp;DEFINITIONS. The following capitalized terms used herein have the following meanings:


<P align="left" style="font-size: 10pt">&#147;AGREEMENT&#148; means this Agreement, as amended, restated, supplemented, or otherwise modified from
time to time.


<P align="left" style="font-size: 10pt">&#147;COMMISSION&#148; means the Securities and Exchange Commission, or any other federal agency then
administering the Securities Act or the Exchange Act.


<P align="left" style="font-size: 10pt">&#147;COMMON STOCK&#148; means the common stock, par value $0.0001 per share, of the Company.


<P align="left" style="font-size: 10pt">&#147;COMPANY&#148; is defined in the preamble to this Agreement.


<P align="left" style="font-size: 10pt">&#147;DEMAND REGISTRATION&#148; is defined in Section&nbsp;2.1.1.


<P align="left" style="font-size: 10pt">&#147;DEMANDING HOLDER&#148; is defined in Section&nbsp;2.1.1.


<P align="left" style="font-size: 10pt">&#147;EXCHANGE ACT&#148; means the Securities Exchange Act of 1934, as amended, and the rules and regulations
of the Commission promulgated thereunder, all as the same shall be in effect at the time.


<P align="left" style="font-size: 10pt">&#147;FORM S-3&#148; is defined in Section&nbsp;2.3.


<P align="left" style="font-size: 10pt">&#147;INDEMNIFIED PARTY&#148; is defined in Section&nbsp;4.3.


<P align="left" style="font-size: 10pt">&#147;INDEMNIFYING PARTY&#148; is defined in Section&nbsp;4.3.


<P align="left" style="font-size: 10pt">&#147;INVESTOR&#148; is defined in the preamble to this Agreement.


<P align="left" style="font-size: 10pt">&#147;INVESTOR INDEMNIFIED PARTY&#148; is defined in Section&nbsp;4.1.


<P align="left" style="font-size: 10pt">&#147;MAXIMUM NUMBER OF SHARES&#148; is defined in Section&nbsp;2.1.4.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P align="left" style="font-size: 10pt">&#147;NOTICES&#148; is defined in Section&nbsp;6.3.


<P align="left" style="font-size: 10pt">&#147;PIGGY-BACK REGISTRATION&#148; is defined in Section&nbsp;2.2.1.


<P align="left" style="font-size: 10pt">&#147;REGISTER,&#148; &#147;REGISTERED&#148; and &#147;REGISTRATION&#148; mean a registration effected by preparing and filing a
registration statement or similar document in compliance with the requirements of the Securities
Act, and the applicable rules and regulations promulgated thereunder, and such registration
statement becoming effective.


<P align="left" style="font-size: 10pt">&#147;REGISTRABLE SECURITIES&#148; mean all of the shares of Common Stock owned or held by Investors.
Registrable Securities include any warrants, shares of capital stock or other securities of the
Company issued as a dividend or other distribution with respect to or in exchange for or in
replacement of such shares of Common Stock. As to any particular Registrable Securities, such
securities shall cease to be Registrable Securities when: (a)&nbsp;a Registration Statement with respect
to the sale of such securities shall have become effective under the Securities Act and such
securities shall have been sold, transferred, disposed of or exchanged in accordance with such
Registration Statement; (b)&nbsp;such securities shall have been otherwise transferred, new certificates
for them not bearing a legend restricting further transfer shall have been delivered by the Company
and subsequent public distribution of them shall not require registration under the Securities Act;
(c)&nbsp;such securities shall have ceased to be outstanding, or (d)&nbsp;the Securities and Exchange
Commission makes a definitive determination to the Company that the Registrable Securities are
salable under Rule&nbsp;144(k).


<P align="left" style="font-size: 10pt">&#147;REGISTRATION STATEMENT&#148; means a registration statement filed by the Company with the Commission in
compliance with the Securities Act and the rules and regulations promulgated thereunder for a
public offering and sale of Common Stock (other than a registration statement on Form S-4 or Form
S-8, or their successors, or any registration statement covering only securities proposed to be
issued in exchange for securities or assets of another entity).


<P align="left" style="font-size: 10pt">&#147;RELEASE DATE&#148; means the date on which shares of Common Stock are disbursed from escrow pursuant to
Section&nbsp;3 of that certain Stock Escrow Agreement dated as of &#95;&#95;&#95;, 2005 by and among the
parties hereto and Continental Stock Transfer &#038; Trust Company.


<P align="left" style="font-size: 10pt">&#147;SECURITIES ACT&#148; means the Securities Act of 1933, as amended, and the rules and regulations of the
Commission promulgated thereunder, all as the same shall be in effect at the time.


<P align="left" style="font-size: 10pt">&#147;UNDERWRITER&#148; means a securities dealer who purchases any Registrable Securities as principal in an
underwritten offering and not as part of such dealer&#146;s market-making activities.


<P align="left" style="font-size: 10pt">2.&nbsp;REGISTRATION RIGHTS.


<P align="left" style="font-size: 10pt">2.1 DEMAND REGISTRATION.


<P align="left" style="font-size: 10pt">2.1.1 REQUEST FOR REGISTRATION. At any time and from time to time on or after the Release Date, the
holders of a majority-in-interest of the Registrable Securities held by the Investors or the
transferees of the Investors, may make a written demand for registration under


<P align="center" style="font-size: 10pt">2
</DIV>

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<P align="left" style="font-size: 10pt">the Securities Act of all or part of their Registrable Securities (a &#147;DEMAND REGISTRATION&#148;). Any
demand for a Demand Registration shall specify the number of shares of Registrable Securities
proposed to be sold and the intended method(s) of distribution thereof. The Company will notify all
holders of Registrable Securities of the demand, and each holder of Registrable Securities who
wishes to include all or a portion of such holder&#146;s Registrable Securities in the Demand
Registration (each such holder including shares of Registrable Securities in such registration, a
&#147;DEMANDING HOLDER&#148;) shall so notify the Company within fifteen (15)&nbsp;days after the receipt by the
holder of the notice from the Company. Upon any such request, the Demanding Holders shall be
entitled to have their Registrable Securities included in the Demand Registration, subject to
Section&nbsp;2.1.4 and the provisos set forth in Section&nbsp;3.1.1. The Company shall not be obligated to
effect more than an aggregate of two (2)&nbsp;Demand Registrations under this Section&nbsp;2.1.1 in respect
of Registrable Securities.


<P align="left" style="font-size: 10pt">2.1.2 EFFECTIVE REGISTRATION. A registration will not count as a Demand Registration until the
Registration Statement filed with the Commission with respect to such Demand Registration has been
declared effective and the Company has complied with all of its obligations under this Agreement
with respect thereto; PROVIDED, HOWEVER, that if, after such Registration Statement has been
declared effective, the offering of Registrable Securities pursuant to a Demand Registration is
interfered with by any stop order or injunction of the Commission or any other governmental agency
or court, the Registration Statement with respect to such Demand Registration will be deemed not to
have been declared effective, unless and until, (i)&nbsp;such stop order or injunction is removed,
rescinded or otherwise terminated, and (ii)&nbsp;a majority-in-interest of the Demanding Holders
thereafter elect to continue the offering; PROVIDED, FURTHER, that the Company shall not be
obligated to file a second Registration Statement until a Registration Statement that has been
filed is counted as a Demand Registration or is terminated.


