The Board of Directors of India Globalization Capital, Inc. (IGC") elected Mr. Richard Prins as its Chairman, effective January 30, 2012. Mr. Prins was also appointed as Chairman of the Audit Committee. Mr. Sudhakar Shenoy was appointed as Chairman of the Compensation Committee. Mr. Prins has served as its independent director since September 2010. Mr. Prins has more than 26 years of experience in private equity investing and investment banking. Mr. Shenoy has served as its independent director since inception of IGC on May 25, 2005.