Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
UBS AG
   2. Issuer Name and Ticker or Trading Symbol
India Globalization Capital, Inc. [IGC] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
BAHNHOFSTRASSE 45		 3. Date of Earliest Transaction (Month/Day/Year)
03/20/2008
(Street)

CH-8001, ZURICH, SWITZERLAND 		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/11/2008   P   1,000 A $ 4.83 32,326 I (1) See Footnote (1)
Common Stock 07/11/2008   P   550 A $ 4.85 32,876 I (1) See Footnote (1)
Common Stock 07/11/2008   S   1,150 D $ 4.84 31,726 I (1) See Footnote (1)
Common Stock 07/11/2008   S   400 D $ 4.83 31,326 I (1) See Footnote (1)
Common Stock 07/14/2008   P   300 A $ 4.94 31,626 I (1) See Footnote (1)
Common Stock 07/14/2008(3)   S   300 D $ 4.94 31,326 I (1) See Footnote (1)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Warrants (Right to Buy) $ 5 06/12/2008   S     2,600 03/07/2008(3) 03/03/2011 Common Stock 2,600 $ 1.13 1,316,718 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/13/2008   P   5,000   03/07/2008(3) 03/03/2011 Common Stock 5,000 $ 1.13 1,321,718 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/16/2008   P   7,500   03/07/2008(3) 03/03/2011 Common Stock 7,500 $ 1.1 1,329,218 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/16/2008   S     7,500 03/07/2008(3) 03/03/2011 Common Stock 7,500 $ 1.1 1,321,718 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/17/2008   P   2,000   03/07/2008(3) 03/03/2011 Common Stock 2,000 (2) 1,323,718 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/17/2008   S     2,000 03/07/2008(3) 03/03/2011 Common Stock 2,000 (2) 1,321,718 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/18/2008   P   5,000   03/07/2008(3) 03/03/2011 Common Stock 5,000 $ 1.11 1,326,718 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/18/2008   S     1,686 03/07/2008(3) 03/03/2011 Common Stock 1,686 $ 1.11 1,325,032 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/19/2008   P   300   03/07/2008(3) 03/03/2011 Common Stock 300 $ 1.1 1,325,332 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/19/2008   P   2,200   03/07/2008(3) 03/03/2011 Common Stock 2,200 $ 1.1 1,327,532 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/19/2008   S     2,500 03/07/2008(3) 03/03/2011 Common Stock 2,500 $ 1.1 1,325,032 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/20/2008   P   900   03/07/2008(3) 03/03/2011 Common Stock 900 $ 0.91 1,325,932 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/20/2008   P   4,000   03/07/2008(3) 03/03/2011 Common Stock 4,000 $ 1.01 1,329,932 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/20/2008   P   26,000   03/07/2008(3) 03/03/2011 Common Stock 26,000 $ 0.98 1,355,932 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/20/2008   P   20,000   03/07/2008(3) 03/03/2011 Common Stock 20,000 $ 1 1,375,932 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/20/2008   S     100 03/07/2008(3) 03/03/2011 Common Stock 100 $ 0.91 1,375,832 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/20/2008   S     600 03/07/2008(3) 03/03/2011 Common Stock 600 $ 1.08 1,375,232 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/20/2008   S     20,000 03/07/2008(3) 03/03/2011 Common Stock 20,000 $ 1 1,355,232 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/20/2008   S     1,589 03/07/2008(3) 03/03/2011 Common Stock 1,589 $ 1.08 1,353,643 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/20/2008   S     900 03/07/2008(3) 03/03/2011 Common Stock 900 $ 0.91 1,352,743 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/20/2008   S     1,300 03/07/2008(3) 03/03/2011 Common Stock 1,300 $ 1.02 1,351,443 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/20/2008   S     5,600 03/07/2008(3) 03/03/2011 Common Stock 5,600 $ 0.98 1,345,843 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/20/2008   S     23,100 03/07/2008(3) 03/03/2011 Common Stock 23,100 $ 0.98 1,322,743 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/23/2008   P   5,000   03/07/2008(3) 03/03/2011 Common Stock 5,000 $ 0.94 1,327,743 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/23/2008   S     1,550 03/07/2008(3) 03/03/2011 Common Stock 1,550 $ 0.94 1,326,193 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/23/2008   S     3,450 03/07/2008(3) 03/03/2011 Common Stock 3,450 $ 0.94 1,322,743 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/25/2008   P   5,000   03/07/2008(3) 03/03/2011 Common Stock 5,000 $ 1.04 1,327,743 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/25/2008   P   2,000   03/07/2008(3) 03/03/2011 Common Stock 2,000 $ 1.05 1,329,743 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/25/2008   S     2,000 03/07/2008(3) 03/03/2011 Common Stock 2,000 $ 1.05 1,327,743 I (1) See Footnote (1)
Warrants (Right to Buy) $ 5 06/25/2008   S     1,200 03/07/2008(3) 03/03/2011 Common Stock 1,200 $ 1.04 1,326,543 I (1) See Footnote (1)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
UBS AG
BAHNHOFSTRASSE 45
CH-8001, ZURICH, SWITZERLAND 		     X    

Signatures

 /s/ Gordon Kiesling, Executive Director, UBS AG   09/17/2008
**Signature of Reporting Person Date
 /s/ Anthony DeFilippis, Executive Director, UBS AG   09/17/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) THE REPORTED SECURITIES ARE OWNED DIRECTLY IN PART BY UBS FINANCIAL SERVICES, INC. AND IN PART BY UBS SECURITIES LLC, BOTH OF WHICH ARE WHOLLY OWNED SUBSIDIARIES OF UBS AG. UBS AG IS INDIRECT BENEFICIAL OWNER OF THE REPORTED SECURITIES.
(2) THE REPORTED SECURITIES REFLECT A PURCHASE OF 3,000 UNITS OF INDIA GLOBALIZATION CAPITAL, INC FOR $6.40 PER UNIT AND SALE OF 3,000 UNITS FOR $6.40 PER UNIT. EACH SUCH UNIT CONSISTS OF ONE SHARE OF COMMON STOCK AND TWO WARRANTS (EACH TO PURCHASE ONE SHARE OF COMMON STOCK) ("UNITS").
(3) INDIA GLOBALIZATION CAPITAL, INC. FILED ITS ANNUAL REPORT FOR THE FISCAL YEAR ENDED MARCH 31, 2008 ONE DAY AFTER ITS EXTENDED DEADLINE FOR FILING, AND THUS THE ISSUER'S REGISTRATION STATEMENT ON FORM S-3 REGISTERING THE REPORTED SECURITIES ISSUABLE UPON EXERCISE OF THE WARRANTS CEASED TO BE EFFECTIVE. AS A RESULT, ON JULY 16, 2008, THE WARRANTS BECAME UNEXERCISABLE, AND THE REPORTING PERSON CEASED TO HAVE A REPORTING OBLIGATION WITH RESPECT TO THE REPORTED SECURITIES. THIS FORM 4 REFLECTS BENEFICIAL OWNERSHIP OF THE REPORTING PERSON AS OF JULY 15, 2008, AND DOES NOT REFLECT ANY SUBSEQUENT ACTIVITY.

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