<P align="left" style="font-size: 10pt">2.1.3 UNDERWRITTEN OFFERING. If a majority-in-interest of the Demanding Holders so elect and such
holders so advise the Company as part of their written demand for a Demand Registration, the
offering of such Registrable Securities pursuant to such Demand Registration shall be in the form
of an underwritten offering. In such event, the right of any holder to include its Registrable
Securities in such registration shall be conditioned upon such holder&#146;s participation in such
underwriting and the inclusion of such holder&#146;s Registrable Securities in the underwriting to the
extent provided herein. All Demanding Holders proposing to distribute their securities through such
underwriting shall enter into an underwriting agreement in customary form with the Underwriter or
Underwriters selected for such underwriting by a majority-in-interest of the holders initiating the
Demand Registration.


<P align="left" style="font-size: 10pt">2.1.4 REDUCTION OF OFFERING. Subject to the rights of the holders of securities issued or issuable
upon exercise of those certain Unit Purchase Options to be issued to Ferris, Baker Watts, Inc. or
its designees in connection with the Company&#146;s initial public offering in &#95;&#95;&#95;2005, if the
managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten
offering advises the Company and the Demanding Holders in writing that the dollar amount or number
of shares of Registrable Securities which the Demanding Holders desire to sell, taken together with
all other shares of Common Stock or other securities which the Company desires to sell and the
shares of Common Stock, if any, as to which registration has been requested pursuant to written
contractual piggy-back registration rights held by other


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<P align="left" style="font-size: 10pt">shareholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number
of shares that can be sold in such offering without adversely affecting the proposed offering
price, the timing, the distribution method, or the probability of success of such offering (such
maximum dollar amount or maximum number of shares, as applicable, the &#147;MAXIMUM NUMBER OF SHARES&#148;),
then the Company shall include in such registration: (i)&nbsp;first, the Registrable Securities as to
which Demand Registration has been requested by the Demanding Holders (PRO RATA in accordance with
the number of shares of Registrable Securities which such Demanding Holder has requested be
included in such registration, regardless of the number of shares of Registrable Securities held by
each Demanding Holder) that can be sold without exceeding the Maximum Number of Shares; (ii)
second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (i), the shares of Common Stock or other securities that the Company desires to sell that
can be sold without exceeding the Maximum Number of Shares; (iii)&nbsp;third, to the extent that the
Maximum Number of Shares has not been reached under the foregoing clauses (i)&nbsp;and (ii), the shares
of Common Stock for the account of other persons that the Company is obligated to register pursuant
to written contractual arrangements with such persons and that can be sold without exceeding the
Maximum Number of Shares; and (v)&nbsp;fourth, to the extent that the Maximum Number of Shares have not
been reached under the foregoing clauses (i), (ii), and (iii), the shares of Common Stock that
other shareholders desire to sell that can be sold without exceeding the Maximum Number of Shares.


<P align="left" style="font-size: 10pt">2.1.5 WITHDRAWAL. If a majority-in-interest of the Demanding Holders disapprove of the terms of any
underwriting or are not entitled to include all of their Registrable Securities in any offering,
such majority-in-interest of the Demanding Holders may elect to withdraw from such offering by
giving written notice to the Company and the Underwriter or Underwriters of their request to
withdraw prior to the effectiveness of the Registration Statement filed with the Commission with
respect to such Demand Registration. If the majority-in-interest of the Demanding Holders withdraws
from a proposed offering relating to a Demand Registration, then such registration shall not count
as a Demand Registration provided for in Section&nbsp;2.1.1.


<P align="left" style="font-size: 10pt">2.2 PIGGY-BACK REGISTRATION.


<P align="left" style="font-size: 10pt">2.2.1 PIGGY-BACK RIGHTS. If at any time on or after the Release Date the Company proposes to file a
Registration Statement under the Securities Act with respect to an offering of equity securities,
or securities or other obligations exercisable or exchangeable for, or convertible into, equity
securities, by the Company for its own account or for shareholders of the Company for their account
(or by the Company and by shareholders of the Company including, without limitation, pursuant to
Section&nbsp;2.1), other than a Registration Statement (i)&nbsp;filed in connection with any employee stock
option or other benefit plan, (ii)&nbsp;for an exchange offer or offering of securities solely to the
Company&#146;s existing shareholders, (iii)&nbsp;for an offering of debt that is convertible into equity
securities of the Company or (iv)&nbsp;for a dividend reinvestment plan, then the Company shall (x)&nbsp;give
written notice of such proposed filing to the holders of Registrable Securities as soon as
practicable but in no event less than ten (10)&nbsp;days before the anticipated filing date, which
notice shall describe the amount and type of securities to be included in such offering, the
intended method(s) of distribution, and the name of the proposed managing Underwriter or
Underwriters, if any, of the offering, and (y)&nbsp;offer to the holders of Registrable Securities in
such notice the opportunity to register the sale of such number of shares of


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<P align="left" style="font-size: 10pt">Registrable Securities as such holders may request in writing within five (5)&nbsp;days following
receipt of such notice (a &#147;PIGGY-BACK REGISTRATION&#148;). The Company shall cause such Registrable
Securities to be included in such registration and shall use its best efforts to cause the managing
Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable
Securities requested to be included in a Piggy-Back Registration to be included on the same terms
and conditions as any similar securities of the Company and to permit the sale or other disposition
of such Registrable Securities in accordance with the intended method(s) of distribution thereof.
All holders of Registrable Securities proposing to distribute their securities through a Piggy-Back
Registration that involves an Underwriter or Underwriters shall enter into an underwriting
agreement in customary form with the Underwriter or Underwriters selected for such Piggy-Back
Registration.


<P align="left" style="font-size: 10pt">2.2.2 REDUCTION OF OFFERING. Subject to the rights of the holders of securities issued or issuable
upon exercise of those certain Unit Purchase Options to be issued to Ferris, Baker Watts, Inc. or
its designees in connection with the Company&#146;s initial public offering in &#95;&#95;&#95;2005, if the
managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in writing that the dollar
amount or number of shares of Common Stock which the Company desires to sell, taken together with
shares of Common Stock, if any, as to which registration has been demanded pursuant to written
contractual arrangements with persons other than the holders of Registrable Securities hereunder,
the Registrable Securities as to which registration has been requested under this Section&nbsp;2.2, and
the shares of Common Stock, if any, as to which registration has been requested pursuant to the
written contractual piggy-back registration rights of other shareholders of the Company, exceeds
the Maximum Number of Shares, then the Company shall include in any such registration:


<P align="left" style="font-size: 10pt">(i)&nbsp;If the registration is undertaken for the Company&#146;s account: (A)&nbsp;first, the shares of Common
Stock or other securities that the Company desires to sell that can be sold without exceeding the
Maximum Number of Shares; (B)&nbsp;second, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (A), the shares of Common Stock, if any, including the
Registrable Securities, as to which registration has been requested pursuant to written contractual
piggy-back registration rights of security holders (pro rata in accordance with the number of
shares of Common Stock which each such person has actually requested to be included in such
registration, regardless of the number of shares of Common Stock with respect to which such persons
have the right to request such inclusion) that can be sold without exceeding the Maximum Number of
Shares; and


