<SUBMISSION>
<ACCESSION-NUMBER>0001206774-09-000011
<TYPE>SC TO-I/A
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20090107
<DATE-OF-FILING-DATE-CHANGE>20090107
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>India Globalization Capital, Inc.
<CIK>0001326205
<ASSIGNED-SIC>1600
<IRS-NUMBER>202760393
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>0331
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC TO-I/A
<ACT>34
<FILE-NUMBER>005-81669
<FILM-NUMBER>09511883
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>4336 MONTGOMERY AVENUE
<CITY>BETHESDA
<STATE>MD
<ZIP>20814
<PHONE>301-983-0998
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>4336 MONTGOMERY AVENUE
<CITY>BETHESDA
<STATE>MD
<ZIP>20814
</MAIL-ADDRESS>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>India Globalization Capital, Inc.
<CIK>0001326205
<ASSIGNED-SIC>1600
<IRS-NUMBER>202760393
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>0331
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC TO-I/A
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>4336 MONTGOMERY AVENUE
<CITY>BETHESDA
<STATE>MD
<ZIP>20814
<PHONE>301-983-0998
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>4336 MONTGOMERY AVENUE
<CITY>BETHESDA
<STATE>MD
<ZIP>20814
</MAIL-ADDRESS>
</FILED-BY>
<DOCUMENT>
<TYPE>SC TO-I/A
<SEQUENCE>1
<FILENAME>indiaglobal_sctoia.htm
<DESCRIPTION>AMENDMENTS - TENDER OFFER STATEMENT BY ISSUER
<TEXT>

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<P align=center><B><FONT face=serif size=4>UNITED STATES<BR></FONT></B><B><FONT face=serif size=4>SECURITIES AND EXCHANGE COMMISSION<BR></FONT></B><B><FONT face=serif size=2>WASHINGTON, D.C. 20549 <BR></FONT></B><B><FONT face=serif>SCHEDULE TO/A<BR></FONT></B><B><FONT face=serif size=2>TENDER OFFER
STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)<BR>OF THE SECURITIES EXCHANGE ACT
OF 1934 <BR></FONT></B><FONT face=serif size=2>(Amendment No. 2 )</FONT></P>
<P align=center><B><FONT face=serif size=5>INDIA GLOBALIZATION CAPITAL,
INC.<BR></FONT></B><FONT face=serif size=1>(Name of Subject Company (Issuer) and
Filing Person (Offeror))<BR></FONT><B><FONT face=serif size=2>WARRANTS TO
PURCHASE COMMON STOCK<BR></FONT></B><FONT face=serif size=1>(Title of Class of
Securities)<BR></FONT><B><FONT face=serif size=2>45408X100 <BR></FONT></B><FONT face=serif size=1>(CUSIP Number of Common Stock Underlying
Warrants)<BR></FONT><B><FONT face=serif size=2>Ram Mukunda<BR>India
Globalization Capital, Inc.<BR></FONT></B><B><FONT face=serif size=2>4336
Montgomery Ave</FONT></B><B><FONT face=serif size=2><BR></FONT></B><B><FONT face=serif size=2>Bethesda, Maryland 20814</FONT></B><B><FONT face=serif size=2><BR></FONT></B><B><FONT face=serif size=2>(301)
983-0998</FONT></B><B><FONT face=serif size=2> <BR></FONT></B><FONT face=serif size=1>(Name, Address and Telephone Number of Person Authorized<BR>to Receive
Notices and Communications on Behalf of Filing Person)<BR></FONT><B><FONT face=serif size=2>WITH COPY TO: <BR></FONT></B><FONT face=serif size=2>Michael
E. Blount, Esq.<BR>Stanley S. Jutkowitz, Esq.</FONT><FONT face=serif size=2>&nbsp;<BR></FONT><FONT face=serif size=2>Seyfarth Shaw
LLP<BR></FONT><FONT face=serif size=2>131 S. Dearborn Street, Suite
2400<BR></FONT><FONT face=serif size=2>Chicago, Illinois 60603-5803<BR>(312)
460-5000</FONT></P>
<P align=center><B><FONT face=serif size=2>CALCULATION OF FILING FEE:
</FONT></B></P>
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    <TD noWrap align=center width="49%"><FONT face=serif size=2>Transaction
      Valuation<SUP>(1)</SUP></FONT>&nbsp; </TD>
    <TD noWrap align=center width="50%"><FONT face=serif size=2>Amount of
      filing fee<SUP>(1)</SUP></FONT><FONT face=serif size=2><SUP>(2)(3)</SUP></FONT>&nbsp; </TD></TR>
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    <TD noWrap align=center width="49%"><FONT face=serif size=2>$2,498,895</FONT>&nbsp; </TD>
    <TD noWrap align=center width="50%"><FONT face=serif size=2>$98.21</FONT>&nbsp; </TD></TR></TABLE>
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    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face=serif size=1>Estimated for purposes
      of calculating the amount of the filing fee only. India Globalization
      Capital, Inc. (the &#147;Company&#148;) is offering holders of 23,799,000 of the
      Company&#146;s warrants (the &#147;Warrants&#148;), which consist of: (i) 22,609,000
      Warrants issued on March 8, 2006 in the Company&#146;s initial public offering
      (the &#147;</FONT><U><FONT face=serif size=1>IPO</FONT></U><FONT face=serif size=1>&#148;), (ii) 340,000 Warrants initially issued to Ram Mukunda, Ranga
      Krishna and John Cherin in a private placement of 170,000 units consisting
      of 170,000 shares of Common Stock and the 340,000 Warrants immediately
      prior to the Company&#146;s IPO, and (iii) 850,000 Warrants issued to Oliveira
      Capital, LLC in a private placement pursuant to a certain Note and Warrant
