-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 V3Q4AjGXtbw4U7bZFqBCbN1OXacKKEtNzZr7VBYN+3ZND7P1bP1Ljmim5hqfPfUG
 T4kc/N1sbVE2eafizJVcQw==

<SEC-DOCUMENT>0000919574-08-002272.txt : 20080317
<SEC-HEADER>0000919574-08-002272.hdr.sgml : 20080317
<ACCEPTANCE-DATETIME>20080317175555
ACCESSION NUMBER:		0000919574-08-002272
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080307
FILED AS OF DATE:		20080317
DATE AS OF CHANGE:		20080317

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			India Globalization Capital, Inc.
		CENTRAL INDEX KEY:			0001326205
		STANDARD INDUSTRIAL CLASSIFICATION:	HEAVY CONSTRUCTION OTHER THAN BUILDING CONST - CONTRACTORS [1600]
		IRS NUMBER:				202760393
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0331

	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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			NISSWA MASTER FUND LTD.
		CENTRAL INDEX KEY:			0001387810

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32830
		FILM NUMBER:		08694357

	BUSINESS ADDRESS:	
		STREET 1:		C/O PINE RIVER CAPITAL MANAGEMENT L.P.
		STREET 2:		601 CARLSON PARKWAY, SUITE 330
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55305
		BUSINESS PHONE:		612-238-3302

	MAIL ADDRESS:	
		STREET 1:		C/O PINE RIVER CAPITAL MANAGEMENT L.P.
		STREET 2:		601 CARLSON PARKWAY, SUITE 330
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55305
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>p865063_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2008-03-07</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001326205</issuerCik>
        <issuerName>India Globalization Capital, Inc.</issuerName>
        <issuerTradingSymbol>IGC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001387810</rptOwnerCik>
            <rptOwnerName>NISSWA MASTER FUND LTD.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PINE RIVER CAPITAL MANAGEMENT L.P.</rptOwnerStreet1>
            <rptOwnerStreet2>601 CARLSON PARKWAY, SUITE 330</rptOwnerStreet2>
            <rptOwnerCity>MINNETONKA</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55305</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Warrants</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>5.00</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2008-03-07</value>
            </exerciseDate>
            <expirationDate>
                <value>2011-03-03</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1967300</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <ownerSignature>
        <signatureName>Nisswa Master Fund Ltd., By: Pine River Capital Management L.P., its investment manager, By: /s/ Brian Taylor</signatureName>
        <signatureDate>2008-03-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
