Document:

Exhibit 10.2

    Exhibit 10.2

    
 

    FIRST
      AMENDMENT TO THE DEBENTURE SUBSCRIPTION AGREEMENT DATED 2ND
      FEBRUARY 2007

     

    THIS
      First
      Amendment to the Debenture Subscription Agreement dated 2nd
      February 2007
      (hereinafter referred to as “Amendment”)
      is
      entered on this 25 day of April
      2007;

    

    BY
      AND AMONG

    

    
      	1.  	
              MBL
                INFRASTRUCTURES LIMITED,
                a
                company incorporated in India under the Companies Act, 1956 and having
                its
                registered office at 23A, Netaji Subhash Road, 3rd Floor, Suite No.
                14,
                Kolkata - 700001 (hereinafter
                referred to as the “Company”);

            

    

    

    
      	2.  	
              THE
                PERSONS
                whose names and particulars are more particularly set out in Schedule
                1
                hereto (hereinafter referred to collectively as “Promoters”
                and each, a “Promoter”,
                which expression shall unless repugnant to the context or meaning
                thereof,
                be deemed to mean and include their heirs, legal representatives,
                executors, and administrators);

            

    

    

    
      	3.  	
              INDIA
                GLOBALISATION CAPITAL, INC. a
                company organised under the laws of the State of Maryland and
                having its office address at 4336 Montgomery Avenue
                Bethesda, MD 20814 (hereinafter referred to as “Investor”,
                which expression shall, unless it be repugnant to the context or
                meaning
                thereof, be deemed to mean and include its successors and
                assigns).

            

    

    

    (The
      Investor, the Promoters and the Company may hereinafter be referred to
      individually as “Party”
      and
      collectively as “Parties”,
      as the
      context may require).

    

    Whereas
      the Investor, the Promoters and the Company are the parties to that certain
      Debenture Subscription Agreement (the “Debenture
      Subscription Agreement”)
      dated
      2nd
      February, 2007, pursuant to which the Investor has agreed to subscribe to
Convertible
      Instruments issued by the Company aggregating to approximately the INR
      equivalent of US$ 3 million, upon the terms and conditions set forth
      therein.

    

    WHEREAS,
      the Investor, the Company and the Promoters desire to amend the Debenture
      Subscription Agreement on the terms and conditions hereinafter set
      forth.

     

    NOW,
      THEREFORE, IN CONSIDERATION OF THE MUTUAL PROMISES COVENANTS AND AGREEMENTS
      HEREIN CONTAINED, THE PARTIES AGREE AS FOLLOWS:

    

    
      	
              1.

            	
              Amendment
                to Clause 14 (Future Investment) - Clause 14 (Future Investment)
                is hereby
                amended to read in its entirety as
                follows:

            

    

     

     

    FUTURE
      INVESTMENT

     

    Within
      45
      days of receipt of documents referred to in Clause 4.1.10(A), the Investor
      shall
      be required to satisfy the Condition Precedent referred to in Clause 4.1.2
      of
      the SSPA. In the event the Condition Precedent referred to Clause 4.1.2 of
      the
      SSPA, is not satisfied within such period, the Investor shall be obliged at
      the
      option of the Company and the Promoters to invest an additional amount
      of
      approximately the INR equivalent of US$ 3 million into the Company within 15
      days by subscription to further allotment of Convertible Instruments to the
      Investor as per the terms of this Agreement. Such date may only be extendable
      by
      mutual consent. If such additional amount is not paid within such 15 days or
      any
      extension thereof, the SSPA shall stand terminated. 

    
      

      
        	
                2.

              	
                This
                  Amendment shall become effective upon the execution and delivery
                  of this
                  Amendment by the Investor, the Promoters and the Company.
                  

              

      

      
        

        
          	
                  3.

                	
                  Amendment
                    to the Debenture Subscription Agreement. The Debenture Subscription
                    Agreement is hereby, and shall henceforth be deemed to be, amended,
                    modified and supplemented in accordance with the provisions hereof,
                    and
                    the respective rights, duties and obligations under the Debenture
                    Subscription Agreement shall hereafter be determined, exercised
                    and
                    enforced under the Debenture Subscription Agreement, as amended,
                    subject
                    in all respects to such amendments, modifications, and supplements
                    and all
                    terms and conditions of this
                    Amendment.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

           

        

      

    

    
      	
              4.

            	
              Ratification
                of the Agreement. Except as expressly set forth in this Amendment,
                all
                agreements, covenants, undertakings, provisions, stipulations, and
                promises contained in the Debenture Subscription Agreement are hereby
                ratified, readopted, approved, and confirmed and remain in full force
                and
                effect.

            

    

    

    
      	
              5.

            	
              No
                Implied Waiver. The execution, delivery and performance of this Amendment
                shall not, except as expressly provided herein, constitute a waiver
                or
                modification of any provision of, or operate as a waiver of any right,
                power or remedy of the Parties under, the Debenture Subscription
                Agreement
                or prejudice any right or remedy that either Party may have or may
                have in
                the future under or in connection with the Debenture Subscription
                Agreement or any instrument or agreement referred to therein. The
                Parties
                hereto acknowledge and agree that the representations and warranties
                of
                the Parties contained in the Debenture Subscription Agreement shall
                survive the execution and delivery of this Amendment and the effectiveness
                hereof.

            

    

    

    
      	
              6.

            	
              Governing
                Law. This Amendment shall be governed by and be governed by and construed
                in accordance with the laws of
                India.

            

    

    

    
      	
              7.

            	
              Counterparts.
                This
                Amendment may be executed in one or more counterparts, each of which
                shall
                be deemed an original and all of which, taken together, shall constitute
                one and the same instrument.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    IN
      WITNESS WHEREOF THE PARTIES OF THIS ADDENDUM HAVE SET AND SCRIBED THEIR HANDS
      AT
      KOLKATA, ON THE DAY MONTH AND YEAR FIRST NOTED ABOVE, IN PRESENCE
      OF:

    

    
      	
              SIGNED
                AND DELIVERED

            	
              )

            
	
              BY
                THE WITHINNAMED "
                INVESTOR "

            	
              )

            
	
              PARVEEN
                MUKUNDA

            	
              )

            
	 	
              )

            
	 	 
	
              ON
                THE 25 DAY OF APRIL 2007

            	
              )

            

    

    

    
      	
              IN
                THE PRESENCE OF:

            	
              )

            
	
              WITNESS:

            	
              )

            
	 	 
	
              NAME
                AND ADDRESS:

            	
              )

            
	 	 
	 	 
	 	 

    

    

    
      	
              SIGNED
                AND DELIVERED

            	
              )

            
	
              BY
                THE WITHINNAMED "COMPANY"

            	
              )

            
	
              BY
                THE HAND OF Mr. RAM GOPAL MAHESWARI

            	
              )

            
	
              (AUTHORISED
                SIGNATORY) PURSUANT TO THE

            	
              )

            
	
