**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**Washington,
      D.C. 20549**









**FORM
      10-QSB**







****


**R**
            **Quarterly
                report under Section 13 or 15(d) of the Securities Exchange Act of
                1934.****For
                the quarterly period ended September 30, 2007****OR****£**
            **Transition
                report under Section 13 or 15(d) of the Exchange
                Act.****For
                the transition period
                from                                      
                to**





**Commission
      file number: 0001326205**





**INDIA
      GLOBALIZATION CAPITAL, INC.**


(Exact
      name of small business issuer as specified in its charter)





**Maryland**
            **20-2760393**(State
                or other jurisdiction of
            (I.R.S.
                Employer Identification No.)incorporation
                or organization)





**4336
      Montgomery Ave., Bethesda, Maryland 20814**


(Address
      of principal executive offices)





**(301)
      983-0998**


(Issuer’s
      telephone number)





Indicate
        by check mark whether the registrant (1) has filed all reports required to
        be
        filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
        the
        preceding 12 months (or for such shorter period that the registrant was required
        to file such reports), and (2) has been subject to such filing requirements
        for
        the past 90 days.
 R
        Yes  £
        No
 
 Indicate
        by check mark whether the registrant is a large accelerated filer, or a
        non-accelerated filer. See definition of “accelerated filer and large
        accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
 Large
        Accelerated Filer £                                                      Accelerated
        Filer £                                Non-Accelerated
        Filer R
 
 Indicate
        by check mark whether the registrant is a shell company (as defined in Rule
        12b-2 of the Exchange Act). R Yes
£
        No
 
 Indicate
        the number of shares outstanding for each of the issuer’s classes of common
        equity as of the latest practicable date: As of October 15, 2007, the
        company had 13,974,500 shares outstanding.
 
 Transitional
        Small Business Disclosure Format (Check one): £
        Yes  R
        No







Table
          of Contents







**TABLEOF
      CONTENTS**





**Page****PART
                    I. FINANCIAL INFORMATION**Item
                    1. Financial Statements
                1Item
                    2. Management’s Discussion and Analysis and Plan of
                    Operations
                11Item
                    4. Controls and Procedures
                15**PART
                    II. OTHER INFORMATION**Item
                    1. Legal Proceedings
                16Item
                    2. Unregistered Sales of Equity Securities and
                    Use of
                    Proceeds
                16Item
                    3. Defaults Upon Senior Securities
                18Item
                    4. Submission of Matters to a Vote of Security
                    Holders
                18Item
                    5. Other Information
                18Item
                    6. Exhibits
                18Signatures
                19CertificationCertificationCertificationCertification






Table
          of Contents




**PART
        I. FINANCIALINFORMATION**
  Item
        1. Financial
        Statements
 **India
        Globalization Capital, Inc.**
 **(a
        development stage company)**
 **CONDENSED
        BALANCE SHEET**
 **September
                  30, 2007**
              
              
              **March
                  31, 2007****(Unaudited)****ASSETS**Current
                  Assets:Cash
                  and cash equivalents
              
              $
              258,628
              
              
              $
              1,169,422Investments
                  held in Trust Fund
              
              
              67,091,690
              
              
              
              66,104,275Interest
                  Receivable - Convertible Debenture
              
              
              157,479
              
              
              
              37,479Convertible
                  debenture in MBL
              
              
              3,000,000
              
              
              
              3,000,000Prepaid
                  expenses and other current assets
              
              
              21,766
              
              
              
              74,197Total
                  Current Assets
              
              
              70,529,563
              
              
              
              70,385,373Deposit
                  to CWEL
              
              
              250,000
              
              
              
              -Deferred
                  acquisition costs
              
              
              252,167
              
              
              
              158,739Deferred
                  tax assets – Federal and State, net of valuation allowance
              
              
              625,640
              
              
              
              142,652**Total
                  Assets**
              
              **$**
              **71,657,370**
              
              
              **$**
              **70,686,764****LIABILITIES
                  AND STOCKHOLDERS’ EQUITY**Current
                  Liabilities:Accrued
                  expenses
              
              $
              458,098
              
              
              $
              237,286Notes
                  payable to stockholders
              
              
              545,000
              
              
              
              870,000Taxes
                  payable
              
              
              449,434
              
              
              
              296,842Deferred
                  trust interest
              
              
              209,638
              
              
              
              32,526Note
                  Payable to Oliveira Capital, LLC
              
              
              2,491,985
              
              
              
              1,794,226Due
                  to Underwriters
              
              
              1,769,400
              
              
              
              1,769,400Total
                  current liabilities
              
              
              5,923,555
              
              
              
              5,000,280Common
                  stock subject to possible conversion, 2,259,770 at conversion value
                  (Note
                  A)
              
              
              12,762,785
              
              
              
              12,762,785COMMITMENTS
                  AND CONTINGENCYSTOCKHOLDERS’
                  EQUITYPreferred
                  stock $.0001 par value; 1,000,000 shares authorized; none issued
                  and
                  outstanding
              
              
              -
              
              
              
              -Common
                  stock — $.0001 par value; 75,000,000 shares authorized; issued and
                  outstanding 13,974,500 (including 2,259,770 shares subject to possible
                  conversion)
              
              
              1,397
              
              
              
              1,397Additional
                  paid-in capital
              
              
              51,848,145
              
              
              
              51,848,145Income
                  accumulated during the development stage
              
              
              1,121,488
              
              
              
              1,074,157Total
                  stockholders’ equity
              
              
              52,971,030
              
              
              
              52,923,699**Total
                  liabilities and stockholders’ equity**
              
              **$**
              **71,657,370**
              
              
              **$**
              **70,686,764**
  See
        notes
        to unaudited condensed financial statements.
  
 1
 Table
            of Contents
 
  **India
        Globalization Capital, Inc.**
 **(a
        development stage company)**
 **UNAUDITED
        CONDENSED STATEMENT OF INCOME**
  **April
                  29, 2005****Three
                  Months**
              
              
              **Three
                  Months**
              
              
              **Six
                  Months**
              
              
              **Six
                  Months**
              
              
              **(Date
                  of Inception)****Ended**
                **September
                  30**
              
              
              **Ended**
                **September
                  30**
              
              
              **Ended
                  September 30**
              
              
              **Ended
                  September 30**
              
              
              **Through
                  September 30,****2007**
              
              
              **2006**
              
              
              **2007**
              
              
              **2006**
              
              
              **2007**Legal
                  and formation, travel and other start up costs
              
              $
              (204,684
              )
              
              $
              (157,556
              )
              
              $
              (384,528
              )
              
              $
              (277,869
              )
              
              $
              (1,217,758
              )Compensation
                  expense
              
              
              -
              
              
              
              -
              
              
              
              
              
              
              
              -
              
              
              
              (535,741
              )Interest
                  expense
              
              
              (381,722
              )
              
              
              (9,200
              )
              
              
              (841,600
              )
              
              
              (17,500
              )
              
              
              (951,016
              )Interest
                  income
              
              
              603,145
              
              
              
              796,323
              
              
              
              1,
                  298,063
              
              
              
              1,580,124
              
              
              
              4,680,465Income
                  before income taxes
              
              
              16,739
              
              
              
              629,567
              
              
              
              71,935
              
              
              
              1,284,755
              
              
              
              1,975,950Provision
                  for income taxes, net
              
              
              5,691
              
              
              
              214,800
              
              
              
              24,604
              
              
              
              437,600
              
              
              
              854,462Net
                  income
              
              $
              11,048
              
              
              $
              414,767
              
              
              $
              47,331
              
              
              $
              847,155
              
              
              $
              1,121,488Net
                  income per share: basic and diluted
              
              $
              0.00
              
              
              $
              0.03
              
              
              $
              0.00
              
              
              $
              0.06Weighted
                  average number of shares outstanding-basic and diluted
              
              
              13,974,500
              
              
              
              13,974,500
              
              
              
              13,974,500
              
              
              
              13,974,500
 
 See
        notes
        to unaudited condensed financial statements.
 
 
 
 2
 Table
            of Contents
 
  **India
        Globalization Capital, Inc.**
 **(a
        development stage company)**
 **CONDENSED
        STATEMENT OF STOCKHOLDERS’ EQUITY**
  **Earnings****(Deficit)****Accumulated****Additional**
              
              
              **during
                  the**
              
              
              **Total****Common
                  Stock**
              
              
              **Paid-in**
              
              
              **Development**
              
              
              **Stockholders’****Shares**
              
              
              **Amount**
              
              
              **Capital**
              
              
              **Stage**
              
              
              **Equity**Issuance
                  of common stock to Founders at $.01 per share(1,750,000
                  shares on May 5, 2005 and 750,000 shares on June 20, 2005)
              
              
              2,500,000
              
              
              $
              250
              
              
              $
              24,750
              
              
              $
              -
              
              
              $
              25,000Surrendered
                  shares (on September 7, 2005 andFebruary
                  5, 2006 of 62,500 and 137,500 respectively)
              
              
              (200,000
              )
              
              
              (20
              )
              
              
              20
              
              
              
              -
              
              
              
              -Issuance
                  of common stock to Founders at $.01 per shareon
                  February 5, 2006
              
              
              200,000
              
              
              
              20
              
              
              
              537,721
              
              
              
              -
              
              
              
              537,741Issue
                  of 170,000 units in a private placement
              
              
              170,000
              
              
              
              17
              
              
              
              1,019,983
              
              
              
              -
              
              
              