      Purchase Agreement dated February 5, 2007, to (i) permit temporarily,
      instead of paying the exercise price of such Warrants of $5.00 the
      exchange of 5 warrants and $0.55 for one share of common stock and (ii)
      permit the exercise of the Warrants by tendering in lieu of cash twelve
      (12) Warrants for one (1) share of Common Stock. The transaction value is
      calculated pursuant to Rule 0-11(b)(2) and 0-11(a)(4) using the average of
      the high and low sales price of the publicly traded Warrants on November
      21, 2008.</FONT></TD></TR></TABLE><BR>
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    <TD vAlign=top noWrap align=left width="1%"><FONT size=1>(2)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="97%"><FONT face=serif size=1>Calculated at $39.30 per
      $1,000,000 of the Transaction Valuation</FONT><FONT face=serif size=2>.</FONT></TD></TR>
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    <TD vAlign=top noWrap align=left width="97%">&nbsp;</TD></TR>
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    <TD vAlign=top noWrap align=left width="1%"><FONT size=1>(3)</FONT></TD>
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    <TD vAlign=top noWrap align=left width="97%"><FONT face=serif size=1>Previously paid..</FONT></TD></TR>
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    <TD vAlign=top noWrap align=left width="97%">&nbsp;</TD></TR>
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    <TD vAlign=top noWrap align=left width="1%"><FONT face=Wingdings size=2>&#168;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="97%"><FONT face=serif size=2>Check the box if any part of the
      fee is offset as provided by Rule 011 Rule 011(a)(2) and identify the
      filing with which the offsetting fee was previously paid. Identify the
      previous filing by registration statement number or the Form or Schedule
      and the date of its filing.</FONT></TD></TR>
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    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="97%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
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    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="97%"><FONT face=serif size=2>Amount Previously Paid:
      N/A<BR>Form or Registration Number: N/A<BR>Filing Party: N/A<BR>Date
      Filed: N/A</FONT></TD></TR>
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    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="97%"><FONT face=serif size=2></FONT></TD></TR>
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    <TD vAlign=top noWrap align=left width="1%"><FONT face=Wingdings size=2>&#168;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="97%"><FONT face=serif size=2>Check the box if the filing
      relates solely to preliminary communications made before the commencement
      of a tender offer.</FONT></TD></TR>
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    <TD vAlign=top noWrap align=left width="97%">&nbsp;</TD></TR>
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    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="97%"><FONT face=serif size=2>Check the appropriate boxes below
      to designate any transactions to which the statement relates:</FONT></TD></TR>
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    <TD vAlign=top noWrap align=left width="97%">&nbsp;</TD></TR>
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    <TD vAlign=top noWrap align=left width="1%"><FONT face=Wingdings size=2>&#168;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="97%"><FONT face=serif size=2>third party tender offer subject
      to Rule 14d-1.</FONT></TD></TR>
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    <TD vAlign=top noWrap align=left width="97%">&nbsp;</TD></TR>
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    <TD vAlign=top noWrap align=left width="1%"><FONT face=Wingdings size=2>x</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="97%"><FONT face=serif size=2>issuer tender offer subject to
      Rule 13e-4.</FONT></TD></TR>
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    <TD vAlign=top noWrap align=left width="97%">&nbsp;</TD></TR>
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    <TD vAlign=top noWrap align=left width="1%"><FONT face=Wingdings size=2>&#168;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="97%"><FONT face=serif size=2>going private transaction subject
      to Rule 13e-3.</FONT></TD></TR>
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    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Wingdings size=2>&#168;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="97%"><FONT face=serif size=2>amendment to Schedule 13D under
      Rule 13d-2.</FONT></TD></TR>
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    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="97%"><FONT face=serif size=2>Check the following box if the