              RESOLUTION
                PASSED BY THE BOARD 

            	
              )

            
	
              ON
                THE 25 DAY OF APRIL 2007

            	
              )

            
	 	 
	
              IN
                THE PRESENCE OF:

            	
              )

            
	
              WITNESS:
                

            	
              )

            
	 	 
	
              NAME
                AND ADDRESS:

            	
              )

            
	 	 
	 	 
	 	 

    

    

    
      	
              SIGNED
                AND DELIVERED

            	
              )

            
	
              BY
                THE WITHINNAMED "Promoters"

            	
              )

            
	 	
              )

            
	 	
              )

            
	 	 
	 	 
	
              ON
                THE 25 DAY OF APRIL 2007

            	
              )

            
	 	 
	
              IN
                THE PRESENCE OF:

            	
              )

            
	
              WITNESS:

            	
              )

            
	 	 
	
              NAME
                AND ADDRESS:

            	
              )Exhibit 10.3

    Exhibit 10.3

      

      
 

      Contract
        Agreement

      

      This
        Agreement is between India Globalization Capital Inc., Chiranjjeevi Wind
        Energy
        Limited, Arul Mariamman Textiles Limited and Marudhavel Industries Limited
        (the
        Parties).

      

      Whereas:

       

      M/s.
        INDIA GLOBALIZATION CAPITAL, INC. a
        company
        registered in The United States of America, having its registered office
        at
        4336, Montgomery Ave., Bethesda Maryland 20814, (hereinafter called
“the
        Employer’)
        represented by its Chief Executive Officer and President Mr. Ram Mukunda
        of the
        first part, 

      

      M/s.
        CHIRANJJEEVI WIND ENERGY LIMITED,
        a
        company registered under Indian Companies Act 1956, having its administrative
        office at 26-A, Kamaraj Road, Mahalingapuram, Pollachi - 642 002 Tamil Nadu
        (hereinafter called “the
        Contractor”)
        represented by its Chairman & Managing Director Mr. R. V. S.MARIMUTHU of the
        second part,

      

      M/s
        ARUL MARIAMMAN TEXTILES LIMITED,
        a
        company registered under Indian Companies Act 1956, having its registered
        office
        at 26, Kamaraj Road, Mahalingapuram, Pollachi - 642 002, Coimbatore District,
        Tamil Nadu, (hereinafter called “AMTL”)
        represented by its Director Mr.M.A.Kanagaraj of the third part; and

      

      M/S
        MARUDHAVEL INDUSTRIES LIMITED,
        a
        company registered under Indian Companies Act 1956, having its registered
        office
        at 16, Imamkhan Street, Ramalakshmi Complex, Pollachi - 642 001, Coimbatore
        District, Tamil Nadu (hereinafter called “MAIL”)
        represented by its Director Mr.K.Kumaravel of the fourth part. 

      

      The
        Contractor has represented that it is in the business of manufacturing,
        supplying, installing and commissioning wind energy projects on a turnkey
        basis,
        and has the expertise, know-how, facilities and resources for undertaking
        total
        responsibility for setting up wind farms from concept to commissioning as
        well
        as providing arrangements for operation, maintenance and management on an
        on-going basis. The Employer has evinced an interest to develop a 24 MW wind
        farm project in the state of Karnataka in India. 

       

      After
        mutual discussions and negotiations the Parties have come to an agreement
        for
        the manufacturing, installation, commissioning, operation and maintenance
        of 24
        MW (96 x 250 Kw WEGs) wind farm project on a turnkey basis by the Contractor
        at
        Karnataka, India (hereinafter referred to as “the
        Project”).

      

      The
        Employer and the Contractor agree as
        follows:

      

      
        	
                1.
                  

              	
                In
                  this agreement words and expressions shall have the same meanings
                  as are
                  respectively assigned to them in the conditions of the contract
                  herein
                  referred to.

              

      

      

      
        	
                2.
                  

              	
                Section
                  headings appearing in this Agreement are inserted for convenience
                  of
                  reference only, and shall in no way be construed to be interpretations
                  of
                  the provisions hereof. 

              

      

      

      
        	
                3.
                  

              	
                The
                  following documents shall be deemed to form and be read and construed
                  as
                  part of this Agreement:

              

      

      (a)
         Conditions
        of Contract (Exhibit A)

      (b)
         The
        Specifications

      (c)
         The
        Drawings, and

      (d)
         The
        Schedules.

      

      
        	
                4.
                  

              	
                In
                  consideration of the payments to be made by the Employer to the
                  Contractor
                  as hereinafter mentioned, the Contractor hereby covenants with
                  the
                  Employer to execute and complete the Works and remedy any defects
                  therein,
                  in conformity with the provisions of the Agreement.
                  

              

      

      

      
        	
                5.
                  

              	
                The
                  Employer hereby covenants to pay the Contractor, in consideration
                  of the
                  execution and completion of the Works and the remedying of defects
                  therein, the Contract Price at the time and in the manner prescribed
                  in
                  Schedule 1 of this Agreement.

              

      

      

      
        	
                6.
                  

              	
                AMTL
                  and MAIL agree that they shall transfer their capacity Allotment
                  to CWEL
                  or as per the advise of CWEL at the time of commissioning.
                  

              

      

      

      
        	
                7.
                  

              	
                It
                  is agreed between the Parties that the capacity of the wind farm
                  shall be
                  24 MW consisting of 96 (ninety six) 250KW WEGs and the wind energy
                  farm
                  will be set up in the State of Karnataka in the land and capacity
                  allotted
                  to the Contractor or their associate companies. The technical
                  specifications of the Contractor 250 KW wind electrical generator
                  shall
                  be: 

              

      

      

      Tower
         -
        Lattice
        50. mtr. Hub Height

      Rotor  -
        3 FRP
        blades, 29.20 m diameter and 670
        sq.
        mtrs. swept area.

      Generator
         -
        Asynchronous, 250 / 60 Kw, 3 Phase, 400
        V 50
        Hz, 1500/1000 rpm

      Gear
        Box
 -
        Helical, 3 Stage.

      Regulation
         -
        Stall

      Controls
         -
        Micro
        processor based

      Transformer
        - 33 kV.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      8.
         SCOPE
        OF WORK

       

      The
        scope
        of work of the Contractor includes:

       

      
        	 	
                8.1.1
                  

              	
                Design,
                  manufacture and supply of WEGs including Tower, Nacelle, Rotor,
                  Cables and
                  Control Panels and including providing all spares at cost during
                  the life
                  of the WEGs, being 20 (twenty)
                  years..

              

      

      

      
        	 	
                8.1.2
                  

              	
                Packing,
                  handling, loading and unloading and transportation of all equipment
                  to the
                  Site.

              

      

      

      
        	 	
                8.1.3

              	
                Formation
                  of roads suitable for transporting all the machines and materials
                  through
                  heavy vehicles like cranes, trucks, trailers, etc.
                  

