India Globalization Capital (IGC) announced that it has entered into a comprehensive agreement, pursuant to which TBL becomes a fully-owned subsidiary of IGC. Currently, IGC owns 76.87% of TBL. As a part of the consolidation effort to create management efficiency and focus, IGC through one of its subsidiaries in India, is buying the remaining 23.13% of the TBL shares still owned by the other TBL shareholders. According to the Agreements, IGC will receive from the Jortin Antony Group their 23.13% shareholding in TBL and other miscellaneous items as described in the two Agreements filed today on Form 8-K. The Jortin Group will receive the Vypin Land, a property that is in the name of TBL and pledged as collateral to a bank in India, and about $200,000 (assuming 50 INR to 1 USD) on receipt of the money from TBL's claim against the National Highways Authority of India. Both parties have agreed to a mutual release or indemnity against future legal actions. On receipt of the Vypin Land, the Jortin Anthony Group also frees TBL of the liability associated with the bank.
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