<P align="left" style="font-size: 10pt">(ii)&nbsp;If the registration is a &#147;demand&#148; registration undertaken at the demand of persons other than
the holders of Registrable Securities pursuant to written contractual arrangements with such
persons, (A)&nbsp;first, the shares of Common Stock for the account of the demanding persons that can be
sold without exceeding the Maximum Number of Shares; (B)&nbsp;second, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or
other securities that the Company desires to sell that can be sold without exceeding the Maximum
Number of Shares; and (C)&nbsp;third, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clauses (A)&nbsp;and (B), the Registrable Securities as to which
registration has been requested under this Section&nbsp;2.2 (PRO RATA in accordance with the number of
shares of Registrable Securities held by each such holder); and


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<P align="left" style="font-size: 10pt">(D)&nbsp;fourth, to the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (A), (B)&nbsp;and (C), the shares of Common Stock, if any, as to which registration
has been requested pursuant to written contractual piggy-back registration rights which other
shareholders desire to sell that can be sold without exceeding the Maximum Number of Shares.


<P align="left" style="font-size: 10pt">2.2.3 WITHDRAWAL. Any holder of Registrable Securities may elect to withdraw such holder&#146;s request
for inclusion of Registrable Securities in any Piggy-Back Registration by giving written notice to
the Company of such request to withdraw prior to the effectiveness of the Registration Statement.
The Company may also elect to withdraw a registration statement at any time prior to the
effectiveness of the Registration Statement. Notwithstanding any such withdrawal, the Company shall
pay all expenses incurred by the holders of Registrable Securities in connection with such
Piggy-Back Registration as provided in Section&nbsp;3.3.


<P align="left" style="font-size: 10pt">2.3 REGISTRATIONS ON FORM S-3. The holders of Registrable Securities may at any time and from time
to time, request in writing that the Company register the resale of any or all of such Registrable
Securities on Form S-3 or any similar short-form registration which may be available at such time
(&#147;FORM S-3&#148;); PROVIDED, HOWEVER, that the Company shall not be obligated to effect such request
through an underwritten offering. Upon receipt of such written request, the Company will promptly
give written notice of the proposed registration to all other holders of Registrable Securities,
and, as soon as practicable thereafter, effect the registration of all or such portion of such
holder&#146;s or holders&#146; Registrable Securities as are specified in such request, together with all or
such portion of the Registrable Securities of any other holder or holders joining in such request
as are specified in a written request given within fifteen (15)&nbsp;days after receipt of such written
notice from the Company; PROVIDED, HOWEVER, that the Company shall not be obligated to effect any
such registration pursuant to this Section&nbsp;2.3: (i)&nbsp;if Form S-3 is not available for such offering;
or (ii)&nbsp;if the holders of the Registrable Securities, together with the holders of any other
securities of the Company entitled to inclusion in such registration, propose to sell Registrable
Securities and such other securities (if any) at any aggregate price to the public of less than
$500,000. Registrations effected pursuant to this Section&nbsp;2.3 shall not be counted as Demand
Registrations effected pursuant to Section&nbsp;2.1.


<P align="left" style="font-size: 10pt">3.&nbsp;REGISTRATION PROCEDURES.


<P align="left" style="font-size: 10pt">3.1 FILINGS; INFORMATION. Whenever the Company is required to effect the registration of any
Registrable Securities pursuant to Section&nbsp;2, the Company shall use its best efforts to effect the
registration and sale of such Registrable Securities in accordance with the intended method(s) of
distribution thereof as expeditiously as practicable, and in connection with any such request:


<P align="left" style="font-size: 10pt">3.1.1 FILING REGISTRATION STATEMENT. The Company shall, as expeditiously as possible and in any
event within sixty (60)&nbsp;days after receipt of a request for a Demand Registration pursuant to
Section&nbsp;2.1, prepare and file with the Commission a Registration Statement on any form for which
the Company then qualifies or which counsel for the Company shall deem appropriate and which form
shall be available for the sale of all Registrable Securities to be registered thereunder in
accordance with the intended method(s) of distribution thereof, and shall use its best efforts to
cause such Registration Statement to become and remain effective for the period required by Section
3.1.3; PROVIDED, HOWEVER, that the Company shall have the


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<P align="left" style="font-size: 10pt">right to defer any Demand Registration for up to thirty (30)&nbsp;days, and any Piggy-Back Registration
for such period as may be applicable to deferment of any demand registration to which such
Piggy-Back Registration relates, in each case if the Company shall furnish to the holders a
certificate signed by the Chief Executive Officer of the Company stating that, in the good faith
judgment of the Board of Directors of the Company, it would be materially detrimental to the
Company and its shareholders for such Registration Statement to be effected at such time; PROVIDED
FURTHER, HOWEVER, that the Company shall not have the right to exercise the right set forth in the
immediately preceding proviso more than once in any 365-day period in respect of a Demand
Registration hereunder.


<P align="left" style="font-size: 10pt">3.1.2 COPIES. The Company shall, prior to filing a Registration Statement or prospectus, or any
amendment or supplement thereto, furnish without charge to the holders of Registrable Securities
included in such registration, and such holders&#146; legal counsel, copies of such Registration
Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in
each case including all exhibits thereto and documents incorporated by reference therein), the
prospectus included in such Registration Statement (including each preliminary prospectus), and
such other documents as the holders of Registrable Securities included in such registration or
legal counsel for any such holders may request in order to facilitate the disposition of the
Registrable Securities owned by such holders.


<P align="left" style="font-size: 10pt">3.1.3 AMENDMENTS AND SUPPLEMENTS. The Company shall prepare and file with the Commission such
amendments, including post-effective amendments, and supplements to such Registration Statement and
the prospectus used in connection therewith as may be necessary to keep such Registration Statement
effective and in compliance with the provisions of the Securities Act until all Registrable
Securities and other securities covered by such Registration Statement have been disposed of in
accordance with the intended method(s) of distribution set forth in such Registration Statement
(which period shall not exceed the sum of one hundred eighty (180)&nbsp;days plus any period during
which any such disposition is interfered with by any stop order or injunction of the Commission or
any governmental agency or court) or such securities have been withdrawn.


<P align="left" style="font-size: 10pt">3.1.4 NOTIFICATION. After the filing of a Registration Statement, the Company shall promptly, and
in no event more than two (2)&nbsp;business days after such filing, notify the holders of Registrable
Securities included in such Registration Statement of such filing, and shall further notify such
holders promptly and confirm such advice in writing in all events within two (2)&nbsp;business days of
the occurrence of any of the following: (i)&nbsp;when such Registration Statement becomes effective;
(ii)&nbsp;when any post-effective amendment to such Registration Statement becomes effective; (iii)&nbsp;the
issuance or threatened issuance by the Commission of any stop order (and the Company shall take all
actions required to prevent the entry of such stop order or to remove it if entered); and (iv)&nbsp;any
request by the Commission for any amendment or supplement to such Registration Statement or any
prospectus relating thereto or for additional information or of the occurrence of an event
requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of the securities covered by such Registration Statement, such
prospectus will not contain an untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading, and
promptly make available to the holders of Registrable Securities included in such Registration
Statement any such supplement or amendment; except that before


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<P align="left" style="font-size: 10pt">filing with the Commission a Registration Statement or prospectus or any amendment or supplement
thereto, including documents incorporated by reference, the Company shall furnish to the holders of
Registrable Securities included in such Registration Statement and to the legal counsel for any
such holders, copies of all such documents proposed to be filed sufficiently in advance of filing
to provide such holders and legal counsel with a reasonable opportunity to review such documents
and comment thereon, and the Company shall not file any Registration Statement or prospectus or
amendment or supplement thereto, including documents incorporated by reference, to which such
holders or their legal counsel shall object.


