India Globalization Capital Inc, a company competing in the rapidly growing materials and infrastructure industry in India, announced it has completed the acquisition of Ironman in China.

The combined companies will be able to leverage expertise in India and in China to improve operating margins and profitability. The combined company will also have a significantly stronger balance sheet to support operations.

For the financial year ended March 31st 2011, Ironman sold high grade iron ore generating revenue of USD 13.5 million with an operating income of USD 8.0 million and a net income of USD 5.67 million. Ironman's balance sheet had, as of FYE March 31st 2011, Total Assets of about USD 15.2 million and total liabilities of about USD 8.2 million and stockholders' equity of about USD 6.9 million.

PRC Ironman operates a beneficiation plant on a site with approximately 2.2 square kilometers of iron ore deposits. The initial studies project more than 3 million tonnes of ore deposits on this site. At current prices, the projected value of the reserves is approximately USD 350 million

ICG said “Our strategy will be to ship low grade iron ore from India to the plant and process the ore into high grade ore, which can then be sold to customers in China.”