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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                             (Amendment No. _)*



                         India Globalization Capital, Inc.
--------------------------------------------------------------------------------
                                (Name of Issuer)


                                  Common Stock
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    45408X100
--------------------------------------------------------------------------------
                                 (CUSIP Number)


                                  August 9, 2007
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             (Date of Event Which Requires Filing of This Statement)


Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:
                             [ ] Rule 13d-1(b)
                             [X] Rule 13d-1(c)
                             [ ] Rule 13d-1(d)


* The remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for  any  subsequent   amendment   containing   information  which  would  alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).

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--------------------------                            --------------------------
CUSIP NO.  45408X100               SCHEDULE 13G                PAGE 2 OF 8 PAGES
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1.                NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
                  NO. OF ABOVE PERSON

                  WEISS ASSET MANAGEMENT, LLC
--------------------------------------------------------------------------------
2.                CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*   (A) [ ]
                 (B) [ ]
--------------------------------------------------------------------------------
3.                SEC USE ONLY


--------------------------------------------------------------------------------
4.                CITIZENSHIP OR PLACE OF ORGANIZATION

                  DELAWARE
--------------------------------------------------------------------------------
                               5.     SOLE VOTING POWER

                                      0
   NUMBER OF                  --------------------------------------------------
    SHARES                     6.     SHARED VOTING POWER
 BENEFICIALLY
   OWNED BY                           731,432
    EACH                      --------------------------------------------------
  REPORTING                    7.     SOLE DISPOSITIVE POWER
   PERSON
    WITH:                             0
                              --------------------------------------------------
                               8.     SHARED DISPOSITIVE POWER

                                      731,432
--------------------------------------------------------------------------------
9.                AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  731,432
--------------------------------------------------------------------------------
10.               CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
                  CERTAIN SHARES*                                          [ ]
--------------------------------------------------------------------------------
11.               PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                  5.2%
--------------------------------------------------------------------------------
12.               TYPE OF REPORTING PERSON*

                  00 - Limited Liability Company
================================================================================

--------------------------                            --------------------------
CUSIP NO.  45408X100               SCHEDULE 13G                PAGE 3 OF 8 PAGES
--------------------------------------------------------------------------------
1.                NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
                  NO. OF ABOVE PERSON

                  WEISS CAPITAL, LLC
--------------------------------------------------------------------------------
2.                CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*   (A) [ ]
                 (B) [ ]
--------------------------------------------------------------------------------
3.                SEC USE ONLY


--------------------------------------------------------------------------------
4.                CITIZENSHIP OR PLACE OF ORGANIZATION

                  DELAWARE
--------------------------------------------------------------------------------
                               5.     SOLE VOTING POWER

                                      0
   NUMBER OF                  --------------------------------------------------
    SHARES                     6.     SHARED VOTING POWER
 BENEFICIALLY
   OWNED BY                           299,668
    EACH                      --------------------------------------------------
  REPORTING                    7.     SOLE DISPOSITIVE POWER
   PERSON
    WITH:                             0
                              --------------------------------------------------
                               8.     SHARED DISPOSITIVE POWER

                                      299,668
--------------------------------------------------------------------------------
9.                AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  299,668
--------------------------------------------------------------------------------
10.               CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
                  CERTAIN SHARES*                                          [ ]
--------------------------------------------------------------------------------
11.               PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                  2.1%
--------------------------------------------------------------------------------
12.               TYPE OF REPORTING PERSON*

                  00 - Limited Liability Company
================================================================================



--------------------------                            --------------------------
CUSIP NO.  45408X100               SCHEDULE 13G                PAGE 4 OF 8 PAGES
--------------------------------------------------------------------------------
1.                NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
                  NO. OF ABOVE PERSON

                  ANDREW M. WEISS, PH.D.
--------------------------------------------------------------------------------
2.                CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*   (A) [ ]
                 (B) [ ]
--------------------------------------------------------------------------------
3.                SEC USE ONLY