              

      

      
        

        
          	 	
                  8.1.4

                	
                  Site
                    clearance and Platform
                    construction.

                

        

         

      

      
        	 	
                8.1.5
                  

              	
                Liaison
                  and obtaining all the clearances from Karnataka Renewable Energy
                  Development Limited (KREDL), Karnataka Power Transmission Corporation
                  Limited (KPTCL), Karnataka Electricity Regulatory Commission (KERC)
                  and
                  other government and private agencies,
                       including,
                  without limitation, those referenced in Schedules 2 and 4, in order
                  for
                  the Employer to own and operate (or have operated on its behalf)
                  the
                  Project.

              

      

      
        
          

          
            	 	
                    8.1.6

                  	
                    Foundation
                      work for the WEGs.

                  

  

        

      

      
        	 	
                8.1.7

              	
                Supply
                  and erection of all high-tension electrical works including transformer,
                  Meter, Metering Set, etc., including the Yard.

              

      

      

      
        	 	
                8.1.8

              	
                Obtaining
                  Grid Tie up and evacuation and Synchronization
                  Clearances.

              

      

      

      
        	 	
                8.1.9

              	
                Over
                  Head Line work from Meter point to the tapping point/SS of
                  KPTCL.

              

      

       

      
        
          	 	
                  8.1.10

                	
                  Assembly
                    and erection of WEGs at site.

                

        

        
          

          
            	 	
                    8.1.11

                  	
                    Test
                      run of all the WEGs after grid is
                      provided.

                  

          

          
            

            
              	 	
                      8.1.12

                    	
                      Commissioning
                        of the WEGs after providing the
                        grid.

                    

            

             

          

        

      

      
        	 	
                8.1.13

              	
                Doing
                  all acts necessary to ensure that the Project is completed and
                  operated
                  and maintained in accordance with the
                  Agreement.

              

      

      

      
        	 	
                8.1.14

              	
                The
                  Contractor shall be deemed to have satisfied himself as to the
                  sufficiency
                  of and all conditions and circumstances affecting the Contract
                  Price, the
                  Site and its surroundings, climatic conditions, the extent and
                  nature of
                  the Works, the labour, Plant and the Contractor’s Equipment required for
                  the Works and generally as to all other circumstances, risks and
                  contingencies which may be relevant to the performance of the Contractor’s
                  Obligations under the Agreement and/or to the payments to be made
                  in
                  respect thereof. The Contractor therefore accepts total responsibility
                  for
                  having foreseen all difficulties and costs and expenses for successfully
                  executing the Works and that subject to Clause 9 hereof, no increase
                  in
                  the Agreement Price and no extension of the Time other than provided
                  under
                  Clause 13.2 for Completion shall be made, based in whole or in
                  part upon
                  any discrepancy between actual circumstances encountered by the
                  Contractor
                  and those anticipated or considered.

              

      

      
        

        
          	 	
                  8.1.15

                	
                  The
                    Contractor acknowledges that the Employer has made available
                    to the
                    Contractor, certain data and information solely for the convenience
                    of the
                    Contractor, the verification and interpretation of which is the
                    sole risk
                    and responsibility of the Contractor. The Contractor agrees that
                    the
                    Employer shall have no liability to the Contractor for the adequacy,
                    accuracy or completeness of such data and information and shall
                    protect,
                    indemnify and hold the Employer harmless from and against any
                    and all
                    losses arising directly or indirectly from or incurred by reason
                    of the
                    use of any such data and information or any part thereof. Further,
                    the
                    Contractor hereby waives any claims it may otherwise have against
                    persons
                    who may have prepared, compiled, provided or prepared any such
                    data and
                    information and by other persons to whom the Contractor has supplied
                    such
                    data and information.

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        9.
           PRICE

        

          The
            Contractor will design, supply, assemble, erect and commission each WEG
            of
            C2920/250 KW wind turbines covering the entire range of work as mentioned
            in
            Clause 8 at a total price of Rs.118.75 lakhs (Rupees One Crore Eighteen
            Lakhs
            and Seventy Five Thousand Only) each for the 96 (ninety-six) WEGs totaling
            to
            Rs.114.00 crores (Rupees One Hundred and Fourteen Crores). The Contractor
            shall
            commence the design, supply, assembly and erection of the WEGs within
            1 (one)
            day of Effective Date. The Effective Date is the date of receipt of the
            first
            down payment by the Contractor. The above price is fixed as a package
            for the
            Project.

        

      

       

      Both
        the
        parties agree that the above price is valid upto 30.04.2007 only and the
        price
        will be revised depending upon the escalation of the price of the components
        and
        all other activities related to this project after 30.04.2007.

      
        

          10.
             TAXES
            & LEVIES

        

        
          

          The
            Price
            above does not include any statutory levies and taxes (being indirect
            taxes such
            as Service Tax, but does not include any direct tax such as income tax),
            which
            shall be borne by the Employer at the prevailing rate at the time of
            raising the
            invoice by the Contractor. The Contractor is required to use its best
            endeavors
            to structure all procurement in such a manner that will minimize taxes
            and
            levies on the Project

        

         

        11.  PAYMENT
          TERMS

         

      

      
        	 	
                11.1
                  

              	
                The
                  Price in Clause 9 above, shall be paid to the Contractor as per
                  Schedule 1
                  and subject to Clause 11.2 

              

      

      

      
        	 	
                11.2

              	
                The
                  Parties agree that the Employer will have a right to make payments
                  directly to the major vendors and contractors specified in Schedule
                  3 as
                  per the instructions from the contractor and in accordance with
                  the
                  contract with such vendors from time to time such payment being
                  part of
                  the down payment mentioned in Schedule
                  1.

              

      

      

      
        	 	
                11.3
                  

              	
                The
                  employer shall pay a sum of Rs.100 Lakhs ( Rupees One Hundred Lakhs
                  Only )
                  on or before 15th
                  May 2007 to the Contractor as interest free deposit to facilitate
                  implementation of the project. Only 75% ( Seventy Five percentage)
                  of this
                  amount will be refunded by the Contractor to the Employer in case,
                  the
                  Employer fails to perform their obligations by
                  30.09.2007.

              

      

      

      
        	 	
                11.4

              	
                The
                  Parties further agree that the Contractor shall create at the cost
                  of the
                  Employer security interest in favour of the Employer over all major
                  goods
                  and components purchased by the Contractor for the purpose of the
                  Project.
                  The Contractor shall create at the cost of the Employer a security
                  interest in favour of the Employer over all major goods and components
                  imported by the Contractor immediately after the goods and components
                  have
                  cleared customs in India.

              

      

      

      
        	 	
                11.5
                  

              	
                The
                  security interest created by the Contractor under Clause 11.4 shall
                  be
                  released at the cost of the employer once the ownership of the
                  secured
                  goods and components passes to the Employer in accordance with
                  this
                  contract.

              

      

       

      	11.6     
                	
              The
                Contractor shall assign all its rights under all agreements entered
                into
                between the Contractor and any vendor for the goods and components
                purchased for the purpose of the Project to the
                Employer.