<P align="left" style="font-size: 10pt">3.1.5 STATE SECURITIES LAWS COMPLIANCE. The Company shall use its best efforts to (i)&nbsp;register or
qualify the Registrable Securities covered by the Registration Statement under such securities or
&#147;blue sky&#148; laws of such jurisdictions in the United States as the holders of Registrable Securities
included in such Registration Statement (in light of their intended plan of distribution) may
request and (ii)&nbsp;take such action necessary to cause such Registrable Securities covered by the
Registration Statement to be registered with or approved by such other Governmental Authorities as
may be necessary by virtue of the business and operations of the Company and do any and all other
acts and things that may be necessary or advisable to enable the holders of Registrable Securities
included in such Registration Statement to consummate the disposition of such Registrable
Securities in such jurisdictions; PROVIDED, HOWEVER, that the Company shall not be required to
qualify generally to do business in any jurisdiction where it would not otherwise be required to
qualify but for this paragraph (e)&nbsp;or subject itself to taxation in any such jurisdiction.


<P align="left" style="font-size: 10pt">3.1.6 AGREEMENTS FOR DISPOSITION. The Company shall enter into customary agreements (including, if
applicable, an underwriting agreement in customary form) and take such other actions as are
reasonably required in order to expedite or facilitate the disposition of such Registrable
Securities. The representations, warranties and covenants of the Company in any underwriting
agreement which are made to or for the benefit of any Underwriters, to the extent applicable, shall
also be made to and for the benefit of the holders of Registrable Securities included in such
registration statement. No holder of Registrable Securities included in such registration statement
shall be required to make any representations or warranties in the underwriting agreement except,
if applicable, with respect to such holder&#146;s organization, good standing, authority, title to
Registrable Securities, lack of conflict of such sale with such holder&#146;s material agreements and
organizational documents, and with respect to written information relating to such holder that such
holder has furnished in writing expressly for inclusion in such Registration Statement.


<P align="left" style="font-size: 10pt">3.1.7 COOPERATION. The principal executive officer of the Company, the principal financial officer
of the Company, the principal accounting officer of the Company and all other officers and members
of the management of the Company shall cooperate fully in any offering of Registrable Securities
hereunder, which cooperation shall include, without limitation, the preparation of the Registration
Statement with respect to such offering and all other offering materials and related documents, and
participation in meetings with Underwriters, attorneys, accountants and potential investors.


<P align="left" style="font-size: 10pt">3.1.8 RECORDS. The Company shall make available for inspection by the holders of Registrable
Securities included in such Registration Statement, any Underwriter participating in


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<P align="left" style="font-size: 10pt">any disposition pursuant to such registration statement and any attorney, accountant or other
professional retained by any holder of Registrable Securities included in such Registration
Statement or any Underwriter, all financial and other records, pertinent corporate documents and
properties of the Company, as shall be necessary to enable them to exercise their due diligence
responsibility, and cause the Company&#146;s officers, directors and employees to supply all information
requested by any of them in connection with such Registration Statement.


<P align="left" style="font-size: 10pt">3.1.9 OPINIONS AND COMFORT LETTERS. The Company shall furnish to each holder of Registrable
Securities included in any Registration Statement a signed counterpart, addressed to such holder,
of (i)&nbsp;any opinion of counsel to the Company delivered to any Underwriter and (ii)&nbsp;any comfort
letter from the Company&#146;s independent public accountants delivered to any Underwriter. In the event
no legal opinion is delivered to any Underwriter, the Company shall furnish to each holder of
Registrable Securities included in such Registration Statement, at any time that such holder elects
to use a prospectus, an opinion of counsel to the Company to the effect that the Registration
Statement containing such prospectus has been declared effective and that no stop order is in
effect.


<P align="left" style="font-size: 10pt">3.1.10 EARNINGS STATEMENT. The Company shall comply with all applicable rules and regulations of
the Commission and the Securities Act, and make available to its shareholders, as soon as
practicable, an earnings statement covering a period of twelve (12)&nbsp;months, beginning within three
(3)&nbsp;months after the effective date of the registration statement, which earnings statement shall
satisfy the provisions of Section 11(a) of the Securities Act and Rule&nbsp;158 thereunder.


<P align="left" style="font-size: 10pt">3.1.11 LISTING. The Company shall use its best efforts to cause all Registrable Securities included
in any registration to be listed on such exchanges or otherwise designated for trading in the same
manner as similar securities issued by the Company are then listed or designated or, if no such
similar securities are then listed or designated, in a manner satisfactory to the holders of a
majority of the Registrable Securities included in such registration.


<P align="left" style="font-size: 10pt">3.2 OBLIGATION TO SUSPEND DISTRIBUTION. Upon receipt of any notice from the Company of the
happening of any event of the kind described in Section&nbsp;3.1.4(iv), or, in the case of a resale
registration on Form S-3 pursuant to Section&nbsp;2.3 hereof, upon any suspension by the Company,
pursuant to a written insider trading compliance program adopted by the Company&#146;s Board of
Directors, of the ability of all &#147;insiders&#148; covered by such program to transact in the Company&#146;s
securities because of the existence of material non-public information, each holder of Registrable
Securities included in any registration shall immediately discontinue disposition of such
Registrable Securities pursuant to the Registration Statement covering such Registrable Securities
until such holder receives the supplemented or amended prospectus contemplated by Section&nbsp;3.1.4(iv)
or the restriction on the ability of &#147;insiders&#148; to transact in the Company&#146;s securities is removed,
as applicable, and, if so directed by the Company, each such holder will deliver to the Company all
copies, other than permanent file copies then in such holder&#146;s possession, of the most recent
prospectus covering such Registrable Securities at the time of receipt of such notice.