--------------------------------------------------------------------------------
4.                CITIZENSHIP OR PLACE OF ORGANIZATION

                  USA
--------------------------------------------------------------------------------
                               5.     SOLE VOTING POWER

                                      0
   NUMBER OF                  --------------------------------------------------
    SHARES                     6.     SHARED VOTING POWER
 BENEFICIALLY
   OWNED BY                           1,031,100
    EACH                      --------------------------------------------------
  REPORTING                    7.     SOLE DISPOSITIVE POWER
   PERSON
    WITH:                             0
                              --------------------------------------------------
                               8.     SHARED DISPOSITIVE POWER

                                      1,031,100
--------------------------------------------------------------------------------
9.                AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  1,031,100
--------------------------------------------------------------------------------
10.               CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
                  CERTAIN SHARES*                                          [ ]
--------------------------------------------------------------------------------
11.               PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                  7.4%
--------------------------------------------------------------------------------
12.               TYPE OF REPORTING PERSON*

                  IN
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CUSIP NO.  45408X100               SCHEDULE 13G                PAGE 5 OF 8 PAGES
         ------------                                              ---  ---


ITEM 1.

      (a) Name of Issuer:  India Globalization Capital, Inc.
                         -----------------------------------

      (b) Address of Issuer's Principal Executive Offices:

                           4336 Montgomery Ave.
                           Bethesda, Maryland 20814
-------------------------------------------------------


ITEM 2.

      (a) and (c): Name and Citizenship of Persons Filing:

      (i) Weiss Asset Management, LLC, a Delaware limited liability company
          ("Weiss Asset Management").
      (ii) Weiss Capital, LLC, a Delaware limited liability company
          ("Weiss Capital").
      (iii) Andrew M. Weiss, Ph.D., a United States citizen.


      (b):  Address of Principal Business Office:

      Weiss Asset Management, Weiss Capital, and Dr. Weiss have a business
      address of 29 Commonwealth Avenue, 10th Floor, Boston, Massachusetts 02116

      (d) Title of Class of Securities:  Common Stock
                                       -----------------

      (e) CUSIP Number:     45408X100
                       ------------------


ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B), CHECK
        WHETHER THE PERSON FILING IS A:

     (a)  [ ] Broker or Dealer registered under Section 15 of the Act
              (15 U.S.C. 78o).
     (b)  [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
     (c)  [ ] Insurance Company as defined in section 3(a)(19) of the Act
              (15 U.S.C. 78c).
     (d)  [ ] Investment  Company  registered  under section 8 of the Investment
              Company Act of 1940 (15 U.S.C. 80a-8).
     (e)  [ ] Investment  Adviser registered under section 203 of the Investment
              Advisers Act or under the laws of any State
     (f)  [ ] Employee  Benefit  Plan,  Pension  fund  which is  subject to the
              provisions of the Employee  Retirement  Income Security Act of
              1974 or Endowment Fund; see Section 240.13d-1(b)(1)(ii)(F)
     (g)  [ ] A Parent Holding Company  or  control  person, in  accordance with
              Section 240.13d-1(b)(ii)(G)(Note: See Item 7)
     (h)  [ ] A Savings  Association  as defined in Section  3(b) of the Federal
              Deposit Insurance Act (12 U.S.C. 1813)
     (i)  [ ] A  Church  Plan  that  is  excluded  from  the  definition  of  an
              investment  company under Section  3(c)(14) of the Investment
              Company Act of 1940 (15 U.S.C. 80a-3)
     (j)  [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J)




CUSIP NO.  45408X100               SCHEDULE 13G                PAGE 6 OF 8 PAGES
         ------------                                              ---  ---



ITEM 4.   OWNERSHIP


      Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item I.