            

      

      	11.7     
                	
              The
                Contractor shall submit a Corporate Guarantee in the agreed form
                to the
                Employer for the amount received till completion of the project on
                pro-rata basis. The said Guarantee will automatically get diminished
                depending upon the implementation of the
                project.

            

      

      12.
         CONDITIONS 

      
        	 	 

                12.1
                  

              	 

                The
                  Employer’s obligations are conditional upon the satisfaction or waiver (if
                  applicable) of all of the following
                  conditions:

              

      

      

      
        	 	12.1.1	A resolution being passed at a duly constituted
                meeting
                of the board of directors of the Employer and a resolution being
                passed at
                duly constituted meeting of the shareholders of the Employer, approving
                the development of a wind energy farm in Karnataka and the satisfaction
                of
                all other conditions for the Employer to effect a Business Combination
                as
                set forth in the Employer’s Prospectus dated March 3, 2006 as filed with
                the US Securities and Exchange Commission.

        	 	 	 

        	 	
                12.1.2

              	
                The
                  Contractor obtaining the necessary capacity allotment through its
                  associate companies AMTL and MAIL, as per schedule 4 from the Government
                  of Karnataka.

              

      

      

      
        	 	
                12.1.3

              	
                The
                  Contractor providing IGC with documentary proof that AMTL and MAIL
                  have
                  entered into a valid agreement as per Government Order No. DE 26
                  NCE 99,
                  Bangalore dated 3 May 1999, EN 259 NCE 2004 Bangalore dated 18.03.2005
                  and
                  EN 260 NCE 2004 Bangalore dated 26.08.2004 with the Government
                  of
                  Karnataka through KREDL for 24 MW and that both AMTL and MAIL have
                  fulfilled all the conditions under their respective agreements
                  and are not
                  in breach of their respective agreements;

              

      

      

      
        	 	
                12.1.4

              	
                AMTL
                  and MAIL transferring their capacity allotment and all rights there
                  under
                  to the Contractor concurrent with the required down payment. The
                  Contractor will provide Employer documentary proof of the
                  same.

              

      

      

      
        	 	
                12.1.5

              	
                The
                  Parties entering into an agreement for the operation and maintenance
                  of
                  the wind energy farm;

              

      

      

      12.1.6   
         The
        Parties agreeing to the Schedules and Exhibits .

      

      
        	 	
                12.1.7

              	
                The
                  Contractor shall obtain all necessary consents, approvals and licenses
                  for
                  the Employer to generate and sell the power generated as permissible
                  under
                  applicable laws and including but not limited to those specified
                  in
                  Schedules 2 and 4 in the form and content as per statutory
                  requirements;

              

      

      

      13.
         PROJECT
        COMPLETION

       

      
        	 	
                13.1
                  

              	
                All
                  the WEGs shall be supplied, installed and commissioned within 12
                  (twelve)
                  months from the Effective Date (“Time
                  for Completion”).
                  The employer should make the down payment on or before 30.09.2007
                  so as to
                  enable the contractor to implement the project successfully in
                  time.

              

      

      

      
        	 	
                13.2
                  

              	
                The
                  Employer will extend the Time for Completion for a further period
                  of 3
                  (three) months (“Extended
                  Time for Completion”)
                  if the Contractor completes Milestone VI of the Project as specified
                  in
                  Schedule 1

              

      

      

      
        	 	
                13.3
                  

              	
                In
                  the event the commissioning of all the 96 WEG’s is not completed within
                  the Extended Time for Completion, the Contractor will refund the
                  excess
                  amount received after deducting the value of completed WEGs and
                  also the
                  expenses incurred by the Contractor in connection with the implementation
                  of the project.

              

      

      

      
        	 	
                13.4
                  

              	
                The
                  Project shall be completed as per the milestones provided in Schedule
                  1.

              

      

      

      
        	 	
                13.5
                  

              	
                The
                  Employer shall take-over each WEG on the day of commissioning of
                  that WEG.
                  The Parties agree that on the day of commissioning of the WEG or
                  earlier
                  if permitted under applicable law, the Contractor shall procure
                  that the
                  Parties shall enter into a sub-lease agreement with the Government
                  of
                  Karnataka in form and content as per the statutory requirement,
                  under
                  which the land relating to that WEG shall be subleased to the
                  Employer.

              

      

      

      
        	 	
                13.6
                  

              	
                The
                  Contractor shall begin the operation and maintenance of each WEG
                  from the
                  date of its commissioning as per the terms and conditions of the
                  operations and maintenance contract between the
                  Parties.

              

      

      

      
        	 	
                13.7
                  

              	
                The
                  Contractor shall ensure that there is in place a power purchase
                  agreement
                  between the Employer and BESCOM for all the power generated by
                  a WEG as on
                  the date of commissioning of that WEG unless modified in writing
                  by the
                  Employer prior to completion either to the electricity board or
                  as a sale
                  to a third party if so decided by the Employer, in accordance with
                  prevailing Govt. rules.

              

      

      

      14.
         STANDARD
        OF PERFORMANCE

       

      
        	 	
                14.1
                  

              	
                Without
                  limiting any other provisions of the Agreement, the Contractor
                  shall
                  perform the Work with due care and in a professional manner, using
                  sound
                  engineering and design principles and project management and supervisory
                  and warrant procedures, in accordance with and consistent with
                  industry
                  standards and all applicable Laws. The Works done by the Contractor
                  shall
                  be fit for purpose. The Contractor represents and warrants that
                  it has the
                  requisite skills, experience, expertise and capacity to perform
                  the Work
                  in the foregoing manner and to satisfy and fulfill all of its obligations
                  and responsibilities under the
                  Agreement.

              

      

      

      
        	 	
                14.2
                  

              	
                The
                  time is of an essence of the Agreement. This condition will apply
                  to both
                  Parties relating to payments and project
                  implementation.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        
          15.  
             LIQUIDATED
            DAMAGES 

           

          15.1
            Liquidated Damages for Delay 

           

          If
            the
            Contractor fails to complete commissioning of the WEGs in accordance
            with the
            Agreement, then the Contractor shall without prejudice to the Employer’s right
            at law pay to the Employer the maximum liquidated damages equivalent
            to 5% (five
            percent) of the value of each WEG (“Liquidated
            Damages”).
            

           

          15.2
            Payment of Liquidated Damages 

           

          15.2.1  
            The payment of Liquidated Damages does not in any way relieve the Contractor
            from any of its obligations to complete the Works or from any other obligations
            and liabilities of the Contractor under the Agreement. 

           

          15.2.2  
            For the avoidance of doubt and without prejudice to any continuing obligations
            of the Contractor under the Contract or otherwise, the issue of any Taking
            Over
            Certificate does not relieve the Contractor in respect of Liquidated
            Damages
            which have accrued up to the date of such Taking Over Certificate, but
            which
            have not yet been paid by the Contractor. 