              1,020,000Issue
                  of 11,304,500 units, net of underwriters’ discountand
                  offering expenses (including 2,259,770 sharessubject
                  to possible conversion) and $100 fromunderwriters
                  option
              
              
              11,304,500
              
              
              
              1,130
              
              
              
              61,793,456
              
              
              
              -
              
              
              
              61,794,586Proceeds
                  subject to possible conversion of shares
              
              
              -
              
              
              
              -
              
              
              
              (12,762,785
              )
              
              
              -
              
              
              
              (12,762,785
              )Net
                  loss for the period
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              (443,840
              )
              
              $
              (443,840
              )Balance
                  at March 31, 2006
              
              
              13,974,500
              
              
              
              1,397
              
              
              
              50,613,145
              
              
              
              (443,840
              )
              
              
              50,170,702Fair
                  value of 425,000 warrants issued to Oliveira Capital, LLC
              
              
              -
              
              
              
              -
              
              
              
              1,235,000
              
              
              
              -
              
              
              
              1,235,000Net
                  Income
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              1,517,997
              
              
              
              1,517,997Balance
                  at March 31,2007
              
              
              13,974,500
              
              
              
              1,397
              
              
              
              51,848,145
              
              
              
              1,074,157
              
              
              
              52,923,699Unaudited:Net
                  income for the six months ended September 30, 2007
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              47,331
              
              
              
              47,331**Balance
                  at September 30, 2007**
              
              ****
              **13,974,500**
              
              
              **$**
              **1,397**
              
              
              **$**
              **51,848,145**
              
              
              **$**
              **1,121,488**
              
              
              **$**
              **52,971,030**
  See
        notes
        to unaudited condensed financial statements.
  
 3
 Table
            of Contents
  **India
        Globalization Capital, Inc.**
 **(a
        development stage company)**
 **UNAUDITED
        CONDENSED STATEMENT OF CASH FLOWS**
 
 **April
                  29, 2005****(Date
                  of Inception)****Six
                  Months ended**
              
              
              **Six
                  Months ended**
              
              
              **through****September
                  30, 2007**
              
              
              **September
                  30, 2006**
              
              
              **September
                  30, 2007**Cash
                  flows from operating activities:Net
                  income
              
              $
              47,331
              
              
              $
              847,155
              
              
              $
              1,121,488Adjustment
                  to reconcile net income (loss) to net cash used in operating
                  activities:Interest
                  earned on Treasury Bills
              
              
              (1,342,086
              )
              
              
              (1,545,132
              )
              
              
              (4,643,877
              )Non-cash
                  compensation expense
              
              
              -
              
              
              
              -
              
              
              
              535,741Deferred
                  taxes
              
              
              (482,988
              )
              
              
              (46,400
              )
              
              
              (625,640
              )Amortization
                  of debt discount on Oliveira debt
              
              
              697,759
              
              
              
              -
              
              
              
              726,985Changes
                  in:Prepaid
                  expenses and other current assets
              
              
              52,431
              
              
              
              42,656
              
              
              
              (21,766
              )Interest
                  receivable - convertible debenture
              
              
              (120,000
              )
              
              
              -
              
              
              
              (157,479
              )Deferred
                  interest liability
              
              
              177,112
              
              
              
              -
              
              
              
              209,638Accrued
                  expenses
              
              
              245,812
              
              
              
              (192,760
              )
              
              
              418,098Taxes
                  payable
              
              
              152,592
              
              
              
              484,000
              
              
              
              449,434Net
                  cash used in operating activities
              
              
              (572,037
              )
              
              
              (410,481
              )
              
              
              (1,987,378
              )Cash
                  flows from investing activities:Purchase
                  of treasury bills
              
              
              (199,725,789
              )
              
              
              (393,686,250
              )
              
              
              (1,053,495,803
              )Maturity
                  of treasury bills
              
              
              200,079,157
              
              
              
              395,112,851
              
              
              
              991,048,488Decrease
                  (increase) in cash held in trust
              
              
              1,304
              
              
              
              172,567
              
              
              
              (497
              )Purchase
                  of convertible debenture
              
              
              -
              
              
              
              -
              
              
              
              (3,000,000
              )Deposit
                  to CWEL
              
              
              (250,000
              )
              
              
              -
              
              
              
              (250,000
              )Payment
                  of deferred acquisition costs
              
              
              (118,429
              )
              
              
              -
              
              
              
              (212,168
              )Net
                  cash (used in) provided by investing activities
              
              
              (13,757
              )
              
              
              1,599,168
              
              
              
              (65,909,980
              )Cash
                  flows from financing activities:Issuance
                  of common stock to Founders
              
              
              -
              
              
              
              -
              
              
              
              27,000Payments
                  of offering costs
              
              
              -
              
              
              
              -
              
              
              
              (4,263,114
              )Proceeds
                  from notes payable to stockholders
              
              
              275,000
              
              
              
              -
              
              
              
              1,145,000Proceeds
                  from notes payable to stockholders
              
              
              (600,000
              )
              
              
              -
              
              
              
              (600,000
              )Proceeds
                  from issuance of underwriters option
              
              
              -
              
              
              
              -
              
              
              
              100Gross
                  proceeds from initial public offering
              
              
              -
              
              
              
              -
              
              
              
              67,827,000Proceeds
                  from private placement
              
              
              -
              
              
              
              -
              
              
              
              1,020,000Proceeds
                  from note payable to Oliveira Capital, LLC
              
              
              -
              
              
              
              -
              
              
              
              3,000,000Net
                  cash (used in) provided by financing activities
              
              
              (325,000
              )
              
              
              -
              
              
              
              68,155,986Net
                  (decrease) increase in cash and cash equivalent
              
              
              (910,794
              )
              
              
              1,188,687
              
              
              
              258,628Cash
                  and cash equivalent at the beginning of the period
              
              
              1,169,422
              
              
              
              2,210
              
              
              
              -Cash
                  and cash equivalent at the end of the period
              
              $
              258,628
              
              
              $
              1,190,897
              
              
              $
              258,628Supplemental
                  schedule of non cash financing activities:Accrual
                  of deferred underwriters’ fees
              
              
              -
              
              
              
              -
              
              
              $
              1,769,400Accrual
                  of deferred acquisition costs
              
              $
              40,000
              
              
              $
              -
              
              
              $
              40,000Supplemental
                  disclosure of cash flow information:
              
              
              -
              
              
              
              -Issuance
                  of warrants in connection with Oliveira Debt
              
              
              -
              
              
              
              -
              
              
              $
              1,235,000
 
 See
        notes
        to unaudited condensed financial statements.
  
 4
 Table
            of Contents
  **INDIA
        GLOBALIZATION CAPITAL, INC.**
 **(a
        development stage company)**
 **NOTES
        TO CONDENSED FINANCIAL STATEMENTS**
 
 **NOTE
        A — BASIS OF PRESENTATION**
 
 The
        financial statements at September 30, 2007 and for the three and six months
        ended September 30, 2007 and 2006, and the period from April 29, 2005 (date
        of
        inception) to September 30, 2007 are un-audited and include the accounts
        of
        India Globalization Capital, Inc. (a corporation in the development stage)
        (the
“Company”, or “IGC”).
 
 In
        the
        opinion of management, all adjustments (consisting of normal accruals) have
        been
        made that are necessary to present fairly the financial position of the Company
        as of September 30, 2007 and the results of its operation and cash flows
        for the
        three and six months ended September 30, 2007 and 2006 and the period from
        April
        29, 2005 (date of inception) to September 30, 2007. Operating results for
        the
        interim periods presented are not necessarily indicative of the results to
        be
        expected for a full year.
 
 The
        statements and related notes have been prepared pursuant to the rules and
        regulations of the U.S. Securities and Exchange Commission applicable to
        interim
        financial statements. Accordingly, certain information and footnotes disclosures
        normally included in financial statements prepared in accordance with generally
        accepted accounting principles have been omitted pursuant to such rules and
        regulations.
 
 These
        financial statements should be read in conjunction with the financial statements
        that were included in the Company’s Annual Report on Form 10-KSB for the year
        ended March 31, 2007. The March 31, 2007 balance sheet and the
        statement of stockholders’ equity through March 31, 2007 have been derived from
        these audited financial statements.
  The
        Company adopted FASB Interpretation No. 48, “Accounting for Uncertainty in
        Income Taxes,” an interpretation of FASB Statement No. 109 (“FIN 48”) on
        April 1, 2007.  FIN 48 clarifies the criteria for the recognition,
        measurement, presentation and disclosure of uncertain tax positions. A tax
        benefit from an uncertain position may be recognized only if it is “more likely
        than not” that the position is sustainable based on its technical merits. FIN 48
        also provides guidance on derecognition, classification, interest and penalties,
        accounting in interim periods, disclosure, and transition.  In May
        2007, the FASB issued Staff Position, FIN 48-1, “*Definition of Settlement in
        FASB Interpretation No. 48*” (FSP FIN 48-1) which provides guidance on how
        an enterprise should determine whether a tax position is effectively settled
        for
        the purpose of recognizing previously unrecognized tax
        benefits.   FSP FIN 48-1 was effective with the initial adoption
        of FIN 48.  The adoption of FIN 48 or FSP FIN 48-1 did not have a material
        effect on the Company’s financial condition or results of
        operations.
 