      filing is a final amendment reporting the results of a tender offer: <FONT face=Wingdings>&#168;</FONT></FONT></TD></TR></TABLE>
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<P align=center><STRONG><FONT size=2></FONT></STRONG>&nbsp;</P>
<P align=center><STRONG><FONT size=2></FONT></STRONG>&nbsp;</P>

<P align=center><FONT face=serif><FONT size=2>2</FONT> </FONT></P>
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<P align=center><B><FONT face=serif size=2>INTRODUCTION</FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
Amendment No. 2 (this &#147;Amendment&#148;) amends and supplements the Tender Offer
Statement on Schedule TO (the &#147;Original Schedule TO&#148;), originally filed with the
Securities and Exchange Commission (the &#147;SEC&#148;) on November 24, 2008, by India
Globalization Capital, Inc. (the &#147;Company&#148;), as amended by Amendment
No. 1 to Schedule TO filed with the SEC on December 19, 2008 (&#147;Amendment No. 1&#148; and together with the
Original Schedule TO, the &#147;Schedule TO&#148;). The Schedule TO relates to the
offer by the Company (the &#147;Offer&#148;) to all holders of 23,799,000 of the Company&#146;s
warrants (the &#147;Warrants&#148;), which consist of 22,609,000 Warrants issued on March
8, 2006 in the Company&#146;s initial public offering (the &#147;IPO&#148;), 340,000 Warrants
initially issued to Ram Mukunda, Ranga Krishna and John Cherin in a private
placement of 170,000 units consisting of 170,000 shares of Common Stock and the
340,000 Warrants immediately prior to the </FONT><FONT face=serif size=2>Company&#146;s IPO, and 850,000 Warrants issued to Oliveira Capital, LLC in a
private placement </FONT><FONT face=serif size=1>p</FONT><FONT face=serif size=2>ursuant to a certain Note and Warrant Purchase Agreement dated February
5, 2007, to a) permit the exchange of 5 Warrants and $0.55 for one share of
common stock and b) permit the exchange of 12 Warrants for one share of common
stock. The Company&#146;s Offer is being made upon the terms and subject to the
conditions set forth in the Offer Letter dated November 24, 2008, a copy of
which was attached to the Original Schedule TO as Exhibit (a)(1), as amended by
Supplement No. 1 to the Offer Letter, a copy of which was attached to Amendment No. 1 as Exhibit (a)(11).</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This Amendment amends only the items to the Schedule TO that are being amended, and unaffected items are
not included herein. Except as specifically set forth herein, this Amendment No. 2 does not modify any of the
information previously reported in the Schedule TO. All capitalized terms used in this Amendment No. 2 and not
otherwise defined have the respective meanings ascribed to them in the Schedule TO. This Amendment speaks only
as of the original filing date, and this filing has not been updated to reflect any events occurring after the original
filing date or to modify or update disclosures affected by other subsequent events. You should read this Amendment
No. 2 to the Schedule TO together with the Schedule TO.</FONT></P>
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    <TD noWrap align=left width="100%" colSpan=5><B><FONT face=serif size=2>Item 1. </FONT></B><B><FONT face=serif size=2>SUMMARY TERM
      SHEET</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%" colSpan=5>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Item 1
of the Schedule TO is hereby amended and supplemented by adding the following language:</FONT><br><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company has extended the Offer period. The Offer now expires at 5:00 p.m., United States Eastern Time
on the evening of Friday, January 9, 2009, unless further extended by the Company. On January 6, 2009, the
Company issued a press release announcing the extension of the Offer. A copy of this press release is filed as
Exhibit (a)(12) to this Amendment No. 2 and is incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%" colSpan=5>&nbsp;</TD></TR>
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    <TD noWrap align=left width="100%" colSpan=5><B><FONT face=serif size=2>Item 4. </FONT></B><B><FONT face=serif size=2>TERMS OF THE
      TRANSACTION</FONT></B>&nbsp; </TD></TR>
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    <TD noWrap align=left width="100%" colSpan=5>&nbsp;</TD></TR>
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    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="98%" colSpan=3><FONT face=serif size=2>Item 4 of the Schedule TO is hereby amended and supplemented by adding the language set forth
above under Item 1. Such language is incorporated herein by reference.
</FONT></TD></TR>
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    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="98%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=5><B><FONT face=serif size=2>Item 12. </FONT></B><B><FONT face=serif size=2>EXHIBITS.</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=5><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following are attached as