<P align="left" style="font-size: 10pt">3.3 REGISTRATION EXPENSES. The Company shall bear all costs and expenses incurred in connection
with any Demand Registration pursuant to Section&nbsp;2.1, any Piggy-Back


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<P align="left" style="font-size: 10pt">Registration pursuant to Section&nbsp;2.2, and any registration on Form S-3 effected pursuant to Section
2.3, and all expenses incurred in performing or complying with its other obligations under this
Agreement, whether or not the Registration Statement becomes effective, including, without
limitation: (i)&nbsp;all registration and filing fees; (ii)&nbsp;fees and expenses of compliance with
securities or &#147;blue sky&#148; laws (including fees and disbursements of counsel in connection with blue
sky qualifications of the Registrable Securities); (iii)&nbsp;printing expenses; (iv)&nbsp;the Company&#146;s
internal expenses (including, without limitation, all salaries and expenses of its officers and
employees); (v)&nbsp;the fees and expenses incurred in connection with the listing of the Registrable
Securities as required by Section&nbsp;3.1.11; (vi)&nbsp;National Association of Securities Dealers, Inc.
fees; (vii)&nbsp;fees and disbursements of counsel for the Company and fees and expenses for independent
certified public accountants retained by the Company (including the expenses or costs associated
with the delivery of any opinions or comfort letters requested pursuant to Section&nbsp;3.1.9); (viii)
the fees and expenses of any special experts retained by the Company in connection with such
registration and (ix)&nbsp;the fees and expenses of one legal counsel selected by the holders of a
majority-in-interest of the Registrable Securities included in such registration. The Company shall
have no obligation to pay any underwriting discounts or selling commissions attributable to the
Registrable Securities being sold by the holders thereof, which underwriting discounts or selling
commissions shall be borne by such holders. Additionally, in an underwritten offering, all selling
shareholders and the Company shall bear the expenses of the underwriter pro rata in proportion to
the respective amount of shares each is selling in such offering.


<P align="left" style="font-size: 10pt">3.4 INFORMATION. The holders of Registrable Securities shall provide such information as may
reasonably be requested by the Company, or the managing Underwriter, if any, in connection with the
preparation of any Registration Statement, including amendments and supplements thereto, in order
to effect the registration of any Registrable Securities under the Securities Act pursuant to
Section&nbsp;2 and in connection with the Company&#146;s obligation to comply with federal and applicable
state securities laws.


<P align="left" style="font-size: 10pt">4.&nbsp;INDEMNIFICATION AND CONTRIBUTION.


<P align="left" style="font-size: 10pt">4.1 INDEMNIFICATION BY THE COMPANY. The Company agrees to indemnify and hold harmless each Investor
and each other holder of Registrable Securities, and each of their respective officers, employees,
affiliates, directors, partners, members, attorneys and agents, and each person, if any, who
controls an Investor and each other holder of Registrable Securities (within the meaning of Section
15 of the Securities Act or Section&nbsp;20 of the Exchange Act) (each, an &#147;INVESTOR INDEMNIFIED
PARTY&#148;), from and against any expenses, losses, judgments, claims, damages or liabilities, whether
joint or several, arising out of or based upon any untrue statement (or allegedly untrue statement)
of a material fact contained in any Registration Statement under which the sale of such Registrable
Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or
summary prospectus contained in the Registration Statement, or any amendment or supplement to such
Registration Statement, or arising out of or based upon any omission (or alleged omission) to state
a material fact required to be stated therein or necessary to make the statements therein not
misleading, or any violation by the Company of the Securities Act or any rule or regulation
promulgated thereunder applicable to the Company and relating to action or inaction required of the
Company in connection with any such registration; and the Company shall promptly reimburse the
Investor


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<P align="left" style="font-size: 10pt">Indemnified Party for any legal and any other expenses reasonably incurred by such Investor
Indemnified Party in connection with investigating and defending any such expense, loss, judgment,
claim, damage, liability or action; PROVIDED, HOWEVER, that the Company will not be liable in any
such case to the extent that any such expense, loss, claim, damage or liability arises out of or is
based upon any untrue statement or allegedly untrue statement or omission or alleged omission made
in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus, or
any such amendment or supplement, in reliance upon and in conformity with information furnished to
the Company, in writing, by such selling holder expressly for use therein. The Company also shall
indemnify any Underwriter of the Registrable Securities, their officers, affiliates, directors,
partners, members and agents and each person who controls such Underwriter on substantially the
same basis as that of the indemnification provided above in this Section&nbsp;4.1.


<P align="left" style="font-size: 10pt">4.2 INDEMNIFICATION BY HOLDERS OF REGISTRABLE SECURITIES. Each selling holder of Registrable
Securities will, in the event that any registration is being effected under the Securities Act
pursuant to this Agreement of any Registrable Securities held by such selling holder, indemnify and
hold harmless the Company, each of its directors and officers and each underwriter (if any), and
each other person, if any, who controls such selling holder or such underwriter within the meaning
of the Securities Act, against any losses, claims, judgments, damages or liabilities, whether joint
or several, insofar as such losses, claims, judgments, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or allegedly untrue statement
of a material fact contained in any Registration Statement under which the sale of such Registrable
Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or
summary prospectus contained in the Registration Statement, or any amendment or supplement to the
Registration Statement, or arise out of or are based upon any omission or the alleged omission to
state a material fact required to be stated therein or necessary to make the statement therein not
misleading, if the statement or omission was made in reliance upon and in conformity with
information furnished in writing to the Company by such selling holder expressly for use therein,
and shall reimburse the Company, its directors and officers, and each such controlling person for
any legal or other expenses reasonably incurred by any of them in connection with investigation or
defending any such loss, claim, damage, liability or action. Each selling holder&#146;s indemnification
obligations hereunder shall be several and not joint and shall be limited to the amount of any net
proceeds actually received by such selling holder.


<P align="left" style="font-size: 10pt">4.3 CONDUCT OF INDEMNIFICATION PROCEEDINGS. Promptly after receipt by any person of any notice of
any loss, claim, damage or liability or any action in respect of which indemnity may be sought
pursuant to Section&nbsp;4.1 or 4.2, such person (the &#147;INDEMNIFIED PARTY&#148;) shall, if a claim in respect
thereof is to be made against any other person for indemnification hereunder, notify such other
person (the &#147;INDEMNIFYING PARTY&#148;) in writing of the loss, claim, judgment, damage, liability or
action; PROVIDED, HOWEVER, that the failure by the Indemnified Party to notify the Indemnifying
Party shall not relieve the Indemnifying Party from any liability which the Indemnifying Party may
have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is
actually prejudiced by such failure. If the Indemnified Party is seeking indemnification with
respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party
shall be entitled to participate in such claim or action, and, to the extent that it wishes,
jointly with all


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<P align="left" style="font-size: 10pt">other Indemnifying Parties, to assume control of the defense thereof with counsel satisfactory to
the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its
election to assume control of the defense of such claim or action, the Indemnifying Party shall not
be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the
Indemnified Party in connection with the defense thereof other than reasonable costs of
investigation; PROVIDED, HOWEVER, that in any action in which both the Indemnified Party and the
Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ
separate counsel (but no more than one such separate counsel) to represent the Indemnified Party
and its controlling persons who may be subject to liability arising out of any claim in respect of
which indemnity may be sought by the Indemnified Party against the Indemnifying Party, with the
fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written
opinion of counsel of such Indemnified Party, representation of both parties by the same counsel
would be inappropriate due to actual or potential differing interests between them. No Indemnifying
Party shall, without the prior written consent of the Indemnified Party, consent to entry of
judgment or effect any settlement of any claim or pending or threatened proceeding in respect of
which the Indemnified Party is or could have been a party and indemnity could have been sought
hereunder by such Indemnified Party, unless such judgment or settlement includes an unconditional
release of such Indemnified Party from all liability arising out of such claim or proceeding.


<P align="left" style="font-size: 10pt">4.4 CONTRIBUTION.