 Management
        does not believe that any other recently issued, but not yet effective,
        accounting standards if currently adopted would have a material effect on
        the
        accompanying financial statements.
  **NOTE
        B — ORGANIZATION AND BUSINESS OPERATIONS**
  The
        Company was incorporated in Maryland on April 29, 2005. The Company was formed
        to serve as a vehicle for the acquisition of an operating business in an
        unspecified industry located in India through a merger, capital stock exchange,
        asset acquisition or other similar business combination. The Company has
        neither
        engaged in any operations nor generated significant revenue to date. The
        Company
        is considered to be in the development stage and is subject to the risks
        associated with activities of development stage companies.
 
 The
        registration statement for the Company’s initial public offering (the “Public
        Offering”) (as described in Note C) was declared effective March 2, 2006. The
        Company consummated the Public Offering including the over allotment option
        on
        March 8, 2006, and preceding the consummation of the Public Offering on March
        2,
        2006 certain of the officers and directors of the Company purchased an aggregate
        of 170,000 units (the “Units”)  from the Company in a private
        placement (the “Private Placement”). The Units sold in the Private Placement
        were identical to the 11,304,500 Units sold in the Public Offering, but the
        purchasers in the Private Placement have waived their rights to conversion
        and
        receipt of the distribution on liquidation in the event the Company does
        not
        complete a business combination (as described below). The Company received
        net
        proceeds from the Private Placement and the Public Offering of approximately
        $62,815,000 (Note C).
 
 5
 Table
            of Contents
  The
        Company’s management has broad discretion with respect to the specific
        application of the net proceeds of the Private Placement and the Public Offering
        (together, the “Offering”) although substantially all of the net proceeds of the
        Offering are intended to be generally applied toward acquiring one or more
        operating businesses in an unspecified industry located in India (“Business
        Combination”), which may not constitute a business combination for accounting
        purposes.  Furthermore, there is no assurance that the Company will be
        able to effect a Business Combination. Upon the closing of the Public Offering,
        approximately ninety-seven percent (97%) of the gross proceeds of the Public
        Offering are being held in a trust account (“Trust Fund”) and invested in
        government securities until the earlier of (i) the consummation of its first
        Business Combination or (ii) the distribution of the Trust Fund as described
        below. The remaining proceeds, along with interest earned on the Trust Fund,
        may
        be used to pay for business, legal and accounting due diligence on prospective
        acquisitions and continuing general and administrative expenses. The Company,
        after signing a definitive agreement for the acquisition of a target business,
        will submit such transaction for stockholder approval. In the event that
        holders
        of 50% or more of the shares of common stock issued in the Public Offering
        vote
        against the Business Combination or the holders of 20% or more of the shares
        of
        common stock issued in the Public Offering elect to exercise their conversion
        rights, the Business Combination will not be consummated. However, the persons
        who were stockholders prior to the Public Offering (the “Founding Stockholders”)
        will not participate in any liquidation distribution with respect to any
        shares
        of the common stock acquired in connection with or following the Public Offering
        (Note C).
 
 Pursuant
        to the terms of our Public Offering, in the event that the Company does not
        consummate a Business Combination within 18 months from the date of the
        consummation of the Public Offering, or 24 months from the consummation of
        the
        Public Offering if certain extension criteria have been satisfied (the
“Acquisition Period”), the proceeds held in the Trust Fund will be distributed
        to the Company’s public stockholders, excluding the Founding Stockholders to the
        extent of their initial stock holdings. In the event of such distribution,
        it is
        likely that the per share value of the residual assets remaining available
        for
        distribution (including Trust Fund assets) will be less than the initial
        public
        offering price per share in the Public Offering (assuming no value is attributed
        to the warrants contained in the Units offered in the Public Offering discussed
        in Note C). The Company has satisfied the extension criteria and, therefore,
        the
        Acquisition Period expires on March 8,  2008.  There is no
        assurance that the Company will be able to successfully effect a Business
        Combination during this period. This factor raises substantial doubt about
        the
        Company’s ability to continue as a going concern. The accompanying financial
        statements are prepared assuming the Company will continue as a going concern.
        The financial statements do not include any adjustments that might result
        from
        the outcome of this uncertainty.
 
 In
        the
        event of such distribution, it is likely that the per share value of the
        residual assets remaining available for distribution (including Trust Fund
        assets) will be less than the initial public offering price per share in
        the
        Public Offering (assuming no value is attributed to the warrants contained
        in
        the Units offered in the Public Offering discussed in Note C).
  **NOTE
        C — INITIAL PUBLIC OFFERING**
 
 On
        March
        8, 2006, the Company sold 11,304,500 Units in the Public Offering. Each Unit
        consists of one share of the Company’s common stock, $.0001 par value, and two
        redeemable common stock purchase warrants (“Warrants”). Each Warrant entitles
        the holder to purchase from the Company one share of common stock at an exercise
        price of $5.00 commencing the later of the completion of a Business Combination
        or one year from the effective date of the Public Offering and expiring five
        years from the effective date of the Public Offering. The Warrants become
        redeemable, at a price of $6.25 per Warrant, only in the event that the last
        sale price of the common stock is at least $8.50 per share for any 20
        trading-days within a 30-trading day period ending on the third day prior
        to the
        date on which notice of redemption is given.
 
 In
        connection with the Public Offering, the Company paid the underwriters in
        the
        Public Offering (collectively, the “Underwriter”) an underwriting discount of
        approximately 5% of the gross proceeds of the Public Offering ($3,391,350).
        In
        addition, a non-accountable expense allowance of 3% of the gross proceeds
        of the
        Public Offering, excluding the over-allotment option, is due to the Underwriter,
        who has agreed to deposit the non-accountable expense allowance ($1,769,400)
        into the Trust Fund until the earlier of the completion of a Business
        Combination or the liquidation of the Trust Fund. The Underwriter has further
        agreed to forfeit any rights to or claims against such proceeds unless the
        Company successfully completes a Business Combination.
 
 The
        Warrants separated from the Units and began to trade on April 13, 2006. After
        separation, each Warrant entitles the holder to purchase from the Company
        one
        share of common stock at an exercise price of $5.00 commencing on the later
        of
        (a) one year from the effective date of the Public Offering or (b) the earlier
        of the completion of a Business Combination with a target business or the
        liquidation of the Trust Fund and expiring five years from the date of the
        Public Offering. The Company has a right to redeem the Warrants, provided
        the
        common stock has traded at a closing price of at least $8.50 per share for
        any
        20 trading days within a 30 trading day period ending on the third business
        day
        prior to the date on which notice of redemption is given. If the Company
        redeems
        the Warrants, either the holder will have to exercise the Warrants by purchasing
        the common stock from the Company for $5.00 or the Warrants will
        expire.
 
 6
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  The
        Underwriter’s over-allotment option of 1,474,500 Units was exercised, and the
        11,304,500 Units sold at the closing of the Public Offering include the
        over-allotment.
 
 In
        connection with the Public Offering, the Company issued an option, for $100,
        to
        the Underwriter to purchase 500,000 Units at an exercise price of $7.50 per
        Unit, exercisable the later of March 2, 2007 or the consummation of a Business
        Combination. The Company has accounted for the fair value of the option,
        inclusive of the receipt of the $100 cash payment, as an expense of the Public
        Offering resulting in a charge directly to stockholders’ equity. The Company
        estimated, using the Black-Scholes method, the fair value of the option granted
        to the Underwriter as of the date of grant was approximately $756,200 using
        the
        following assumptions: (1) expected volatility of 30.1%, (2) risk-free interest
        rate of 3.9% and (3) expected life of five years. The estimated volatility
        was
        based on a basket of Indian companies that trade in the United States or
        the
        United Kingdom.  The option may be exercised for cash or on a
“cashless” basis, at the holder’s option, such that the holder may use the
        appreciated value of the option (the difference between the exercise prices
        of
        the option and the underlying Warrants and the market price of the Units
        and
        underlying securities) to exercise the option without the payment of any
        cash.
        The Warrants underlying such Units are exercisable at $6.25 per
        share.
 
 **NOTE
        D — INVESTMENTS HELD IN TRUST FUND**
 
 Investments
        held in the Trust Fund consist of Treasury Bills and money market funds.
        The
        Treasury Bills have been accounted for as trading securities and recorded
        at
        their fair market value. The excess of market value over cost is included
        in
        interest income in the accompanying statement of
        operations.  Investments held in the Trust Fund as of September
        30 and March 31, 2007 include the following:
 
 **September
                  30, 2007 (Unaudited)**
              
              
              **March
                  31, 2007 (Audited)**Investment
                  held for the benefit of the Company
              
              $
              63,845,850
              
              
              $
              63,845,850Investment
                  held for the benefit of the Underwriter
              
              
              1,769,400
              
              
              
              1,769,400Investment
                  earnings (available to fund Company expenses up to a maximum
                  of  $2,150,000, net of taxes)(1)
              
              
              1,476,440
              
              
              
              489,025$
              67,091,690
              
              
              $
              66,104,275
  (1)
              Through
                  March 31, 2007, the Company has transferred approximately $2,150,000
                  of
                  investment earnings (the maximum amount permitted pursuant to the
                  terms of
                  the Public Offering) from the Trust Fund into its operating
                  account.
  **NOTE
        E — NOTES PAYABLE TO STOCKHOLDERS**
 
 The
        founding stockholders (the “Founders”) made three unsecured loans to the Company
        totaling $870,000 that came due on March 31, 2007. The notes all bore interest
        at 4% per annum. On April 6, 2007, $100,000 of the $870,000 in loans was
        repaid.
        One of the Founders made available a line of credit for $100,000 by personally
        guaranteeing the line.
  Also
        on
        April 6, 2007, the loan of $720,000 made by one of the Founders was
        partially repaid. The Company paid the founding stockholder $500,000 plus
        accrued interest, cancelled the note for $720,000 and issued the Founder a
        new note for $220,000. The remaining $50,000 not yet paid will be repaid
        on the
        earlier of March 31, 2008 or the consummation of a Business
        Combination.  On May 8, 2007, the same Founder loaned the Company an
        additional $275,000. We issued him a new note for $275,000.
 