           

          15.3 
            Calculation of the Rate of Liquidated Damages 

           

          15.3.1  
            The Parties recognize the expense and inconvenience likely to be incurred
            from
            any need to prove the loss and damage that will be suffered by the employer
            only
            in the event of failure by the Contractor to achieve completion of the
            Works by
            the relevant Time for Completion. The Parties acknowledge that the Liquidated
            Damages is a genuine pre-estimation of and reasonable compensation for
            the loss
            and damage that will be suffered by the Employer in the event of any
            such
            failure on the part of the Contractor and the Contractor irrevocably
            undertakes
            that it will not, whether by legal proceedings or otherwise, contend
            that the
            levels of Liquidated Damages are not reasonable nor will it put the Employer
            to
            the proof thereof, nor further contend that its agreement to such sum
            and
            undertaking as aforesaid were arrived at by force, duress, coercion,
            mistake or
            misrepresentation on the part of the Employer. If the payment of Liquidated
            Damages is unenforceable by the Employer for any reason the Contractor
            shall be
            liable to pay the Employer actual losses and costs caused or to the extent
            contributed to by the delay to the Time for Completion for which the
            Contractor
            is responsible. The maximum liability of the Contractor to the Employer,
            under
            this Clause 15 shall not exceed the amount of Rs.5.7 Crores.

           

        

      

      16.
         REPRESENTATIONS
        & WARRANTIES

       

      
        	 	
                16.1
                  

              	
                Each
                  Party represents, severally and not jointly, to the other Party
                  hereto
                  that:

              

      

       

      
        	 	
                16.1.1

              	
                Such
                  Party has the full power and authority to enter into, execute and
                  deliver
                  the Agreement and to perform the transactions contemplated hereby
                  and such
                  Party is duly incorporated or organized with limited liability
                  and
                  existing under the laws of the jurisdiction of its incorporation
                  or
                  organization;

              

      

      

      
        	 	
                16.1.2

              	
                The
                  execution and delivery by such Party of the Agreement and the performance
                  by such Party of the transactions contemplated hereby have been
                  duly
                  authorized by all necessary corporate or other action of such
                  Party;

              

      

      

      
        	 	
                16.1.3

              	
                Assuming
                  the due authorization, execution and delivery hereof by the other
                  Parties,
                  the Agreement constitutes the legal, valid and binding obligation
                  of such
                  Party, enforceable against such Party in accordance with its terms,
                  except
                  as such enforceability may be limited by applicable bankruptcy,
                  insolvency, reorganization, moratorium or similar laws affecting
                  creditors' rights generally; and 

              

      

      

      
        	 	
                16.1.4

              	
                The
                  execution, delivery and performance of the Agreement by such Party
                  and the
                  consummation of the transactions contemplated hereby will not (i)
                  violate
                  any provision of the organizational or governance documents of
                  such Party;
                  (ii) require such Party to obtain any consent, approval or action
                  of, or
                  make any filing with or give any notice to, any Government Authority
                  in
                  India or any other person pursuant to any instrument, Agreement
                  or other
                  agreement to which such Party is a party or by which such Party
                  is bound
                  save for those provided in Schedule 2; (iii) conflict with or result
                  in
                  any material breach or violation of any of the terms and conditions
                  of, or
                  constitute (with notice or lapse of time or both constitute) a
                  default
                  under, any instrument, Agreement or other agreement to which such
                  Party is
                  a party or by which such Party is bound; (iv) violate any order,
                  judgment
                  or decree against, or binding upon, such Party or upon its respective
                  securities, properties or businesses; or (v) subject to the novation
                  of
                  the Agreement, violate any Laws of India or the Laws of its place
                  of
                  incorporation or organization any other country in which it maintains
                  its
                  principal office.

              

      

       

      
        
          	 	
                  16.2

                	
                  The
                    Contractor represents and warrants to the Employer
                    that:

                

        

         

      

      
        	 	
                16.2.1

              	
                It
                  is fully experienced in the planning, programming, design and execution
                  and co-ordination of construction activities wind energy farms
                  of the
                  scope, complexity, size and technical sophistication of the Works
                  and that
                  it possesses the level of skill and expertise commensurate with
                  such
                  experience, upon which the Employer is
                  reliant;

              

      

      

      
        	 	
                16.2.2

              	
                It
                  shall be responsible for the design and execution of the Works
                  and the
                  said design and execution of the Works will meet in all respects
                  the
                  requirements of the Agreement;

              

      

      

      
        	 	
                16.2.3

              	
                It
                  shall undertake and develop the design of the Works so as to procure
                  a
                  complete detailed design which both as a whole and as individual
                  parts
                  will be adequate, accurate and sufficient and will meet and comply
                  in all
                  respects with the Specifications, applicable Laws and industry
                  practice
                  and that such detailed design will be such that the Works as a
                  whole and
                  as each individual part will be in all respects fit for its purpose
                  in
                  accordance with the Specifications, applicable Laws and industry
                  practice;

              

      

      

      
        	 	
                16.2.4

              	
                The
                  Works will be designed and executed and defects remedied in accordance
                  with industry practice and all applicable Laws and the functional
                  and
                  other requirements of the Agreement and when completed the Works
                  shall be
                  fit for the purpose for which the Works are intended, as specified
                  or as
                  may be inferred from the Agreement;

              

      

      

      
        	 	
                16.2.5

              	
                The
                  Works have a rate of deterioration reasonably to be expected of
                  a high
                  quality, reliable and well-designed, engineered and constructed
                  wind
                  energy farm with minimal lifecycle costs and shall be free of structural
                  defects and deficiencies;

              

      

      

      
        	 	
                16.2.6

              	
                The
                  personnel to be employed by the Contractor in or about the design
                  and
                  execution of the Works will be properly skilled, competent and
                  experienced
                  having regard to the nature and extent of the
                  Works;

              

      

      

      
        	 	
                16.2.7

              	
                
                  The
                    Contractor has not and will not use substances or materials generally
                    known at the time of their use to be deleterious to health or
                    safety
                    during the execution or the design life of the Works or to be
                    likely
                    adversely to affect the operation or design life of the Permanent
                    Works or
                    persons using or employed or engaged on the same or to be likely
                    to cause
                    the Contractor or the Employer to be in breach of any applicable
                    Laws;

                

              

      

       

      
        	 	
                16.2.8

              	
                It
                  will ensure that the Works will comprise only equipment which is
                  new
                  and/or unused and complies with the Agreement and which is manufactured
                  and prepared in accordance with the applicable Laws and with industry
                  practice; and 

              

      

      

      
        	 	
                16.2.9

              	
                It
                  will obtain all the necessary approvals and permits under applicable
                  law
                  for the successful completion and operation of the Project including
                  without limitation approvals and permits as detailed in Schedule
                  2 during
                  the execution of the Project.

