Exhibit 21.1

List of Subsidiaries

Subsidiaries	Immediate holding company	Country of Incorporation	Percentage of holding as of March 31, 2015		Percentage of holding as of March 31, 2014
H&F Ironman Limited (“HK Ironman”) (1)	IGC	Hong Kong		100		100
Linxi H&F Economic and Trade Co. ("PRC Ironman") (3)	HK Ironman	Peoples’ Republic of China		95		95
IGC – Mauritius ("IGC-M") (1)	IGC	Mauritius		100		100
Techni Bharathi  Private  Limited (“TBL”) (2)	IGC-M	India		100		100
India Mining and Trading Private Limited ("IGC-IMT") (2)	IGC-M	India		100		100
IGC Materials Private Limited ("IGC-MPL")	IGC-M	India		100		100
IGC Logistic Private  Limited ("IGC-LPL") (2)	IGC-M	India		100		100
IGC International Limited (“IGC-INT”) (4)	IGC	Hong Kong		51		0

(1) Wholly-owned by India Globalization Capital, Inc.

(2) Wholly-owned by India Globalization Capital, Mauritius, Limited.

(3)  95% owned by HK Ironman, which is India Globalization Capital, Inc.’s wholly-owned subsidiary.

(4) 51% owned by India Globalization Capital, Inc.  Formerly known as Golden Gate Electronics Limited.