 The
        rights under the two new notes are similar to those set out in the original
        Founder’s notes.  The new notes are payable on the earlier of March 31,
        2008 or the consummation of a Business Combination. The notes bear interest
        at 8% per annum. Due to the short-term nature of the notes, the fair value
        of
        the notes approximates their carrying amount. Interest expense of approximately
        $10,400 and $18,710 has been included in the statement of operations for
        the
        three and six months ended September 30, 2007, respectively and $9,200 and
        $17,500 has been included in the statement of operations for the three and
        six
        month periods ended September 30, 2006, respectively, and $59,910 for the
        period from inception to September 30, 2007 relating to these
        notes.
   7
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  **NOTE
        F — RELATED PARTY TRANSACTION**
 
 The
        Company does not pay its founding executive officers or directors a salary
        or
        any other compensation currently.  However, the Company has agreed to
        pay SJS Associates $5,000 a month until the consummation of a Business
        Combination.  SJS Associates is a privately held company wholly owned by
        Mr. John Selvaraj, our current Treasurer.  The monthly fees are paid for
        services rendered by John Selvaraj to the Company.  From inception to
        September 30, 2007, $45,000 was paid to SJS Associates for Mr. Selvaraj’s
        services.
 
 The
        Company has agreed to pay Integrated Global Network, LLC (“IGN, LLC”), an
        affiliate of our Chairman and Chief Executive Officer, Mr. Mukunda, an
        administrative fee of $4,000 per month for office space and general and
        administrative services from the closing of the Public Offering through the
        date
        of a Business Combination. From inception to September 30, 2007,
        approximately $72,000 was paid to IGN, LLC.
 
 The
        Company uses the services of Economic Law Practice (ELP), a law firm in
        India. A member of our Board Directors is a Partner with ELP. 
Since inception to September 30, 2007, the Company has incurred $138,815
        for
        legal services provided by ELP.
  **NOTE
        G — COMMITMENTS AND CONTINGENCY**
 
 In
        connection with the Public Offering and pursuant to an advisory agreement,
        the
        Company has engaged the Underwriter as its investment bankers to provide
        the
        Company with assistance in structuring the Business Combination. As compensation
        for the foregoing services, the Company will pay the Underwriter a cash fee
        at
        the closing of a Business Combination equal to 2% of the aggregate consideration
        paid in such Business Combination, up to a maximum of $1,500,000, and pay
        up to
        $25,000 of expenses.  In addition, a fee of $90,000 will be paid to
        Ferris, Baker for facilitating the loan to the Company by Oliveira Capital,
        LLC,
        at the closing of a Business Combination.
 
 Pursuant
        to letter agreements with the Company and the Underwriter, the Founders have
        waived their rights to participate in any liquidation distribution occurring
        upon our failure to complete a Business Combination, with respect to those
        shares of common stock acquired by them prior to the Public Offering and
        with
        respect to the shares of common stock included in the 170,000 Units they
        purchased in the Private Placement.
  The
        Founders will be entitled to registration rights with respect to their shares
        of
        common stock acquired prior to the Public Offering and the shares of common
        stock they purchased in the Private Placement pursuant to an agreement executed
        on March 3, 2006. The holders of the majority of these shares are entitled
        to make up to two demands that the Company register these shares at any time
        after the date on which the lock-up period expires.  In addition, the
        Founders have certain “piggy-back” registration rights on registration
        statements filed subsequent to the anniversary of the effective date of the
        Public Offering.
 
 The
        Company, from time to time, may enter into oral and or written understandings
        with entities (and supporting professionals for conducting due diligence)
        who
        potentially could refer or make introductions to potential target entities
        in
        various industry sectors in India and to conduct industry analysis or due
        diligence on potential target companies.  Such arrangements typically
        require nominal amounts of retainer fees and expenses for services and success
        fees based upon successful completion of acquisitions resulting from such
        referrals. Fees for services and expenses incurred to date with such entities
        have been expensed in the accompanying financial statements.
  In
        connection with our proposed acquisition of a majority interest in MBL
        Infrastructures Limited (“MBL”), an unaffiliated third party has claimed that it
        is entitled to a finder's fee of approximately five percent of the purchase
        price (or, $1.75 million) for the acquisition if the acquisition is
        consummated.  While we do not admit that the unaffiliated third party
        is a finder that is entitled to payment, we have expressed a willingness
        to pay
        our customary Finder's fee of 0.25%.  The parties are attempting to
        reach agreement on the amount of the fee to be paid if the acquisition is
        consummated.
 
 In
        connection with our proposed acquisition of a wind energy farm from
        Chiranjjeevi Wind Energy Limited ("CWEL"), and our proposed acquisition of
        an
        interest in TBL (discussed in Note H below), we have agreed to pay a finder’s
        fee of 0.25% of the purchase price to Master Aerospace Consultants (Pvt)
        Ltd, a
        consulting firm located in India. The fee is contingent on the consummation
        of the transaction.
 
  8
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 **NOTE
        H – INVESTMENT ACTIVITIES**
 
 ***MBL
        Infrastructure Limited Purchase Agreement***
 
 As
        previously disclosed in our Form 8-K dated February 2, 2007 and Form 10-QSB
        for
        the quarterly period ended June 30, 2007, on February 2, 2007, the Company
        entered into a Share Subscription Cum Purchase Agreement (the “MBL Purchase
        Agreement”) with MBL and R G Maheshwari, A K Lakhotia, Maruti Maheshwari, Aditya
        Maheshwari, Uma Devi Lakhotia, Shweta Maheshwari, Gokul Sales P Ltd and Jai
        Art
        N Image P Ltd (collectively, the “MBL Promoters”), pursuant to which the Company
        will acquire 2,212,745 equity shares of MBL (the “MBL Promoter Shares”) from the
        MBL Promoters and an additional 9,519,949 newly-issued equity shares directly
        from MBL (the “New Shares”) so that at the conclusion of the transactions
        contemplated by the Purchase Agreement, the company will own 57% of the
        outstanding equity shares of MBL. MBL engages in road building and
        maintenance projects in India, as well as managing road-building projects
        on a
        contract basis for national, state and local agencies.  Currently, the
        Company is awaiting the completion of MBL’s financial statements audited in
        accordance with US generally accepted accounting principles
        (“GAAP”).
 
 On
        February 5, 2007, the Company entered into an agreement to sell 425,000
        warrants, described in Note I, and a note for $3,000,000 to Oliveira Capital,
        LLC for $3,000,000. The note carries interest at the rate of 8% and is due
        upon
        the earlier of February 5, 2008, or the consummation of a Business Combination.
        Following the receipt of the $3,000,000 from Oliveira Capital, the Company
        on
        February 6, 2007 purchased $3,000,000 of convertible debentures from MBL.
        The debentures carry interest at the rate of 8%, are secured by 1,131,356
        shares
        of MBL common stock and are carried at cost. The note from Oliveira
        Capital, LLC is secured by the convertible debentures issued to
        MBL.
  On
        April
        25, 2007, the Company entered into the First Amendment to the Share Subscription
        Cum Purchase Agreement (the “First Amendment to MBL Purchase Agreement”) with
        MBL and the MBL Promoters.
  Pursuant
        to the First Amendment to MBL Purchase Agreement, the conditions precedent
        to
        the Company’s consummation of the transactions contemplated by the MBL Purchase
        Agreement were amended to provide that: (i) MBL’s audited financial statements
        converted to US GAAP for the periods ended March 31, 2006, March 31, 2005
        and
        March 31, 2004 and unaudited financial statements converted to US GAAP for
        the
        period commencing April 1, 2006 and ending December 31, 2006 (collectively,
        the
“Required Financial Statements”) previously required to be delivered under the
        MBL Purchase Agreement be delivered to the Company by May 15, 2007 and (ii)
        MBL
        and the MBL Promoters deliver audited financial statements converted to US
        GAAP
        for the period ended March 31, 2007 by June 30, 2007. In addition, Clause
        5.3 of
        the MBL Purchase Agreement was amended to extend the deadline for the completion
        of the Company’s acquisition of MBL shares from September 30, 2007 to November
        30, 2007.
  On
        April
        25, 2007, concurrently with the execution of the First Amendment to the Purchase
        Agreement, the Company entered into the First Amendment to the Debenture
        Subscription Agreement (the “First Amendment to Debenture Agreement”) with MBL
        and the MBL Promoters.
 Pursuant
        to the First Amendment to the Debenture Agreement, Clause 14 of the Debenture
        Subscription Agreement dated February 2, 2007 was amended to extend the deadline
        by which time the Company must either obtain the requisite stockholder approvals
        for the acquisition of MBL shares under the MBL Purchase Agreement or purchase
        an additional USD $3,000,000 in MBL Convertible Debentures from April 30,
        2007
        to 45 days after receiving the Required Financial Statements.
 
 ***Contract
        Agreement Between IGC, CWEL, AMTL and MAIL***
 
 As
        previously disclosed in our Form 8-K dated May 2, 2007 and Form 10-QSB for
        the
        quarterly period ended June 30, 2007, on April 29, 2007, the Company entered
        into a Contract Agreement Dated April 29, 2007 (“CWEL Purchase Agreement”) with
        CWEL, Arul Mariamman Textiles Limited (AMTL), and Marudhavel Industries
        Limited (MAIL), collectively CWEL. Pursuant to the CWEL Purchase Agreement,
        the
        Company or one of its subsidiaries in Mauritius will acquire 100% of a 24-mega
        watt wind energy farm, consisting of 96 250-kilowatt wind turbines, located
        in
        Karnataka, India to be manufactured by CWEL.
 
