<SUBMISSION>
<ACCESSION-NUMBER>0001206774-09-000021
<TYPE>SC TO-I/A
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20090108
<DATE-OF-FILING-DATE-CHANGE>20090108
<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>09515857
</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.&nbsp;3
)</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><FONT face=serif size=1>(1)</FONT></TD>
    <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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<PAGE><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%"></TD>
    <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%"></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 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
Amendment No. 2 to Schedule TO filed with the SEC on January 7, 2009 (&#147;Amendment
No. 2&#148; and together with the Original Schedule TO and Amendment No. 1, 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. 3 does not modify any of the information previously
reported in the Schedule TO. All capitalized terms used in this Amendment
No.&nbsp;3 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. 3 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>As set forth in Amendment No. 2, the Company extended the Offer
      period so that 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. Based on information provided by Continental Stock Transfer
      &amp; Trust Company (the &#145;&#145;Depositary&#146;&#146;), as of 5:00 p.m., United States
      Eastern Time on the evening of Tuesday, January 6, 2009, the time at which
      the Offer was to expire prior to the extension, 11,919,289 warrants were
      exercised pursuant to the terms of the Offer in exchange for an aggregate
      of 1,306,954 shares of Common Stock, of which 2,688,685 warrants were
      exercised with an aggregate cash payment of $295,755.35 in exchange for an
      aggregate of 537,737 shares of Common Stock and 9,230,604 warrants were
      exercised by exchange of warrants in exchange for an aggregate of 769,217
      shares of Common Stock.</FONT></TD></TR>
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    <TD noWrap align=left width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <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>
  <TR vAlign=bottom>
    <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>
  <TR vAlign=bottom>
    <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>
<DIV align=left><FONT face=serif><FONT size=2>***&nbsp; Previously filed with
Amendment No.&nbsp;2 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 8, 2009 </FONT></P>
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