<P align="left" style="font-size: 10pt">4.4.1 If the indemnification provided for in the foregoing Sections&nbsp;4.1, 4.2 and 4.3 is unavailable
to any Indemnified Party in respect of any loss, claim, damage, liability or action referred to
herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim,
damage, liability or action in such proportion as is appropriate to reflect the relative fault of
the Indemnified Parties and the Indemnifying Parties in connection with the actions or omissions
which resulted in such loss, claim, damage, liability or action, as well as any other relevant
equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party
shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by such Indemnified Party or such Indemnifying Party and the parties&#146;
relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission.


<P align="left" style="font-size: 10pt">4.4.2 The parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section&nbsp;4.4 were determined by PRO RATA allocation or by any other method of allocation which
does not take account of the equitable considerations referred to in the immediately preceding
Section


<P align="left" style="font-size: 10pt">4.4.3 The amount paid or payable by an Indemnified Party as a result of any loss, claim, damage,
liability or action referred to in the immediately preceding paragraph shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses incurred by such
Indemnified Party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section&nbsp;4.4, no holder of Registrable Securities shall be
required to contribute any amount in excess of the dollar amount of the net proceeds (after


<P align="center" style="font-size: 10pt">12
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<P align="left" style="font-size: 10pt">payment of any underwriting fees, discounts, commissions or taxes) actually received by such holder
from the sale of Registrable Securities which gave rise to such contribution obligation. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation.


<P align="left" style="font-size: 10pt">5.&nbsp;UNDERWRITING AND DISTRIBUTION.


<P align="left" style="font-size: 10pt">5.1 RULE 144. The Company covenants that it shall file any reports required to be filed by it under
the Securities Act and the Exchange Act and shall take such further action as the holders of
Registrable Securities may reasonably request, all to the extent required from time to time to
enable such holders to sell Registrable Securities without registration under the Securities Act
within the limitation of the exemptions provided by Rule&nbsp;144 under the Securities Act, as such
Rules may be amended from time to time, or any similar Rule or regulation hereafter adopted by the
Commission.


<P align="left" style="font-size: 10pt">6.&nbsp;MISCELLANEOUS.


<P align="left" style="font-size: 10pt">6.1 OTHER REGISTRATION RIGHTS. The Company represents and warrants that no person, other than a
holder of the Registrable Securities, has any right to require the Company to register any shares
of the Company&#146;s capital stock for sale or to include shares of the Company&#146;s capital stock in any
registration filed by the Company for the sale of shares of capital stock for its own account or
for the account of any other person.


<P align="left" style="font-size: 10pt">6.2 ASSIGNMENT; NO THIRD PARTY BENEFICIARIES. This Agreement and the rights, duties and obligations
of the Company hereunder may not be assigned or delegated by the Company in whole or in part. This
Agreement and the rights, duties and obligations of the holders of Registrable Securities hereunder
may be freely assigned or delegated by such holder of Registrable Securities in conjunction with
and to the extent of any transfer of Registrable Securities by any such holder. This Agreement and
the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties
and their respective successors and the permitted assigns of the Investor or holder of Registrable
Securities or of any assignee of the Investor or holder of Registrable Securities. This Agreement
is not intended to confer any rights or benefits on any persons that are not party hereto other
than as expressly set forth in Article&nbsp;4 and this Section&nbsp;6.2.


<P align="left" style="font-size: 10pt">6.3 NOTICES. All notices, demands, requests, consents, approvals or other communications
(collectively, &#147;NOTICES&#148;) required or permitted to be given hereunder or which are given with
respect to this Agreement shall be in writing and shall be personally served, delivered by
reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram,
telex or facsimile, addressed as set forth below, or to such other address as such party shall have
specified most recently by written notice. Notice shall be deemed given on the date of service or
transmission if personally served or transmitted by telegram, telex
or facsimile; PROVIDED, that if such service or transmission is not on a business day or is after normal business
hours, then such notice shall be deemed given on the next business day. Notice otherwise sent as
provided herein shall be deemed given on the next business day following


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<P align="left" style="font-size: 10pt">timely delivery of such notice to a reputable air courier service with an order for next-day
delivery.


<P align="left" style="font-size: 10pt"><B>To the Company:</B><BR>
India Globalization Capital, Inc.<BR>
4336 Montgomery Avenue<BR>
Bethesda, Maryland 20814<BR>
Attention: Chairman


<P align="left" style="font-size: 10pt">with a copy to:<BR>
Seyfarth Shaw LLP<BR>
815 Connecticut Avenue, N.W., Suite&nbsp;500<BR>
Washington, DC 20006-4004<BR>
Attn: Stanley S. Jutkowitz


<P align="left" style="font-size: 10pt"><B>To an Investor, to:</B><BR>
Ram Mukunda<BR>
India Globalization Capital, Inc.<BR>
4336 Montgomery Avenue<BR>
Bethesda, Maryland 20814


<P align="left" style="font-size: 10pt">John Cherin<BR>
India Globalization Capital, Inc.<BR>
4336 Montgomery Avenue<BR>
Bethesda, Maryland 20814


<P align="left" style="font-size: 10pt">
Ranga Krishna<BR>
India Globalization Capital, Inc.<BR>
4336 Montgomery Avenue<BR>
Bethesda, Maryland 20814


<P align="left" style="font-size: 10pt">6.4 SEVERABILITY. This Agreement shall be deemed severable, and the invalidity or unenforceability
of any term or provision hereof shall not affect the validity or enforceability of this Agreement
or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement
a provision as similar in terms to such invalid or unenforceable provision as may be possible and
be valid and enforceable.


<P align="left" style="font-size: 10pt">6.5 COUNTERPARTS. This Agreement may be executed in multiple counterparts, each of which shall be
deemed an original, and all of which taken together shall constitute one and the same instrument.


<P align="left" style="font-size: 10pt">6.6 ENTIRE AGREEMENT. This Agreement (including all agreements entered into pursuant hereto and all
certificates and instruments delivered pursuant hereto and thereto)


<P align="center" style="font-size: 10pt">14
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<P align="left" style="font-size: 10pt">constitute the entire agreement of the parties with respect to the subject matter hereof and
supersede all prior and contemporaneous agreements, representations, understandings, negotiations
and discussions between the parties, whether oral or written.


<P align="left" style="font-size: 10pt">6.7 MODIFICATIONS AND AMENDMENTS. No amendment, modification or termination of this Agreement shall
be binding upon any party unless executed in writing by such party.


<P align="left" style="font-size: 10pt">6.8 TITLES AND HEADINGS. Titles and headings of sections of this Agreement are for convenience only
and shall not affect the construction of any provision of this Agreement.


<P align="left" style="font-size: 10pt">6.9 WAIVERS AND EXTENSIONS. Any party to this Agreement may waive any right, breach or default
which such party has the right to waive, PROVIDED that such waiver will not be effective against
the waiving party unless it is in writing, is signed by such party, and specifically refers to this
Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or
default waived has occurred. Any waiver may be conditional. No waiver of any breach of any
agreement or provision herein contained shall be deemed a waiver of any preceding or succeeding
breach thereof nor of any other agreement or provision herein contained. No waiver or extension of
time for performance of any obligations or acts shall be deemed a waiver or extension of the time
for performance of any other obligations or acts.