              

      

       

      
        
          	 	
                  16.2.10

                	
                  
                    The
                      Contractor shall undertake the Operations, Maintenance and
                      Security
                      Services Agreement (OMS Agreement) as detailed in Schedule
                      5
                      

                  

                

        

      

       

      
        	 	
                (a)

              	
                Understanding
                  that it constitutes a legal, valid and binding obligation of the
                  Contractor, enforceable in accordance with its term, except as
                  such
                  enforceability may be limited by bankruptcy, insolvency, or similar
                  events
                  which may arise in future. 

              

      

      
        	 	
                (b)
                  

              	
                Confirming
                  that it is not a party to any legal, administrative, arbitral,
                  investigation or other proceeding or controversy which is pending,
                  or, to
                  the best of the Contractor’s knowledge, threatened, which would adversely
                  affect the Contractor’s ability to perform under the OMS
                  Agreement

              

      

      
        	 	
                (c)

              	
                The
                  Contractor has examined the requirements of OMS Agreement in depth
                  and is
                  familiar with

              

      

      
        
           

          
            
              	 	
                      (i)

                    	
                      its
                        terms

                    

            

            
              	 	
                      (ii)

                    	
                      the
                        necessary experience and proper qualifications to perform
                        the service
                        contemplated hereunder

                    

            

          

          	 	
                  (iii)

                	
                  reviewed
                    and examined all applicable laws, codes and standards (including
                    safety,
                    environmental and security requirements of the Project);
                    and

                

        

        
          	 	
                  (iv)

                	
                  carefully
                    reviewed all documents, plans, drawings and other information
                    that it
                    deems necessary regarding the Project and its performance of
                    the services
                    hereunder that are available as of the date
                    hereof.

                

        

      

       

      17.
         EXCLUSIVITY

       

      
        	 	
                17.1
                  

              	
                Commencing
                  from the date of this Agreement, and on receipt of the first down
                  payment
                  the Contractor shall ensure that neither it nor any of its employees,
                  officers or advisers or representatives directly or indirectly
                  solicit,
                  encourage or initiate any expression of interest, offer or proposal
                  by any
                  person other than the Employer for the matter and wind energy farm
                  contemplated under this Agreement, provided all the terms & conditions
                  including the payment terms are fulfilled in accordance with this
                  contract
                  

              

      

      

      18.
         WARRANTY

       

      
        	 	
                18.1

              	
                The
                  equipment relating to each WEG is warranted by the Contractor for
                  a period
                  of 12 months from the date of commissioning of each WEG against
                  any
                  defects owing to faulty design or manufacture, excluding normal
                  wear and
                  tear of components, consumables and electronic
                  components.

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      19.
         GENERATION
        GUARANTEE

       

      
        	 	
                19.1

              	
                During
                  the warranty period and during the term of the operation and maintenance
                  contract, the Contractor will provide an annual generation guarantee
                  of
                  5.50 lakhs units per WEG per year (“Assured Generation”) with a permitted
                  variation of up to 10% due to wind pattern variations from the
                  data
                  published by MNES/IITM/KREDL. 

              

      

      

      
        	 	
                19.2

              	
                If
                  the average of the aggregate actual generation is below the Assured
                  Generation during the warranty period and during the term of the
                  operation
                  and maintenance contract, the Contractor undertakes to reimburse
                  the
                  shortfall at Rs.3.40 (prevailing KPTCL Power Purchase Agreement
                  rate or
                  any higher rate as stipulated in the power purchase agreement)
                  per unit to
                  the Employer. 

              

      

      

      
        	 	
                19.3
                  

              	
                To
                  substantiate the above, the Contractor will provide a personal
                  guarantee
                  of CMD & ED, being Mr. Marimuthu of the Contractor to the Employer in
                  a form and content acceptable to
                  Employer.

              

      

      

      20.
         CONFIDENTIAL
        DETAILS

       

      
        	 	
                20.1

              	
                The
                  Contractor shall disclose all such required or necessary confidential
                  and
                  other information as the Employers representative may reasonably
                  require
                  in order to verify the Contractor’s compliance with the Agreement.
                  

              

      

      

      
        	 	
                20.2
                  

              	
                The
                  Parties shall treat the details of the Agreement as private and
                  confidential, except to the extent necessary to carry out obligations
                  under it or to comply with applicable Laws. The Parties shall not
                  publish,
                  permit to be published, or disclose any particulars of the Works
                  in any
                  trade or technical paper or elsewhere without the previous agreement
                  of
                  the other Party. Provided however that the Employer may publish
                  or permit
                  to be published or disclose the Agreement, without the consent
                  of the
                  Contractor, to comply with U.S Securities and Exchange Commission
                  rules
                  and regulations.

              

      

      

      21.
         INDEMNITIES

       

      
        	 	
                21.1
                  

              	
                Only
                  during the period of continuous Operation and Maintenance services
                  by the
                  Contractor, the Contractor shall indemnify and hold harmless the
                  Employer,
                  any of its directors, officers, employees, agents or assignees,
                  against
                  and from all claims, damages, losses and expenses (including legal
                  fees
                  and expenses) in respect of

              

      

      

      
        	 	
                21.1.1

              	
                bodily
                  injury, sickness, disease or death, of any person whatsoever arising
                  out
                  of or in the course of or by reason of the Contractor’s design (if any),
                  the execution and completion of the Works and the remedying of
                  any
                  defects, unless directly and solely attributable to any negligence,
                  willful act or willful breach of the Agreement by the Employer,
                  and

              

      

      

      
        	 	
                21.1.2

              	
                damage
                  to or loss of any property, real or personal, to the extent that
                  such
                  damage or loss: 

              

      

      

      
        	 	
                (a)

              	
                arises
                  out of or in the course of or by reason of the Contractor’s design, the
                  execution and completion of the Works and the remedying of any
                  defects,
                  and

              

      

      

      
        	 	
                (b)
                  

              	
                is
                  attributable to any negligence, willful act or breach of the Agreement
                  by
                  the Contractor, any of its directors, officers, employees, agents
                  or
                  assignees.

              

      

      

      
        	 	
                21.2
                  

              	
                Contractor
                  shall, indemnify and hold harmless Employer, its partner, its officers,
                  employees, agents, affiliates and representative from and against
                  any and
                  all direct actual and indirect damages, liabilities, fines, penalties,
                  as
                  maybe payable under applicable law arising out of, resulting from,
                  or
                  relating to the operation of the wind farm or negligence or misconduct
                  of
                  the Contractor in performing or failing to perform its obligations
                  under
                  this Operations, Maintenance and Security Services Agreement detailed
                  in
                  Schedule 5. 