      exhibits to this Schedule TO:</FONT></TD></TR>
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    <TD noWrap align=left width="100%" colSpan=5>&nbsp;</TD></TR>
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    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face=serif size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face=serif size=2>Offer
      Letter to Warrant Holders, dated November 24, 2008.*</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face=serif size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face=serif size=2>Letter of Transmittal.*</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face=serif size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face=serif size=2>Notice of Guaranteed Delivery.*</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face=serif size=2>(4)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face=serif size=2>Form
      of letter to brokers, dealers, commercial banks, trust companies and other
      nominees.*</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face=serif size=2>(5)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face=serif size=2>Form
      of letter to be used by brokers, dealers, commercial banks, trust
      companies and other nominees to their clients.*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face=serif size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face=serif size=2>(6)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2>Prospectus
      dated November 12, 2008 contained in Post-Effective Amendment No. 3 to the
      Company&#146;s Registration Statement on Form S-1 and filed November 12, 2008
      (Incorporated herein by reference).*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face=serif size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT face=serif size=2>(7)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=2></FONT></TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2>Annual
      Report on Form 10-KSB for the year ending March 31, 2008 and filed July
      16, 2008 (Incorporated by reference
herein).*</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=serif><FONT size=2>3<BR>&nbsp;</FONT></FONT>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top><FONT size=2>(8)</FONT></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT size=2>Quarterly Report on Form 10-Q for
      the quarter ended June 30, 2008 and filed August 18, 2008 (Incorporated
      herein by reference). *</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top></TD>
    <TD vAlign=top><FONT size=2>(9)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Quarterly Report on
      Form 10-Q for the quarter ended September 30, 2008 and filed with the SEC
      on November 14, 2008 (Incorporated herein by reference).*</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top></TD>
    <TD vAlign=top><FONT size=2>(10)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Press Release dated
      November 24, 2008.*</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top></TD>
    <TD vAlign=top><FONT size=2>(11)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Supplement No. 1 to
      Offer Letter to Warrant Holders, dated December 19, 2008.**</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top></TD>
    <TD vAlign=top><FONT size=2>(12)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Press Release dated January 6, 2009.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (b)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>Not
      applicable.</FONT> </TD></TR>
  <TR>
    <TD vAlign=top noWrap colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (d)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>Not
      applicable.</FONT> </TD></TR>
  <TR>
    <TD vAlign=top noWrap colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (g)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>None.</FONT>
    </TD></TR>
  <TR>
    <TD vAlign=top noWrap colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (h)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face=serif size=2>Not
      applicable.</FONT> </TD></TR></TABLE>
<BR>
<div align=left><FONT face=serif><FONT size=2>*<FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Previously filed with the Original
Schedule TO.</FONT> </FONT></div>
<div align=left><FONT face=serif><FONT size=2>**<FONT size=3>&nbsp;&nbsp; </FONT>Previously filed with Amendment No. 1 to
Schedule TO.</FONT> </FONT></div>
<P align=center><FONT face=serif><FONT size=2>4<BR>&nbsp;</FONT></FONT>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>SIGNATURES </FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>After due
inquiry and to the best of my knowledge and belief, I certify that the
information set forth in this statement is true, complete and correct.
