Item 13.      Certain Relationships and Related Transactions

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS


The disclosure contained in this Section is not required pursuant to Item 404 of
Regulation  S-K. On December 29,  1995,  IGC Energy,  an indirect,  wholly owned
subsidiary of the Company,  entered into a subscription agreement to purchase an
interest  in a  limited  partnership  known  as  the  Cambridge  Ventures,  L.P.
(Partnership)  ("CVLP").  CVLP is licensed by the United  States Small  Business
Administration as a small business investment company. As such, CVLP operates as
a  venture  fund  and  invests  in  equities,   debt   securities   with  equity
participation  and secured short and long-term loans;  CVLP also participates in
other  funds.  IGC  Energy  has  invested  a total of  $275,000  in CVLP,  which
represents,  in the  opinion of the board of  directors,  a fair and  reasonable
investment for IGC Energy.  IGC Energy holds ten (10) out of the two hundred and
nineteen (219)  partnership units that have been sold in CVLP as of December 31,
1997.  On  January  26,  1996,  Jean L.  Wojtowicz  was  elected to the board of
directors of the Company.  Ms.  Wojtowicz is also an Investments  Director.  Ms.
Wojtowicz owns six (6) units in CVLP.