<P align="left" style="font-size: 10pt">6.10 REMEDIES CUMULATIVE. In the event that the Company fails to observe or perform any covenant or
agreement to be observed or performed under this Agreement, the Investor or any other holder of
Registrable Securities may proceed to protect and enforce its rights by suit in equity or action at
law, whether for specific performance of any term contained in this Agreement or for an injunction
against the breach of any such term or in aid of the exercise of any power granted in this
Agreement or to enforce any other legal or equitable right, or to take any one or more of such
actions, without being required to post a bond. None of the rights, powers or remedies conferred
under this Agreement shall be mutually exclusive, and each such right, power or remedy shall be
cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement
or now or hereafter available at law, in equity, by statute or otherwise.


<P align="left" style="font-size: 10pt">6.11 GOVERNING LAW. This Agreement shall be governed by, interpreted under, and construed in
accordance with the internal laws of the State of Maryland applicable to agreements made and to be
performed within the State of Maryland, without giving effect to any choice-of-law provisions
thereof that would compel the application of the substantive laws of any other jurisdiction.


<P align="left" style="font-size: 10pt">6.12 WAIVER OF TRIAL BY JURY. Each party hereby irrevocably and unconditionally waives the right to
a trial by jury in any action, suit, counterclaim or other proceeding (whether based on contract,
tort or otherwise) arising out of, connected with or relating to this Agreement, the transactions
contemplated hereby, or the actions of the Investor in the negotiation, administration, performance
or enforcement hereof.


<P align="center" style="font-size: 10pt">15
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<P align="left" style="font-size: 10pt">IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be executed and
delivered by their duly authorized representatives as of the date first written above.


<P align="left" style="font-size: 10pt"><B>INDIA GLOBALIZATION CAPITAL, INC.</B><BR>
A Maryland corporation

<DIV align="center">
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
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    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="35%" align="left" color="#000000"></TD>
</TR>
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</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>INITIAL STOCKHOLDERS:</B>




<P align="center" style="font-size: 10pt">16
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>18
<FILENAME>c95282exv10w9.htm
<DESCRIPTION>FORM OF OFFICE SERVICE AGREEMENT
<TEXT>
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<HEAD>
<TITLE>exv10w9</TITLE>
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 10.9</B>



<P align="center" style="font-size: 10pt"><B>INDIA GLOBALIZATION CAPITAL, INC.</B>



<P align="center" style="font-size: 10pt">______________, 2005



<P align="left" style="font-size: 10pt">Integrated Global Networks, LLC<BR>
4336 Montgomery Avenue<BR>
Bethesda, MD 20814


<P align="left" style="font-size: 10pt">Gentlemen:


<P align="left" style="font-size: 10pt">This letter will confirm our agreement that, commencing on the effective date (&#147;Effective Date&#148;) of
the registration statement for the initial public offering (&#147;IPO&#148;) of the securities of India
Globalization Capital, Inc. (&#147;IGC&#148;) and continuing until (the &#147;Termination Date&#148;) the earlier of
the consummation by IGC of a &#147;Business Combination&#148; or the distribution of IGC&#146;s &#147;Trust Fund&#148; (as
such terms are described in IGC&#146;s IPO prospectus), Integrated
Global Networks, LLC shall make
available to IGC certain general and administrative services, including without limitation, office
and secretarial services as may be required by IGC from time to time, situated at 4336 Montgomery
Avenue, Bethesda, MD 20814. In exchange therefore, IGC shall pay
Integrated Global Networks, LLC
the sum of $7,500 per month on the Effective Date and continuing monthly thereafter until the
Termination Date.


<P align="left" style="font-size: 10pt">Very truly yours,



<P align="left" style="font-size: 10pt"><B>INDIA GLOBALIZATION CAPITAL, INC.</B>


<DIV align="center">
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    <TD width="2%">&nbsp;</TD>
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    <TD width="97%">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="35%" align="left" color="#000000"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="35%" align="left" color="#000000"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="35%" align="left" color="#000000"></TD>
</TR>
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</DIV>


<P align="left" style="font-size: 10pt"><B>AGREED TO AND ACCEPTED BY:</B>



<P align="left" style="font-size: 10pt">&nbsp;



<P align="left" style="font-size: 10pt"><B>INTEGRATED GLOBAL NETWORKS, LLC</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
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    <TD width="97%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="35%" align="left" color="#000000"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="35%" align="left" color="#000000"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="35%" align="left" color="#000000"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>19
<FILENAME>c95282exv10w10.htm
<DESCRIPTION>LETTER ADVISORY AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w10</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
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    <TD width="64%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="c95282g9528200.gif" alt="(FERRIS BAKER WATTS LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle"><B>EXHIBIT 10.10</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size:8pt">Ferris, Baker Watts, Inc.<br>
Corporate Finance<br>
Member NYSE, SIPC<br>
100 Light Street<br>
Baltimore, MD 21202</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;12, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">Mr.&nbsp;Ram Mukunda<BR>
India Globalization Capital, Inc.<BR>
4336 Montgomery Ave.<BR>
Bethesda, MD 20814


<P align="left" style="font-size: 10pt">Dear Ram,



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This letter will confirm and set forth the terms and conditions of engagement of Ferris, Baker
Watts, Incorporated (&#147;FBW&#148;), by India Globalization Capital, Inc. (the &#147;Company&#148;) as its exclusive
financial advisor in connection with the proposed purchase by the Company of the stock or assets of
a target company or companies (the &#147;Target&#148;), by way of merger, purchase of, or exchange for all or
a portion of the stock of the Target, or otherwise (the &#147;Business Combination&#148;). FBW&#146;s services in
connection with the Business Combination are hereinafter referred to as the &#147;Engagement&#148;. The
decision to complete the Business Combination shall be at the sole discretion of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FBW shall perform financial advisory services for the Company, including, without limitation
and for purpose of illustration, assisting the Company in determining an appropriate acquisition
strategy and tactics, evaluating the consideration that may be offered to the Target and assisting
the Company in the negotiation of the financial terms and conditions of the Business Combination.
In performing its services hereunder, FBW may rely entirely, without independent investigation, on
publicly available information and such other information as may be furnished to FBW by the Company
or the Target.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to furnish to FBW all information concerning the Company and the proposed
Business Combination which FBW and you reasonably deem appropriate, and to use its best efforts to
cause the Target to furnish to FBW all information concerning the Target and to provide to FBW
reasonable access to the Company&#146;s officers, directors, employees, accountants, and counsel. Except
as otherwise agreed to by the Company, or required by law, all information which is not publicly
available will be kept confidential by FBW. The Company hereby represents and warrants, to the best
of its knowledge, that all information furnished to FBW by the Company concerning the Company
(excluding forward-looking information, which will be prepared using such reasonable assumptions as
the Company considers appropriate) shall be complete and correct in all material respects when
furnished and shall not contain any untrue statements of a material fact. In rendering its services
hereunder, FBW will be using and relying primarily on publicly available information or other
information furnished by the Company and has not and does not assume any responsibility for
independent verification of such information or any independent appraisal or valuation of assets.
Further, in evaluating other companies, FBW will be using information contained in public reports
and information supplied by the Company, and has not and does not assume any responsibility for
independent verification of such information or independent appraisal or valuation of assets.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To enable FBW to render these services in a professional manner, the Company agrees that FBW
shall have no responsibility to the Company, the Board of Directors, the Target or any other
parties for the accuracy,