</FONT></P>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face=serif size=2>INDIA
      GLOBALIZATION CAPITAL, INC.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>By:</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%"><FONT face=serif size=2>/s/ Ram Mukunda</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>Name:</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%"><FONT face=serif size=2>Ram
      Mukunda</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>Title:</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%"><FONT face=serif size=2>Chief Executive
      Officer and President</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Date: January 6, 2009 </FONT></P>
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<TYPE>EX-99.A.12
<SEQUENCE>2
<FILENAME>exhibit_99-a12.htm
<DESCRIPTION>PRESS RELEASE DATED JANUARY 6, 2009
<TEXT>

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<P align=left><B><FONT face=serif size=2>India Globalization Capital, Inc.
Extends the Program for Early Exercise of Warrants To Purchase Common
Stock</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=left><FONT face=serif size=2>BETHESDA, Md., January 6, 2009 -- India
Globalization Capital, Inc. ("IGC" or the "Company"), (Amex: </FONT><FONT face=serif size=2><U>IGC.U</U></FONT><FONT face=serif size=2> , </FONT><FONT face=serif size=2><U>IGC.WS</U></FONT><FONT face=serif size=2>, </FONT><FONT face=serif size=2><U>IGC</U></FONT><FONT face=serif size=2>), a company developing infrastructure
in India, is extending its offer for the early exercise of warrants to purchase
common stock to expire on Friday January 9, 2009 at 5:00 p.m. EST.</FONT></P>
<P align=left><FONT face=serif size=2>The Company is offering the holders of all
22,609,000 outstanding, publicly traded warrants (" Public Warrants") and of
1,190,000 warrants issued by the Company in private placements (the ''Private
Warrants'' and collectively with the Public Warrants, the "Warrants") the
opportunity, for a limited time, to acquire shares of common stock. IGC is
modifying the terms of the Warrants to (1) permit, instead of paying the
purchase price of $5.00 in cash, the exchange of 5 Warrants and $0.55 for one
share of Common Stock and (2) permit the exercise of a Warrant such that the
Holder will receive one share of Common Stock in exchange for every 12 Warrants
surrendered. Warrant holders may use one or both methods in exercising the
warrants for Common Stock.</FONT></P>
<P align=left><FONT face=serif size=2>The offer commenced on Monday, November
24, 2008 at 4:01 p.m., EST, and will expire on Friday January 9, 2009 at 5:00
p.m., EST (the "Offer Period"). Upon termination of the offer, the original
terms of the Warrants will be reinstituted, the Public Warrants will expire
according to their terms on March 3, 2011 and the Private Warrants will expire
according to their respective terms. This expiration could be accelerated by
redemption as outlined in IGC's filings with the SEC related to the original
issuance of the Warrants.</FONT></P>
<P align=left><FONT face=serif size=2>"We are making this offer to raise
additional capital and reduce the number of Warrants outstanding. We believe the
program is attractive to our Warrant holders and look forward to a substantial
number of Warrants being exercised." Said Ram Mukunda, CEO of IGC.</FONT></P>
<P align=left><FONT face=serif size=2>The terms and conditions of the offer are
set forth in the documentation distributed to record holders of IGC warrants
(AMEX: </FONT><FONT face=serif size=2><U>IGC.WS</U>) and
IGC units (AMEX: <U>IGC.U</U>) as of November 24, 2008, as
supplemented on December 22, 2008.</FONT></P>
<P align=left><FONT face=serif size=2>A copy of the offering document and
supplement number one relating to the offer may be obtained from Morrow &amp;
Co., LLC, the Information Agent for the offering. Morrow's telephone number for
bankers and brokers is (800) 662-5200 and for holders of Warrants is (800)
607-0088. Please contact the Information Agent with any questions regarding the
offering.</FONT></P>
<P align=left><FONT face=serif size=2>The foregoing reference to the offer and