 CWEL
        is a
        manufacturer and supplier of wind operated electricity generators, towers
        and
        turnkey implementers of wind energy farms.
 
 On
        May
        22, 2007, the Company made a down payment of approximately $250,000 to
        CWEL.  Pursuant to the First Amendment dated August 20, 2007 (as
        previously disclosed in the Company’s Form 8-K dated August 22, 2007), if the
        Company does not consummate the transaction with CWEL by March 31, 2008,
        approximately $187,500 will be returned to the Company.  The
        Acquisition is expected to be consummated in early 2008, following the required
        approval by the Company’s stockholders and the fulfillment of certain other
        conditions.
   9
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  ***Share
        Subscription Cum Purchase Agreement with Sricon and The
        Promoters***
  As
        previously disclosed in our Form 8-K dated September 21, 2007 and Form 10-QSB
        for the quarterly period ended June 30, 2007, on September 21, 2007, the
        Company
        entered into a Share Subscription cum Purchase Agreement  (the “Sricon
        Subscription Agreement”) dated as of September 15, 2007 with Sricon
        Infrastructure Private Limited  (“Sricon”) and certain individuals
        (collectively, the “Sricon Promoters”), pursuant to which the Company or one of
        its subsidiaries in Mauritius will acquire (the “Sricon
        Acquisition”)****4,041,676 newly-issued equity
        shares  (the “New Sricon Shares”) directly from Sricon for
        approximately $26 million and 351,840 equity shares from Mr. R. L. Srivastava
        for approximately $3 million (both based on an exchange rate of INR 40 per
        USD)
        so that at the conclusion of the transactions contemplated by the Sricon
        Subscription Agreement the Company will
        own****approximately****63% of the
        outstanding equity shares of Sricon.
 
 Sricon
        engages in road building and maintenance projects in India, as well as managing
        road-building projects on a contract basis for national, state and local
        agencies.  Sricon also engages in the BOT (*i.e*., build, own
        and transfer*)*segment of road building in which the government of India
        awards contracts to companies that can build**out pieces of major
        highways, own**and operate them for periods between 20 and
        30 years and then transfer**them back to the government.
  The
        Sricon Acquisition is expected to be consummated in early 2008, assuming
        the
        required approval by the Company’s stockholders and the fulfillment of certain
        other conditions.
  ***Share
        Subscription Agreement with Techni Bharathi Limited &*** ***Share
        Purchase Agreement with Odeon Limited***
 
 As
        previously disclosed in our Form 8-K dated September 21, 2007 and Form 10-QSB
        for the quarterly period ended June 30, 2007, on September 21, 2007, the
        Company
        entered into a Share Subscription Agreement  (the “TBL Subscription
        Agreement”) dated as of September 16, 2007 with Techni Bharathi Limited (“TBL”)
        and certain individuals (collectively, the “TBL Promoters”), pursuant to which
        the Company or one of its subsidiaries in Mauritius will acquire (the “TBL
        Acquisition”)****7,150,000 newly-issued company stock for
        approximately $9 million, 1,250,000 newly-issued convertible preference Shares
        for approximately $2 million  (both at an exchange rate of INR 40 per
        USD; collectively, the “New Shares”) directly from TBL and 5,000,000 convertible
        preference shares from Odeon, a Singapore based holder of TBL securities,
        for
        approximately $2 million.  At the conclusion of the transactions
        contemplated by the TBL Subscription Agreement and by the Share Purchase
        Agreement between the Company and Odeon Limited, the Company will
        own****approximately 77%, of the outstanding equity shares,
        assuming the convertible shares are converted.
  TBL
        engages in road-building, with prior experience in the building of tunnels,
        cannels, bridges, airport taxiways and dams as well as the civil works for
        mini hydro power generation.  The TBL Acquisition is expected to be
        consummated in early 2008, after the required approval by the Company’s
        stockholders and the fulfillment of certain other conditions.
 
 We
        have
        incurred $252,167 of expenses through September 30, 2007 in connection with
        our
        proposed acquisitions, which is included as deferred acquisition costs in
        the
        accompanying balance sheet.
 
 ***Stockholder
        Vote***
 
 On
        September 23, 2007, the Company’s board of directors met to discuss all four of
        the foregoing acquisitions.  The Company’s board of directors
        unanimously agreed to present three of the four transactions to our stockholders
        for approval.  In particular, our board of directors selected to
        present the CWEL Acquisition, the Sricon Acquisition and the TBL Acquisition
        to
        our stockholders for approval.  The board of directors decided to
        postpone presenting the MBL Acquisition until the completion of MBL’s audited
        financial statements under US GAAP principles.
   10
 Table
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  **NOTE
        I – VALUATION OF WARRANTS ISSUED TO OLIVEIRA CAPITAL, LLC**
 
 As
        previously disclosed, the Company sold a promissory note and 425,000 warrants
        to
        Oliveira Capital, LLC for $3,000,000. Each warrant will entitle the holder
        to purchase from the Company one share of common stock at an exercise price
        of
        $5.00 commencing on the earlier of the completion of a Business Combination
        with
        a target business or the distribution of the Trust Fund and expiring five
        years
        from the date of issuance.  The Company has determined, based upon a
        Black-Scholes model, that the fair value of the warrants on the date of issuance
        would approximately be $ 1,235,000 using an expected life of five years,
        volatility of 46% and a risk-free interest rate of 4.8%. This amount is
        accounted for as a discount of the notes payable to Oliveira Capital, LLC.
        The
        amortization of this amount for the six months ended September 30, 2007 was
        $726,985.
 
 We
        computed volatility for a period of five years. For approximately the first
        four years, we used the trading history of two representative companies that
        are
        listed on the Indian Stock exchange. For approximately one year, the
        trading history of the Company’s common stock was used. The average volatility
        of the combined data extending over five years was calculated as
        46%. Management believes that this volatility is a reasonable benchmark to
        use in estimating the value of the warrants.
 
 **NOTE
        J – SUBSEQUENT EVENTS**
 
 On
        October 2, 2007, one of our Founders extended a loan of $250,000 to the Company
        on substantially the same terms as those described in Note
        E.   On October 3, 2007, the Company made a refundable deposit of
        $170,000 in connection with the TBL Subscription Agreement.
  **ITEM2.
        MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF
        OPERATIONS**
 
 **Forward-Looking
        Statements**
  This
        report contains forward-looking statements, including, among others, (a)
        our
        expectations about possible business combinations, (b) our growth strategies,
        (c) our future financing plans, and (d) our anticipated needs for working
        capital.  Forward-looking statements, which involve assumptions and
        describe our future plans, strategies, and expectations, are generally
        identifiable by use of the words “may,” “should,” “expect,” “anticipate,”
“approximate,” “estimate,” “believe,” “intend,” “plan,” or “project,” or the
        negative of these words or other variations on these words or comparable
        terminology.  This information may involve known and unknown risks,
        uncertainties, and other factors that may cause our actual results, performance,
        or achievements to be materially different from the future results, performance,
        or achievements expressed or implied by any forward-looking
        statements.  Actual events or results may differ materially from those
        discussed in forward-looking statements as a result of various factors,
        including, without limitation, the risks outlined under our “Plan of Operation”
and matters described in this report generally and under the heading “Risk
        Factors” included in the Company’s Prospectus dated March 3, 2006 relating to
        the Company’s initial public offering (“Public Offering”). In light of these
        risks and uncertainties, the events anticipated in the forward-looking
        statements may or may not occur.  These statements are based on
        current expectations and speak only as of the date of such statements. We
        undertake no obligation to publicly update or revise any forward-looking
        statement, whether as a result of future events, new information or
        otherwise.
 
 The
        information contained in this report identifies important factors that could
        adversely affect actual results and performance. All forward-looking statements
        attributable to us are expressly qualified in their entirety by the foregoing
        cautionary statements.
 
 **Description
        of Business**
  We
        were
        formed on April 29, 2005, as a blank check company for the purpose of acquiring,
        through a merger, capital stock exchange, asset acquisition or other similar
        business combination, one or more businesses in an unspecified industry,
        with
        operations primarily in India. We intend to use cash derived from the proceeds
        of our Public Offering, our capital stock, debt or a combination of cash,
        capital stock or debt, to effect a Business Combination.
 
 For
        the
        three and six months ended September 30, 2007, we had net income of $11,048
        and $47,331, derived primarily from interest income related to the cash held
        in
        our trust account, net of legal, interest expense, formation, travel, and
        other
        start-up costs. For the period from April 29, 2005 (inception) through September
        30, 2007, we had net income of $1,121,488, derived primarily from interest
        income related to the cash held in our trust account, net of legal, interest
        expense, formation, travel, other  and start-up costs and compensation
        expense.
 
 For
        the
        three and six months ended September 30, 2006, we had net income of $414,767
        and
        $847,155, derived primarily from interest income related to the cash held
        in our
        Trust Account, net of formation and other start-up costs.
   11
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  **Plan
        of Operation**
 
 To
        date,
        we have entered into four definitive agreements as described in Note H to
        the
        financial statements included in this Report and our current reports on Form
        8-K
        filed on February 12, 2007, May 2, 2007 and September 21, 2007.   As
        described in the referenced Form 8-Ks, we have identified the infrastructure
        sector including the road-building sector and the alternative energy sector
        as
        our initial target industry.  Currently, we are conducting due
        diligence and audits in accordance with U.S. generally accepted accounting
        principles on the companies that we propose to acquire.  We expect to
        file a Schedule 14A proxy statement seeking stockholder approval for the
        acquisition of Sricon, TBL and the wind energy farm.
 