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Mr. Ram Mukunda<BR>
India Globalization Capital, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">May&nbsp;12, 2005<BR>
Page 2 of 4</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">completeness or legal sufficiency of any financial statements, memoranda or other documentation
prepared by or on behalf of the Company or for verification of any of the information contained
therein. Appropriate officials of the Company, as the Company may designate, will be responsible
for reviewing any memoranda or other documentation prior to its use to determine that, to the best
of their knowledge, it does not contain any material misstatements or omissions. The Company
recognizes that FBW&#146;s ability to successfully perform the services contemplated herein is to a
great extent dependent upon the Company&#146;s timely cooperation.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For FBW&#146;s services in connection with the Engagement, the Company shall pay to FBW a fee equal
to 2.0% of the Aggregate Consideration paid in connection with the Business Combination (the
&#147;Business Combination Fee&#148;). The Business Combination Fee shall constitute FBW&#146;s compensation for
the Engagement and shall be paid upon consummation of the Business Combination.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Aggregate Consideration&#148;, used herein, means all payments of any type to or for the benefit
of the Target, its shareholders, creditors, or employees (including assumption or acquisition or
refinancing of debt obligations of the Target or related entities as well as any options, warrants
or earnout provisions) in the Business Combination whether in cash or by delivery of notes or other
securities or property of any type, including amounts paid into escrow. For purposes of determining
Aggregate Consideration, each share of Company common stock issued or issuable in connection with
the Business Combination shall be valued at the 10&nbsp;day volume-weighted average price of the
Company&#146;s common stock, as computed by Bloomberg, beginning on the fifth trading days immediately
preceding the day on which the Business Combination is consummated.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the foregoing fee, the Company will reimburse FBW promptly, on a monthly basis,
for all of the reasonable out-of-pocket expenses incurred by FBW in connection with the Engagement,
whether or not the Business Combination is consummated; provided, however, that such expenses in
aggregate shall not exceed $25,000 without the prior consent of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether or not the Business Combination is effected, the Company will indemnify and hold
harmless FBW and its officers, directors, employees, attorneys, consultants, agents, servants,
parents, affiliates, successors and assigns, jointly and severally (hereinafter collectively
&#147;Indemnitee&#148;), from and against any and all losses, claims, damages, liabilities, awards, costs and
expenses, including but not limited to reasonable attorneys&#146; fees (hereinafter collectively &#147;Claim&#148;
or &#147;Claims&#148;) to which Indemnitee may become subject by virtue of, in connection with, resulting
from, or arising out of the Engagement. Without limitation &#151; but in illustration &#151; of the
foregoing, Claims shall include reasonable legal and other expenses, including the cost of any
investigation and preparation incurred by Indemnitee in connection with any pending or threatened
Claim by any person or entity, whether or not it results in a loss, damages, liability or award.
Indemnitee shall be indemnified and held harmless by the Company for any and all Claims whether
they arise under contract; foreign, federal, state or local law or ordinance; common law; or
otherwise.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything above to the contrary: (1)&nbsp;FBW shall promptly notify the Company
after any Claim is asserted, and the Company shall have the right, upon notification to FBW within
10&nbsp;days thereafter, to assume the defense of such Claim or action and to appoint counsel reasonably
satisfactory to Indemnitee to conduct such defense, provided that all expenses and costs related
thereto shall be borne by the Company; and (2)&nbsp;the Company shall not be liable for any Claim to the
extent that a court having jurisdiction shall have determined by a final, non-appealable, judgment,
that such Claim resulted from FBW&#146;s gross negligence or


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Mr. Ram Mukunda<BR>
India Globalization Capital, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">May&nbsp;12, 2005<BR>
Page 3 of 4</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">willful misconduct.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing commitment of the Company regarding indemnification will survive any termination
of the authorization provided by this letter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You agree to promptly notify FBW of any assertion against FBW, the Company, or any other
person of any Claim or the commencement of any action or proceeding relating to the services
comprising the Engagement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term of the Engagement will commence on the date of the Company&#146;s acceptance of this
letter and will expire 30&nbsp;months thereafter or upon consummation of a Business Combination(s) with
Aggregate Consideration equal to at least 80% of the Company&#146;s net assets. The Engagement may be
terminated (except as provided above with respect to reimbursement of expenses and indemnification)
by FBW at any time with or without cause, upon 30&nbsp;days written notice to the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that FBW has the right to place advertisements in financial and other
newspapers and journals at FBW&#146;s own expense describing its services to the Company in connection
with the Engagement if the Business Combination is consummated, provided that FBW will submit a
copy of any such advertisement to the Company for its prior approval, which approval shall not be
unreasonably withheld or delayed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FBW&#146;s engagement by the Company is for the limited purposes set forth in this letter, and the
rights and obligations of each of FBW and the Company are defined by this letter agreement. Each of
FBW and the Company agrees that the other party has no fiduciary duty to it or its stockholders,
officers and directors as a result of the engagement described in this letter agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This agreement shall be governed by and construed in accordance with the laws of the State of
Maryland.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing correctly sets forth our agreement, we would appreciate your signing both
enclosed copies of this letter in the space provided below and returning one of them to us. In the
event that we do not receive a copy of this letter evidencing your acceptance and agreement within
20 calendar days after the date hereof, the terms of this letter shall be null and void and of no
further force and effect.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR><BR>
FERRIS, BAKER WATTS, INCORPORATED<BR><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scott T. Bass&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Mr. Ram Mukunda<BR>
India Globalization Capital, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">May&nbsp;12, 2005<BR>
Page 4 of 4</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Accepted and Agreed:



<P align="left" style="font-size: 10pt">INDIA GLOBALIZATION CAPITAL, INCORPORATED


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>
Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>20
<FILENAME>c95282exv23w1.htm
<DESCRIPTION>CONSENT OF GOLDSTEIN GOLUB KESSLER LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt"><B>EXHIBIT 23.1</B>



<P align="left" style="font-size: 10pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>



<P align="left" style="font-size: 10pt">To the Board of Directors<BR>
India Globalization Capital, Inc.

<P align="left" style="font-size: 10pt">We hereby consent to the use in this Registration Statement on Form S-1 of our report dated May&nbsp;11,
2005, on the financial statements of India Globalization Capital, Inc. as of May&nbsp;10, 2005 and for
the period from April&nbsp;29, 2005 (inception)&nbsp;to May&nbsp;10, 2005, which appears in such Registration
Statement. We also consent to the reference to our Firm under the caption &#147;Experts&#148; in such
Registration Statement.



<P align="left" style="font-size: 10pt"><B>GOLDSTEIN GOLUB KESSLER LLP</B><BR>
New York, New York


<P align="left" style="font-size: 10pt">May&nbsp;13, 2005



<P align="center" style="font-size: 10pt">
</DIV>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