any other related transactions shall not constitute an offer to buy or exchange
securities or constitute the solicitation of an offer to sell or exchange any
securities in IGC or any of its subsidiaries.</FONT></P>
<P align=left><FONT face=serif size=2>Investors and security holders are urged
to read the following documents filed with the SEC, as amended from time to
time, relating to the offer as they contain important information: (1) the
Company's registration statement on Form S-1; (2) the Schedule TO, as amended,
and (3) IGC&#146;s offer letter to warrant holders, as supplemented by supplement
number 1 to the offer letter. These and any other documents relating to the
offer, when they are filed with the SEC, may be obtained at the SEC's website at
www.sec.gov, or from the Information Agent as noted above.</FONT></P>
<P align=left><B><U><FONT face=serif size=2>About IGC</FONT></U></B></P>
<P align=left><FONT face=serif size=2>Based in Bethesda, Maryland, IGC operates
through two infrastructure companies in India, Sricon Infrastructure Private
Limited ("Sricon") and Techni Bharathi, Limited ("TBL"). IGC owns sixty-three
percent of Sricon and seventy-seven percent of TBL. IGC through its subsidiaries
in India has three lines of business: 1) Highway and other heavy construction,
2) mining &amp; quarrying and 3) civil construction and engineering of high
temperature plants. The Company's medium term plans are to expand each of these
lines of business.</FONT></P>
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<P align=left><FONT face=serif size=2>IGC's operations are based in India. The
company has offices in Maryland, Mauritius, Nagpur, Cochin, Delhi and Bangalore.
Copies of the Form S-1 and IGC's other filings with the SEC containing
information about IGC, our Indian operations and other relevant documents, are
available at no charge at the SEC's Internet site (http://www.sec.gov). For more
information about IGC, visit the company's web site at </FONT><FONT face=serif size=2>www.indiaglobalcap.com</FONT><FONT face=serif size=2>.</FONT></P>
<P align=left><B><FONT face=serif size=2><U>Forward-Looking
Statements:</U></FONT></B><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2></FONT></P>
<P align=left><FONT face=serif size=2>This press release may contain
forward-looking statements. These statements reflect management's current views
and are subject to risks and uncertainties that could cause actual results to
differ materially from those projected, expressed or implied in these
statements. Factors, which could cause actual results to differ, relate to: (i)
the ability of the parties to successfully execute on the contracts and business
plan, (ii) our ability to raise additional capital and the structure of such
capital including the exercise of warrants, and (iii) changes in the exchange
rate between the US dollar and the Indian Rupee. We undertake no obligation to
publicly update any forward-looking statements, whether as a result of new
information, future events or otherwise. Other factors and risks that could
cause or contribute to actual results differing materially from such forward
looking statements have been discussed in greater detail in the Company's
registration statement on Form S-1.</FONT></P>
<P align=left><B><FONT face=serif size=2><U>Contact:</U></FONT></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=left><FONT face=serif size=2>Sid Somarriba<BR></FONT><FONT face=serif size=2>India Globalization Capital,
Inc.<BR>+1-301-983-0998<BR>info@indiaglobalcap.com<BR>http://www.indiaglobalcap.com
</FONT></P>
<P align=left><I><FONT face=serif size=2>Investor Relations: </FONT></I></P>
<P align=left><FONT face=serif size=2>RedChip Companies, Inc.<BR></FONT><FONT face=serif size=2>Jon Cunningham, 1-800-733-2447, Ext. 107 <BR>Or, Dave Gentry,
1-800-733-2447, Ext. 104 <BR></FONT><FONT face=serif size=2>info@redchip.com</FONT><FONT face=serif size=2> <BR></FONT><FONT face=serif size=2>http://www.redchip.com</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
<P align=center><FONT face=serif><FONT size=2>2</FONT></FONT></P>
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