              

      

      

      
        	 	
                21.3
                  

              	
                Employer
                  agrees that in case of any loss or damage to the WEGs arising due
                  to
                  reasons outside the scope of the Operations, Maintenance and Services
                  Agreement , Contractor will not be made liable to make good such
                  losses
                  provided that Contractor has not contributed in any respect to
                  such loss
                  or damage. Contractor shall not be liable in case of any loss or
                  damage
                  caused to WEGs by reason of natural calamities, act of God and
                  Force
                  Majeure. Contractor will be held liable for loss/damages due to
                  its
                  negligence, omissions and failure to perform its contractual
                  obligations

              

      

      

      
        	 	
                21.4
                  

              	
                The
                  Employer shall indemnify and hold harmless the Contractor, any
                  of its
                  directors, officers, employees, agents or assignees, against and
                  from all
                  claims, damages, losses and expenses (including legal fees and
                  expenses)
                  in respect of bodily injury, sickness, disease or death, which
                  is directly
                  and solely attributable to any negligence, willful act or willful
                  breach
                  of the Agreement by the Employer, any of its directors, officers,
                  employees, agents or assignees.

              

      

      

      

      22.
         OPERATION,
        MAINTENANCE AND TRAINING

       

      
        	 	
                22.1
                  

              	
                The
                  Contractor shall undertake per Schedule 5 the Operation Services,
                  Maintenance Services and Security Services of the 24 MW Wind Farm
                  to be
                  installed at Chitradurga District, Karnataka at the rate of Rs1,12,500
                  per
                  WEG per year from the date of commissioning of that WEG with an
                  annual
                  escalation of 5 % on the above amount after the expiration of two
                  years
                  from the date of commissioning of that
                  WEG.

              

      

      

      
        	 	
                22.2

              	
                The
                  Contractor will impart training to nominated persons of the Employer,
                  as
                  and when required.

              

      

      

      23.
         ASSIGNMENT
        / NOVATION

       

      
        	 	
                23.1
                  

              	
                The
                  Employer may assign/ Novate the entire benefit and obligations
                  of the
                  Agreement to its subsidiaries only without prior written consent
                  of the
                  Contractor but with prior notice and subject to the rights of the
                  contractor for continuously implementing the project till completion
                  without hindrance. Upon completion of the entire project by the
                  contractor, the employer has the right to novate /assign the WEGs
                  to any
                  parties subject to the settlement of dues payable to the contractor,
                  if
                  any.

              

      

      

      
        	 	
                23.2

              	
                The
                  Contractor shall not assign or purport to assign the benefit of
                  the
                  Agreement without the prior written consent of the
                  Employer.

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      24.
         MISCELLANEOUS

       

      24.1
         Notice

       

      
        	 	
                24.1.1

              	
                Any
                  notice or other communication to be given under the Agreement shall
                  be in
                  writing and may be delivered in person or sent by fax or by recognized
                  international mail delivery such as DHL registered or certified
                  mail
                  addressed to the relevant Party as follows to the Contractor
                  at:

              

      

      

      26A
        Kamaraj Road

      Mahalingapuram,
        Pollachi 642 002 Tamil Nadu

      to
        the
        Employer at:

      4336
        Montgomery Avenue

      Bethesda
        MD 20814

       
or
        at such other address or fax number as it may notify to the other Party under
        this Clause.

      

      24.1.2 Any
        notice or document shall be deemed to be given:

       

      
        
          	 	
                  (a)
                    

                	
                  
                    if
                      delivered in person, at the time of delivery; or

                     

                  

                

        

      

      
        	 	
                (b)
                  

              	
                if
                  sent by fax, at the expiration of two hours after the time of dispatch,
                  if
                  dispatched before 3.00 p.m. Indian Standard Time on any business
                  day, and
                  in any other case at 10.00 a.m. Indian Standard Time on the next
                  business
                  day following the date of dispatch.

              

      

      

      
        	 	
                24.1.3

              	
                In
                  proving service of a notice or document it shall be sufficient
                  to prove
                  that delivery was made or that the fax was properly addressed and
                  sent.

              

      

      

      
        	 	
                24.2
                  

              	
                Governing
                  Law: This Agreement shall be governed in accordance with the laws
                  of
                  India;

              

      

      

        

        
          	 	
                  24.3

                	
                  
                    Integration:
                       This
                      Agreement and the documents referenced in Clause 3 is the entire
                      agreement
                      between the parties and supersedes any other agreement or understanding
                      between the parties, whether oral or
                      written.

                  

                

        

         

      

      
        	 	
                24.4.
                  

              	
                Costs:
                  Save as otherwise provided in the Agreement, each Party shall pay
                  the
                  costs and expenses incurred by it in connection with the entering
                  into and
                  completion of the Agreement. 

              

      

      

      
        	 	
                24.5.
                  

              	
                Severability:
                  The provisions contained in the Agreement shall be enforceable
                  independent
                  of each of the others and its validity shall not be affected if
                  any of the
                  other provisions are invalid. If any of those provisions are void
                  but
                  would be valid if some part of the provision were deleted, the
                  provision
                  in question shall apply with such modification as may be necessary
                  to make
                  it valid.

              

      

      

      
        	 	
                24.6

              	
                Survival:
                  In the event of termination of the Agreement notwithstanding anything
                  mentioned herein, Clauses which by their nature survive termination
                  shall
                  survive the termination of the
                  Agreement.

              

      

      

      
        	 	
                24.7.

              	
                Amendment:
                  No variation, waiver, amendment or modification of any of the terms
                  of the
                  Agreement shall be valid, unless it is made in writing and mutually
                  agreed
                  upon by the Parties. Provided however, the Parties may mutually
                  decide in
                  writing to extend the scope of the Agreement .

              

      

      

      
        	 	
                24.8.
                  

              	
                Partnership:
                  Nothing in the Agreement shall be deemed to constitute a partnership
                  between the Parties or constitute either Party as the agent of
                  the other
                  Party for any purpose. 

              

      

      

      
        	 	
                24.9.
                  

              	
                Independent
                  Contractor: CWEL shall perform its duties under this Agreement
                  as an
                  independent contractor, and not as an agent of IGC.
                  

              

      

      

      
        	 	
                24.10

              	
                Waiver:
                  No failure or delay by either Party in exercising any right, power
                  or
                  remedy under the Agreement shall operate as a waiver thereof, nor
                  shall
                  any single or partial exercise of the same preclude any further
                  exercise
                  thereof or the exercise of any other right, power or remedy. Without
                  limiting the foregoing, no waiver by either Party of any breach
                  of any
                  provision of the Agreement shall be deemed to be a waiver of any
                  subsequent breach of that or any other provision of the Agreement
                  .

              

      

      

      
        	 	
                24.11

              	
                Covenants
                  Reasonable: The Parties agree that, having regard to all the
                  circumstances, the covenants contained herein are reasonable and
                  necessary
                  for the protection of the Parties. If any such covenant is held
                  to be void
                  as going beyond what is reasonable in all the circumstances, but
                  would be
                  valid if amended as to scope or duration or both, the covenant
                  will apply
                  with such minimum modifications regarding its scope and duration
                  as may be
                  necessary to make it valid and
                  effective.

              

      

      

      
        	 	
                24.12

              	
                Counter-Parts:
                  Each Party shall execute one copy of the Agreement in
                  original.