 We
        currently are not engaged in any business operations, and we do not expect
        to
        engage in, any substantive commercial business until the consummation of
        a
        proposed transaction.   We expect that three of the four
        transactions to close in our fourth fiscal quarter of
        2007.  Currently, our business activities consist solely of pursuing
        businesses with operations primarily in India in order to consummate a Business
        Combination. Our management has completed the due diligence on the wind energy
        farm, as well as Sricon and TBL and is actively working on finalizing the
        Schedule 14 A proxy statement.  We anticipate that overseeing the
        potential acquisitions and seeking shareholder approval will be our
        primary business activity until the consummation of a business
        combinations.
 
 The
        net
        proceeds from the sale of the Units in our initial public offering, our private
        placement to officers and directors, loans from our Founders and the deferred
        offering costs were $63,845,850, after deducting offering expenses and
        underwriting discounts.  This amount is held in trust for the benefit
        of investors in our Public Offering (the “Trust Account”). Additionally,
        $1,769,400 of the proceeds attributable to the underwriters’ non-accountable
        expense allowance has been deposited in the Trust Account.
 
 We
        do not
        believe we will need additional financing to supplement the proceeds of our
        initial public offering, our private placement to officers and directors
        and
        loans from our Founders in order to meet the expenditures required for operating
        our business, although we may raise additional debt or equity financing to
        provide bridge financings to our pending acquisitions prior to their
        consummation.  Interest earned on the Trust Account up to a maximum of
        $2,150,000, may be used to pay for business, legal and accounting due diligence
        on prospective acquisitions and continuing general and administrative expenses
        incurred by the Company prior to consummation of a Business
        Combination.  As of December 31, 2006, the maximum amount of
        $2,150,000 was transferred into our operating account.  We anticipate
        that the funds available to us outside of the Trust Account will be sufficient
        to sustain our business activities for approximately 24 months, assuming
        that a Business Combination is not consummated during that
        time.  However, we may need to obtain additional financing to the
        extent such financing is required to consummate a Business Combination, in
        which
        case we may issue additional securities or incur debt in connection with
        such a
        Business Combination.
 
 To
        fund
        our purchase of a debenture in MBL, we entered into a note and warrant purchase
        agreement dated as of February 5, 2007 (the “MBL Warrant Agreement”) with
        Oliveira Capital, LLC (“Oliveira”) pursuant to which we sold Oliveira a
        Promissory Note (“Oliveira Note”) in the principal amount of $3,000,000 and a
        warrant (the “Oliveira Warrant”) to purchase up to 425,000 shares of our common
        stock (the “Warrant Shares”) at an initial exercise price of $5.00 per
        share.  The Oliveira Note bears interest at a rate of 8% per annum and
        is due and payable in full upon the earlier of February 5, 2008 and the
        date on which we consummate a Business Combination.  The Oliveira Note
        is secured by the Debentures pursuant to a Pledge Agreement.  The
        Warrant is exercisable during the period commencing on the consummation of
        a
        Business Combination and ending on March 2, 2011.
  The
        proceeds held in the Trust Account are invested in government securities
        (Treasury Bills and money market funds) until the earlier of (i) the
        consummation of our first business combination or (ii) the distribution of
        the
        trust account.  In the event that the Company does not consummate a
        Business Combination within 18 months from the date of the consummation of
        the
        public offering (March 8, 2006), or 24 months from the consummation of the
        public offering if certain extension criteria have been satisfied (see “Plan of
        Operations****- *Timing of Business Combination*”
below), we will be forced to liquidate and the
        proceeds held in the trust
        account will be distributed to the Company’s public
        stockholders.  However, our founding stockholders (stockholders prior
        to our public offering) will not participate in any liquidation distribution
        with respect to any shares of our common stock acquired in connection with
        or
        following the public offering.  If we are forced to liquidate, the
        per-share liquidation may be less than the price at which public stockholders
        purchased their shares because of the expenses related to our initial public
        offering, our general and administrative expenses and the anticipated costs
        of
        seeking a Business Combination.  Additionally, if third parties make
        claims against us, the offering proceeds held in the trust account could
        be
        subject to those claims, resulting in a further reduction to the per-share
        liquidation price.
   12
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  ***Sources
        of target businesses***
  Since
        our
        public offering, we have been actively engaged in sourcing a suitable Business
        Combination candidate.  As described above, we have four pending
        transactions and we will seek to consummate a combination of these in the
        coming
        months, subject to stockholder approval and other conditions.
 
 We
        have
        relied on and continue to rely on finding candidates through three possible
        sources: (1) the professional community, including, without limitation,
        investment bankers, attorneys and accountants; (2) quasi-governmental
        associations such as the International Finance Corporation, which is a member
        of
        the World Bank; and (3) the industries subject to deregulation by the
        Indian government.  In addition, we have located acquisition
        candidates through other unaffiliated sources, including private equity and
        venture capital funds and public and private companies.  Our officers,
        directors and special advisors and their affiliates have also brought
        acquisition candidates to our attention.  In addition to contacting
        the sources described above for potential acquisition candidates, we have
        been
        contacted by unsolicited parties who become aware of our interest in prospective
        targets through press releases, word of mouth, media coverage and our
        website.  We have offered to pay a one-time Finder’s Fee of .25%, of
        the value of our investment to any unaffiliated party that makes an
        introduction, or provides information about prospective targets to
        us.  All such fees have been conditioned on our consummating a
        Business Combination with the identified target.  In this regard, in
        connection with our proposed acquisition of a majority interest in MBL
        Infrastructures Limited, an unaffiliated third party has claimed that it
        is
        entitled to a Finder’s Fee of approximately five percent of the purchase price
        (or, $1.75 million) for the acquisition if the acquisition is
        consummated.  While we do not admit that the unaffiliated third party
        is a finder that is entitled to payment, we have expressed a willingness
        to pay
        our customary Finder's Fee of 0.25%.  The parties are attempting to
        reach agreement on the amount of the fee to be paid if the acquisition is
        consummated.
  We
        have
        entered into a financial advisory agreement with Ferris, Baker Watts, Inc.,
        the
        representative of the underwriters in our public offering, and SG Americas
        Securities, LLC, one of the participating underwriters in the public offering,
        whereby Ferris, Baker Watts, Inc. and SG Americas Securities, LLC will serve
        as
        our financial advisors in connection with a Business Combination for a period
        of
        two years from the effective date of the public offering, March 2,
        2006.  Ferris, Baker Watts, Inc. and SG Americas Securities, LLC will
        perform certain advisory services for us, including without limitation,
        assisting us in determining an appropriate acquisition strategy and tactics,
        evaluating the consideration that may be offered to a target business, assisting
        us in the negotiation of the financial terms and conditions of a Business
        Combination and preparing a due diligence package regarding a Business
        Combination for our board of directors.  The due diligence services
        that have been provided, and continue to be provided, by Ferris, Baker Watts,
        Inc. and SG Americas Securities, LLC consist of gathering, preparing and
        organizing information to be considered by our board of directors, among
        other
        things.  Pursuant to the terms of this agreement, Ferris, Baker Watts,
        Inc.  will be entitled to receive two percent of the consideration
        associated with any Business Combination by us, a portion of which shall
        be
        allocated to SG Americas Securities, LLC pursuant to a separate agreement
        between the parties.  The fee will be capped at $1,500,000 and will be
        paid out of the trust proceeds only upon consummation of a suitable Business
        Combination.  In addition to the foregoing fee, we have agreed to
        reimburse Ferris, Baker Watts, Inc. and SG Americas Securities, LLC, for
        all of
        the reasonable out-of-pocket expenses incurred by it, whether or not a Business
        Combination is consummated; provided, however, that such expenses in the
        aggregate will not exceed $25,000 without our prior consent.
 
 In
        addition to our advisory agreement with Ferris, Baker Watts, Inc. and SG
        Americas Securities, LLC, we have also engaged the services of several
        professional firms that specialize in due diligence, US GAAP audits, legal
        audits, and other services that could help us in determining valuation and
        other
        criteria.  In addition, on or around November 27, 2006, we engaged the
        firm of SJS Associates, which provides the services of Mr. John Selvaraj
        an
        individual with extensive experience in US GAAP, Indian GAAP and SEC
        reporting.  Mr. Selvaraj was also appointed as our Treasurer on
        November 27, 2006, following the resignation of Mr. Cherin.  SJS
        Associates is a company held by Mr. Selvaraj.  Further, following a
        search for legal firms in India that had U.S. and Indian trained attorneys
        that
        could represent us, the Board appointed Economic Laws Practice (ELP), a legal
        firm located in India, with six partners and over fifty
        professionals.  Mr. Suhail Nathani, one of our board directors, is a
        partner with ELP.
 
 Other
        than the foregoing relationships (*i.e.,*ELP, and SJS Associates), we
        have not and do not anticipate paying our officers, directors, founding
        stockholders or any entity with which they are affiliated, any finder’s fee,
        salary or similar compensation for services rendered to us prior to or in
        connection with the consummation of a Business Combination.
 
