Exhibit 21
List of Subsidiaries
| Name of Subsidiary | | Jurisdiction of Organization | | Names Under Which Subsidiary Does Business |
| India Globalization Capital, Mauritius, Limited (1) | | Mauritius | | Subsidiary |
| Techni Bharathi Limited(2) | | India | | Techni Bharathi Limited |
| IGC Mining and Trading, Limited(2) | | India | | IGC Mining and Trading, Limited |
| IGC Materials, Private Limited(2) | | India | | IGC Materials, Private Limited |
| IGC Logistics, Private Limited(2) | | India | | IGC Logistics, Private Limited |
(1) Wholly-owned by India Globalization Capital, Inc.
(2) Wholly-owned by India Globalization Capital, Mauritius, Limited
