IGC Acquires 10% Stake in 1,000-Room Luxury Hotel Development Project in Genting Highlands, Malaysia
August 04 2016 - 8:00AM
India Globalization Capital, Inc. (NYSE MKT:IGC) announces that it
has acquired a 10% stake in a 1,000-room luxury hotel development
project encompassing 6+ acres in Genting Highlands, Malaysia.
Consideration for the transaction was 4,000,000 IGC common shares.
The project is located in close proximity to
Resorts World Genting, a hill resort destination that features the
First World Indoor Theme Park and a casino that draws visitors from
regions such as China, Korea and The Middle East. Cabaran Ultima,
IGC’s project development and management company, will oversee the
estimated $262 million venture.
“We see this opportunity in Genting Highlands as a
watershed event for IGC. It allows us to participate in a
significant luxury hotel development project that offers strong
potential returns over a 5-year period and leverages our
operational expertise from Cabaran Ultima, which we acquired in
February 2016. There is a strong demand for hotel rooms and service
apartments in the area and we are pleased to move forward with this
very exciting endeavor,” stated Ram Mukunda, CEO.
About IGC
Internationally, we engage in leasing, trading,
developing and managing infrastructure, and real estate projects.
We are based in Bethesda, Maryland.
Our website: www.igcinc.us. Twitter @IGCIR
Facebook.com/IGCIR/
Forward-looking Statements
Some of the statements contained in this press
release that are not historical facts constitute forward-looking
statements under the federal securities laws. Forward-looking
statements can be identified by the use of the words "may," "will,"
"should," "could," "expects," "plans," "anticipates," "believes,"
"estimates," "predicts," "intends," "potential," "proposed" or the
negative of those terms. These statements are not a guarantee of
future developments and are subject to risks, uncertainties, and
other factors, some of which are beyond IGC's control and are
difficult to predict. Consequently, actual results may differ
materially from information contained in the forward-looking
statements as a result of future changes or developments in IGC's
business and acquisition and diversification strategy, competitive
environment, infrastructure demands, and governmental, regulatory,
political, economic, legal and social conditions in, among other
places, China and India. Except as required by federal securities
laws, IGC undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information
or future events, or otherwise. Other factors and risks that could
cause or contribute to actual results differing materially from
such forward-looking statements have been discussed in greater
detail in IGC's Form 10-K for fiscal year ended March 31, 2016, and
in subsequent reports filed with the U.S. Securities and Exchange
Commission.
Contact:
Claudia Grimaldi
301-983-0998