 ***Evaluation
        of target businesses***
 
 In
        evaluating prospective target businesses, our management will likely consider,
        among other factors, the following:
 
 **•**
              financial
                  condition, results of operation and repatriation
                  regulations;
 
 **•**
              growth
                  potential both in India and growth potential outside of
                  India;
   13
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 **•**
              capital
                  requirements;
 
 **•**
              experience
                  and skill of management and availability of additional
                  personnel;
 
 **•**
              competitive
                  position;
 
 **•**
              barriers
                  to entry into the businesses’
industries;
 
 **•**
              potential
                  for compliance with generally accepted accounting principles (GAAP),
                  SEC
                  regulations, Sarbanes-Oxley requirements and capital
                  requirements;
 
 **•**
              domestic
                  and global competitive position and potential to compete in the
                  U.S. and
                  other markets;
 
 **•**
              position
                  within a sector and barriers to
                  entry;
 
 **•**
              stage
                  of development of the products, processes or
                  services;
 
 **•**
              degree
                  of current or potential market acceptance of the products, processes
                  or
                  services;
 
 **•**
              proprietary
                  features and degree of intellectual property or other protection
                  of the
                  products, processes or services;
 
 **•**
              regulatory
                  environment of the industry and the Indian government’s policy towards the
                  sector; and
 
 **•**
              costs
                  associated with effecting the Business
                  Combination.
  The
        above
        criteria are not intended to be exhaustive.  In addition, our initial
        Business Combination must be with one or more operating businesses that,
        collectively, have a fair market value of at least 80% of our net assets
        (excluding any fees and expenses held in the trust account for the benefit
        of
        Ferris, Baker Watts, Inc.) at the time of the acquisition.  Any
        evaluation relating to the merits of a particular Business Combination with
        one
        or more operating businesses will be based, to the extent relevant, on the
        above
        factors as well as other considerations deemed relevant by our management
        in
        carrying out a Business Combination consistent with our business
        objective.  In evaluating prospective target businesses, we intend to
        conduct an extensive due diligence review that will encompass, among other
        things, meetings with incumbent management and inspection of facilities,
        as well
        as review of financial and other information that will be made available
        to
        us.  Although our management intends to evaluate the risks inherent in
        a particular target business, we may not be able to properly ascertain or
        assess
        all significant risk factors.
  After
        signing a definitive agreement for the acquisition of a target business,
        we will
        submit such transaction for stockholder approval.  We may consummate
        our initial Business Combination if (i) it is approved by a majority of the
        shares of common stock voted by the public stockholders, and (ii) public
        stockholders owning less than 20% of the shares purchased by the public
        stockholders in the initial public offering exercise their conversion
        rights.  In connection with the vote required for our initial Business
        Combination, all of our existing stockholders, including all of our officers,
        directors, and our special advisors, have agreed to vote the shares of common
        stock owned by them in accordance with the majority of the shares of common
        stock voted by the public stockholders.
 
 **Timing
        of a Business Combination**
  Pursuant
        to the terms of our public offering, we must complete a Business Combination
        within 24 months after the consummation of the public offering, which occurred
        on March 8, 2006.  If we do not complete the Business Combination,
        then we will dissolve the Company and distribute to all of our public
        stockholders, in proportion to their respective equity interests, an aggregate
        sum equal to the amount in the trust account, inclusive of any interest,
        plus
        any remaining net assets.
 
 14
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  **Employees**
  We
        currently have two executive officers, one of whom is a member of our board
        of directors, as well as six special advisors.  We also utilize the
        services of advisors, consultants and legal and tax professionals, among
        others,
        to assist in evaluating potential target industries and companies, among
        other
        tasks.  We expect to add employees to handle the additional workload
        brought on by the transactions.
  Mr.
        Ram
        Mukunda, our President and Chief Executive Officer is dedicated full time
        to
        conducting due diligence on the target companies that we have
        identified.  Our Chairman, Dr. Ranga Krishna and our Treasurer, Mr.
        Selvaraj, are dedicated part time in helping with the due diligence on the
        target companies.  Following a Business Combination, or an agreement
        for a Business Combination we may recruit additional managers to supplement
        the
        incumbent management of the target business or businesses, and we expect
        to hire
        full-time employees as well.
 
 **Off
        Balance Sheet Arrangements**
  Options
        and warrants issued in conjunction with our initial public offering are
        equity-linked derivatives; accordingly, they represent off balance sheet
        arrangements.  The options and warrants meet the scope exception in
        paragraph 11(a) of FAS 133 and are accordingly not accounted for as derivatives
        for purposes of FAS 133, but instead are accounted for as equity.  See
        the Notes to the March 31, 2007 financial statements for a discussion of
        outstanding options and warrants.
 
 **Quantitative
        and Qualitative Disclosures About Market Risk**
  Market
        risk is the sensitivity of income to changes in interest rates, foreign
        exchanges, commodity prices, equity prices and other market-driven rates
        or
        prices.  We are not presently engaged in and, if a suitable business
        target is not identified by us prior to the prescribed liquidation date of
        the
        trust account, we may not engage in, any substantive commercial
        business.  Accordingly, we are not and, until such time as we
        consummate or, to the extent, that the acquisition price for a Business
        Combination may be denominated in a foreign currency, enter into an agreement
        to consummate, a Business Combination, we will not be exposed to risks
        associated with foreign exchange rates, commodity prices, equity prices or
        other
        market-driven rates or prices.  The net proceeds of our initial public
        offering held in the trust account have been invested only government
        securities, such as Treasury Bills and money market funds, meeting conditions
        of
        the Investment Company Act of 1940.  Given our limited risk in our
        exposure to money market funds, we do not view the interest rate risk to
        be
        significant.
 
 **Item4.  Controls
        and Procedures**
 
 Disclosure
        controls and procedures are controls and other procedures that are designed
        to
        ensure that information required to be disclosed in company reports filed
        or
        submitted under Securities Exchange Act of 1934 (the “Exchange Act”) is
        recorded, processed, summarized and reported, within the time periods specified
        in the Securities and Exchange Commission’s rules and
        forms.  Disclosure controls and procedures include without limitation,
        controls and procedures designed to ensure the information required to be
        disclosed in company reports filed or submitted under the Exchange Act is
        accumulated and communicated to management, including our chief executive
        officer and treasurer, as appropriate to allow timely decisions regarding
        disclosure.
  Our
        management, including our President and Chief Executive Officer, Ram Mukunda,
        along with our Treasurer, John C. Selvaraj, have reviewed and evaluated the
        effectiveness of our disclosure controls and procedures as of September 30,
        2007.  Based upon this review and evaluation, these officers believe
        that our disclosure controls and procedures were effective as of that
        date.
 
 Our
        management, consisting of our President and Chief Executive Officer and our
        Treasurer, have reviewed and evaluated any changes in our internal control
        over
        financial reporting that occurred as of September 30, 2007 and there has
        been no
        change that has materially affected or is reasonably likely to materially
        affect
        our internal control over financial reporting.
   
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   **PART
        II. OTHER INFORMATION**
 
 **Item1.  Legal
        Proceedings**
 
 None.
 
 **Item
        2.  Unregistered Sales of Equity Securities and
        Use
        of Proceeds**
 
 **Unregistered
        Sales of Equity Securities**
 
 On
        May 5,
        2005, we issued 1,750,000 shares of common stock for an aggregate consideration
        of $17,500 in cash, at an average purchase price of approximately $.01 per
        share, as follows:
 
 **Name**
              
              **Number
                  of Shares(1)**
              
              **Relationship
                  to
                  Us**Dr.
                  Ranga Krishna
              
              
              250,000
              
              Chairman
                  of the BoardRam
                  Mukunda
              
              
              1,250,000
              
              Chief
                  Executive Officer, President and DirectorJohn
                  Cherin
              
              
              250,000
              
              Former
                  Chief Financial Officer, Treasurer and
                  Director
 
 On
        June
        20, 2005, we issued 750,000 shares of common stock for an aggregate
        consideration of $7,500 in cash, at a purchase price of approximately $.01
        per
        share, as follows:
 
 **Name**
              
              **Number
                  of Shares(1)(2)(3)**
              
              **Relationship
                  to Us**Parveen
                  Mukunda
              
              
              425,000
              
              Chief
                  Executive Officer’s spouseSudhakar
                  Shenoy
              
              
              37,500
              
              DirectorSuhail
                  Nathani
              
              
              37,500
              
              DirectorShakti
                  Sinha
              
              
              12,500
              
              Special
                  AdvisorDr.
                  Prabuddha Ganguli
              
              
              12,500
              
              Special
                  AdvisorDr.
                  Anil K. Gupta
              
              
              25,000
              
              Special
                  Advisor
 ____________
 (1)
              The
                  share numbers and per share purchase prices in this section reflect
                  the
                  effects of a 1-for-2 reverse split effected September 29,
                  2005.
 
 (2)
              Representing
                  shares issued to our officers, directors and Special Advisors in
                  consideration of services rendered or to be rendered to
                  us.
 
 (3)
              200,000
                  of the 750,000 shares issued on June 20, 2005 were issued to former
                  stockholders. On September 7, 2005, one former stockholder surrendered
                  to
                  the Company 62,500 shares, and on February 5, 2006, another former
                  stockholder surrendered to the Company 137,500 shares. These 200,000
                  shares were reissued as set forth
                  below.
 