              

      

      

      
        	 	
                24.13

              	
                Whole
                  Agreement: As on the date of the Agreement, the Agreement contains
                  the
                  whole agreement between the Parties relating to the transactions
                  contemplated by the Agreement and supersedes all previous agreements
                  between the Parties relating to these
                  transactions.

              

      

      

      
        	 	
                24.14

              	
                No
                  Implied Representation: Each of the Parties acknowledges that,
                  in agreeing
                  to enter into the Agreement , it has not relied on any representation,
                  warranty, collateral contract or other assurance except those set
                  out in
                  the Agreement and the documents referred to in made by or on behalf
                  of the
                  other Party before the execution of the
                  Agreement.

              

      

      

      
        	 	
                24.15

              	
                Without
                  Prejudice: The Parties agree that the rights and remedies of the
                  Parties
                  hereunder are in addition to their rights at law or equity.
                  

              

      

      

      
        	 	
                24.16

              	
                Further
                  Assurance: Each Party agrees to do all such actions, including
                  execution
                  of all such deeds and documents, as may be reasonable required
                  by the
                  other Party to give effect to the transaction contemplated in the
                  Agreement.

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      25. FORCE
        MAJEURE

       

      
        	 	
                25.1.

              	
                The
                  Contractor will not be responsible, if during the continuance of
                  this
                  Agreement , the performance in whole or part of any obligation
                  under the
                  Agreement shall be prevented or delayed by any of the following
                  conditions:

                 

                
                  25.1.1 Fire,
                    floods, epidemic, earthquake, storms, heavy winds, untimely rains,
                    quarantine restrictions, etc.

                  

                  25.1.2. War,
                    embargo, invasion, hostility, riots, acts of public enmity, sabotages,
                    explosions, strikes, lockouts, revolution, act of god, acts of
                    civil
                    commotion etc.

                  

                  25.1.3.
                     Government
                    orders and / or restrictions, changes in the government's policy
                    etc.

                   

                  
                    25.1.4. In
                      such a case neither party shall be entitled to cancel the Agreement
                      nor
                      shall any claims be made for such damages against the other
                      party in
                      respect of such delay or non-performance and the performance and
                      delivery of the Agreement will be resumed as soon as practicable
                      after
                      such eventuality has come to an end or ceased to exist.

                  

                   

                

              

      

       

      26.
         ARBITRATION

       

      
        	 	
                26.1.
                  

              	
                In
                  the event of any dispute or difference between the Parties arising
                  out of
                  relating to this Agreement (“Dispute”), the Parties shall make endeavors
                  to settle the “Dispute” amicably.

              

      

      

      
        	 	
                26.2.

              	
                If
                  within 30 days of the Dispute, there is no amicable settlement,
                  the
                  Dispute shall, at the request of either Party, be referred to arbitration
                  under the rules (“Rules”) of the International Arbitration Association
                  before an arbitrator who shall be appointed by the Parties by mutual
                  consent. In the event that the Parties are unable to mutually agree
                  to the
                  appointment of an arbitrator within fifteen (15) days of one of
                  the Party
                  to the Dispute notifying its intention to refer the Dispute to
                  arbitration
                  (“Arbitration Notice”), each Party to the dispute shall appoint one person
                  as the proposed arbitrator, who has the relevant expertise given
                  the
                  nature of the Dispute, within fifteen (15) days of the issuance
                  of the
                  Arbitration Notice and the appointed arbitrators shall appoint
                  the final
                  arbitrator who shall act as the presiding arbitrator. The place
                  of the
                  arbitration shall be Bangalore/Coimbatore /Singapore and the language
                  of
                  the arbitration shall be English.

              

      

      

      

      
        	 	
                26.3.

                 

              	
                Notwithstanding
                  the foregoing, the Parties agree that any of them may seek interim
                  measures including injunctive relief in relation to the provisions
                  of this
                  agreement or the Parties' performance of it from any court of competent
                  jurisdiction. Each Party shall co-operate in good faith to expedite
                  (to
                  the maximum extent practicable) the conduct of any arbitral proceedings
                  commenced under this Agreement. 

                 

              

        	 	26.4.	The
                costs and expenses of the arbitration, including, without limitation,
                the
                fees of the arbitration and the Arbitrator, shall be borne equally
                by each
                Party to the dispute or claim and each Party shall pay its own fees,
                disbursements and other charges of its counsel, except as may be
                otherwise
                determined by the arbitrators. The arbitrators would have the power
                to
                award interest on any sum awarded pursuant to the arbitration proceedings
                and such sum would carry interest, if awarded, until the actual payment
                of
                such amounts.

      

      
        
           

        

      

      
        	 	
                26.5

              	
                Any
                  award made by the arbitrators shall be final and binding on ach
                  of the
                  Parties that were parties to the dispute subject to the rights
                  of appeal.
                  The Parties expressly agree to waive the applicability of any Laws
                  and
                  regulations that would otherwise give the right to appeal the decisions
                  of
                  the arbitrators so that there shall be no appeal to any court of
                  Law for
                  the award of the arbitrators, except a Party shall not challenge
                  or resist
                  any enforcement action taken by any other Party in any court of
                  Law in
                  whose favour an award of the arbitrators was
                  given.

              

      

      

      27.
         ATTORNEY’S
        FEES

      

      
        	 	
                27.1.

              	
                In
                  the event of litigation to enforce the provisions of this Agreement,
                  the
                  prevailing party in such litigation shall be entitled to reasonable
                  attorney’s fees as fixed by the Court from the opposite party.
                  

              

      

      

       

      In
        Witness whereof the parties hereto have caused this Agreement to be executed
        in
        accordance with their respective laws. 

      

        

         

        
          	
                  SIGNED
                    by: 

                	
                  SIGNED
                    by: 

                
	
                   

                  For
                    INDIA
                    GLOBALIZATION CAPITAL INC

                   

                   

                   

                   

                   

                  RAM
                    MUKUNDA

                  CHIEF
                    EXECUTIVE OFFICER & PRESIDENT

                	
                   

                  For
                    CHIRANJJEEVI WIND ENERGY LIMITED

                   

                   

                   

                   

                   

                  R.V.S.MARIMUTHU

                  CHAIRMAN
                    & MANAGING DIRECOTR

                
	 	
                   

                  For
                    ARUL MARIAMMAN TEXTILES LIMITED

                   

                   

                   

                   

                  M.A.KANAGARAJ

                  DIRECTOR

                
	 	
                   

                  FOR
                    MARUDHAVEL INDUSTRIES LIMITED

                   

                   

                   

                   

                   

                  K.KUMARAVEL

                  DIRECTOR

                
	
                   

                  Witness:
                    

                	
                   

                  Witness:
                    

                
	
                   

                  Name:
                    

                	
                   

                  Name:

                   

                
	
                  Address:

                   

                	
                  Address:

                   

                   

                   

                   

                   

                
	
                   

                  Date:
                    

                	
                   

                  Date:

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