 On
        February 5, 2006, we reissued the 200,000 shares of common stock for an
        aggregate consideration of $2,000 in cash at a price of approximately $.01
        per
        share as follows:
 
 **Name**
              
              **Number
                  of Shares**
              
              **Relationship
                  to
                  Us**Dr.
                  Ranga Krishna
              
              
              100,000
              
              Chairman
                  of the BoardJohn
                  Cherin
              
              
              37,500
              
              Former
                  Chief Financial Officer, Treasurer and DirectorLarry
                  Pressler
              
              
              25,000
              
              Special
                  AdvisorP.G.
                  Kakodkar
              
              
              12,500
              
              Special
                  AdvisorSudhakar
                  Shenoy
              
              
              12,500
              
              DirectorSuhail
                  Nathani
              
              
              12,500
              
              Director
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  The
        private placement offerings described above were not registered in reliance
        upon
        an exemption from registration under Section 4(2) of the Securities Act of
        1933
        and Rule 506 of Regulation D.  Registration was not required because
        the shares were sold to officers and directors of the issuer, who qualify
        as
“accredited investors,” as defined in Rule 501(a) of Regulation D, as well as
        other persons who qualify as accredited investors.
 
 A
        majority of the holders of these shares are entitled to make up to two demands
        that we register these shares pursuant to an agreement between these
        stockholders and the Company. The holders of the majority of these shares
        can
        elect to exercise these registration rights at any time after the date on
        which
        the lock-up period expires. After the Company receives the demand for
        registration, it will notify the other holders of these shares of their ability
        to include their shares in the registration. In addition, these stockholders
        have certain “piggy-back” registration rights on registration statements filed
        subsequent to such date. Piggyback registration rights allow these stockholders
        to include their shares in a registered offering proposed by the Company.
        The
        Company will bear the expenses incurred in connection with the filing of
        any
        such registration statements.
 
 These
        stockholders agreed to waive their rights to participate in any liquidation
        distribution occurring upon our failure to consummate a Business Combination,
        but only with respect to those shares of common stock acquired by them prior
        to
        the public offering and the 170,000 shares included in the units they purchased
        in the private placement. Therefore, they will participate in any liquidation
        distribution with respect to any shares of common stock acquired in connection
        with or following the public offering. In addition, in connection with the
        vote
        required for our initial Business Combination, all of our existing stockholders,
        including all of our officers, directors and special advisors, have agreed
        to
        vote all of the shares of common stock owned by them, including those acquired
        in the private placement or during or after the public offering, in accordance
        with the majority of the shares of common stock voted by the public
        stockholders.
 
 In
        addition to the foregoing private placement offerings, Ram Mukunda, John
        Cherin
        and Dr. Ranga Krishna purchased in the aggregate 170,000 units in the
        above-mentioned private placement offering immediately prior to the public
        offering, at a price equal to the price of the public offering, $6.00 per
        unit.
        This private placement offering was not registered in reliance upon an exemption
        from registration under Section 4(2) of the Securities Act of 1933 and Rule
        506
        of Regulation D. Registration was not required because the shares were sold
        to
        officers and directors of the issuer, who qualify as “accredited investors,” as
        defined in Rule 501(a) of Regulation D. As mentioned above, these stockholders
        agreed to waive their respective rights to participate in any liquidation
        distribution occurring upon our failure to consummate a Business Combination
        with respect to the shares purchased in this private placement
        offering.
 
 The
        units
        purchased by the founding stockholders were identical to the units issued
        in the
        initial public offering, consisting of one share of common stock and two
        warrants. Each warrant entitles the holder to purchase one share of common
        stock
        at an exercise price of $5.00 commencing the later of the completion of a
        Business Combination or March 2, 2007 (one year from the effective date of
        the
        public offering), and expiring March 2, 2011 (five years from the effective
        date
        of the public offering). We have a right to call the warrants, provided the
        common stock has traded at a closing price of at least $8.50 per share for
        any
        20 trading days within a 30 trading day period ending on the third business
        day
        prior to the date on which notice of redemption is given. If we call the
        warrants, either the holder will have to redeem the warrants by purchasing
        the
        common stock from us for $5.00 or the warrants will expire. On June 30, 2007,
        24,874,000 shares of common stock were reserved for issuance upon exercise
        of
        redeemable warrants, the Oliveira warrants and the underwriters’ purchase
        option.
  **Registered
        Offering Use of Proceeds**
 
 The
        registration statement for the Company’s initial public offering was declared
        effective March 2, 2006. On March 8, 2006, the Company sold 11,304,500 units
        (“Units”) in the Public Offering, including the over-allotment option of
        1,474,500 Units exercised by the underwriters of the public offering. Each
        Unit
        consists of one share of the Company’s common stock, $.0001 par value, and two
        redeemable common stock purchase warrants.
 
 The
        following is a breakdown of Units registered and the Units sold in that
        offering:
 
 **Amount
                  Registered***
              
              **Aggregate
                  price of the**
                **amount
                  registered**
              
              
              **Amount
                  Sold**
              
              
              **Aggregate
                  price of the**
                **amount
                  sold to date****11,304,500
                  Units**
              
              **$**
              **67,827,000**
              
              
              
              **11,304,500**
              
              
              **$**
              **67,827,000**
 ____________
 *
              Includes
                  the over-allotment option of 1,474,500 Units exercised by the underwriters
                  of the public offering
   17
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  After
        deducting offering expenses of approximately $871,800 and underwriting discounts
        of approximately $5,160,750, approximately $61,794,450 of the aggregate proceeds
        from the public offering were deposited into the Trust Account at SunTrust
        Bank
        maintained by Continental Stock Transfer & Trust Company acting as trustee.
        Additionally, $1,769,400 of the proceeds attributable to the underwriters’
non-accountable expense allowance has been deposited in the Trust Account.
        The
        net proceeds from the 170,000 Units that were purchased in a private placement
        immediately prior to the public offering by our officers and directors were
        placed in the Trust Account, which they have agreed to forfeit if a Business
        Combination is not consummated. In addition, the proceeds from the loans
        from
        our Founders in the aggregate amount of $870,000 were placed in the Trust
        Account. The loans will be repaid from the interest accrued on the amount
        in
        escrow, but will not be repaid from the principal in escrow.
  As
        of
        March 31, 2007, the maximum amount of interest earned on the Trust Account
        of
        $2,150,000 was transferred to the Company’s operating account to pay for
        business, legal and accounting due diligence on prospective acquisitions
        and
        general and administrative expenses incurred by the Company prior to
        consummation of a Business Combination.
 
 **Item3.  Defaults
        Upon Senior
        Securities**
 
 None.
 
 **Item
        4.  Submission of Matters to a Vote of Security
        Holders**
 
 None.
 
 **Item
        5.  Other Information**
 
 There
        have been no material changes to the rights of our security holders during
        the
        period covered by this quarterly report.
 
 **Item
        6.  Exhibits**
 
 The
        following exhibits are included in this report:
 
 
 10.1
              First
                  Amendment dated August 20, 2007 to Agreement dated April 29, 2007
                  between
                  IGC, CWEL, AMTL and MAIL (incorporated by reference to the Company’s Form
                  8-K dated August 20, 2007, filed as Exhibit 10.1
                  thereto).10.2
              Share
                  Subscription Agreement dated September 16, 2007 by and among India
                  Globalization Capital, Inc., Techni Bharathi Limited and the persons
                  named
                  as Promoters therein (incorporated by reference to the Company’s Form 8-K
                  dated September 21, 2007, filed as Exhibit 10.1
                  thereto).10.3
              Shareholders
                  Agreement dated September 16, 2007 by and among India Globalization
                  Capital, Inc., Techni Bharathi Limited and the persons named as
                  Promoters
                  therein (incorporated by reference to the Company’s Form 8-K dated
                  September 21, 2007, filed as Exhibit 10.2 thereto).10.4
              Share
                  Purchase Agreement dated September 21, 2007 by and between India
                  Globalization Capital, Inc. and Odeon Limited (incorporated by
                  reference
                  to the Company’s Form 8-K dated September 21, 2007, filed as Exhibit 10.3
                  thereto).10.5
              Share
                  Subscription Cum Purchase Agreement dated September 15, 2007 by
                  and among
                  India Globalization Capital, Inc., Sricon Infrastructure Private
                  Limited and the persons named as Promoters therein (incorporated
                  by
                  reference to the Company’s Form 8-K dated September 21, 2007, filed as
                  Exhibit 10.4 thereto).10.6
              Shareholders
                  Agreement dated September 15, 2007 by and among India Globalization
                  Capital, Inc., Sricon Infrastructure Private Limited and the persons
                  named as Promoters therein (incorporated by reference to the Company’s
                  Form 8-K dated September 21, 2007, filed as Exhibit 10.5
                  thereto).31.1
              Certificate
                  Pursuant to 17 CFR 240.13a-14(a).31.2
              Certificate
                  Pursuant to 17 CFR 240.13a-14(a).32.1
              Certificate
                  Pursuant to 18 U.S.C. § 1350.32.2
              Certificate
                  Pursuant to 18 U.S.C. § 1350.
   18
 Table
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  **SIGNATURES**
 
 In
        accordance with the requirements of the Exchange Act, the registrant caused
        this
        report to be signed on its behalf by the undersigned, thereunto duly
        authorized.
   **INDIA
                  GLOBALIZATION CAPITAL, INC.**November
                  14,
                  2007
              By:
              /s/ Ram
                  MukundaRam
                  MukundaChief
                  Executive Officer, President and Director
                (Principal
                  Executive Officer)November
                  14,
                  2007
              By:
              /s/  John
                  B.
                  SelvarajJohn
                  B. SelvarajTreasurer(Principal
                  Financial and Accounting Officer)
    19
 Table
            of Contents