      WEISS ASSET MANAGEMENT, LLC*
      (a) Amount Beneficially Owned:    731,432
                                     -------------------------------------------
      (b) Percent of Class:     5.2%
                            ----------------------------------------------------
      (c) Number of shares as to which such person has:

         (i)  sole power to vote or to direct the vote:    0
   ------------------------
         (ii) shared power to vote or to direct the vote:  731,432
    -----------------------
         (iii)sole power to dispose or to direct the disposition of:  0
                -----------
         (iv) shared power to dispose or to direct the disposition of: 731,432
                  ---------


      WEISS CAPITAL, LLC**
      (a) Amount Beneficially Owned:    299,668
                                     -------------------------------------------
      (b) Percent of Class:     2.1%
                            ----------------------------------------------------
      (c) Number of shares as to which such person has:

         (i)  sole power to vote or to direct the vote:    0
   ------------------------
         (ii) shared power to vote or to direct the vote:  299,668
    -----------------------
         (iii)sole power to dispose or to direct the disposition of:  0
                -----------
         (iv) shared power to dispose or to direct the disposition of: 299,668
                  ---------


      ANDREW M. WEISS, PH.D.***
      (a) Amount Beneficially Owned:    1,031,100
                                     -------------------------------------------
      (b) Percent of Class:     7.4%
                            ----------------------------------------------------
      (c) Number of shares as to which such person has:

         (i)  sole power to vote or to direct the vote:    0
   ------------------------
         (ii) shared power to vote or to direct the vote:  1,031,100
    -----------------------
         (iii)sole power to dispose or to direct the disposition of:  0
                -----------
         (iv) shared power to dispose or to direct the disposition of: 1,031,100
                  ---------
-----------------------
* Shares reported for Weiss Asset Management include shares beneficially owned
by a private investment  partnership of which Weiss Asset Management is the sole
general partner.
** Shares reported for Weiss Capital include shares beneficially owned
by a private investment corporation of which Weiss Capital is the sole
investment manager.
*** Shares  reported for Andrew Weiss include shares beneficially owned by a
private  investment  partnership  of which  Weiss Asset  Management  is the sole
general  partner and which may be deemed to be controlled  by Mr. Weiss,  who is
the Managing Member of Weiss Asset Management,  and also includes shares held by
a private  investment  corporation  which may be deemed to be  controlled by Mr.
Weiss, who is the managing member of Weiss Capital, the  Investment Manager of
such private investment corporation. Dr. Weiss disclaims beneficial ownership of
the shares reported herein as beneficially owned by him except to the extent of
his pecuniary interest therein.
The percent of class computations are based on 13,974,500 shares of common stock
with par value $.0001 per share issued and outstanding as of June 1, 2007.



CUSIP NO.  45408X100               SCHEDULE 13G                PAGE 7 OF 8 PAGES
         ------------                                              ---  ---



ITEM 5.   OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

         If this statement is being filed to report the fact that as of the date
hereof the reporting  person has ceased to be the beneficial  owner of more than
five percent of the class of securities, check the following [ ].


ITEM 6.   OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

      Not Applicable


ITEM 7.  IDENTIFICATION  AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
         SECURITY  BEING  REPORTED  ON BY  THE PARENT HOLDING COMPANY OR CONTROL
         PERSON

      Not Applicable


ITEM 8.   IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

      Not Applicable


ITEM 9.   NOTICE OF DISSOLUTION OF GROUP

      Not Applicable


ITEM 10.  CERTIFICATION

By signing  below,  I certify that, to the best of my knowledge and belief,  the
securities  referred to above were not acquired and are not held for the purpose
of or with the effect of  changing or  influencing  the control of the issuer of
the securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.



CUSIP NO.  45408X100               SCHEDULE 13G                PAGE 8 OF 8 PAGES
         ------------                                              ---  ---



                                    SIGNATURE





After reasonable inquiry and to the best of my knowledge and belief, I hereby
certify that the information  set forth in this statement is true,  complete and
correct.




Dated:  August 20, 2007



                                    WEISS ASSET MANAGEMENT, LLC


                                    By:  /s/ Georgiy Nikitin
                                       -----------------------------------
                                       Georgiy Nikitin, Chief Compliance Officer



                                    WEISS CAPITAL, LLC


                                    By:  /s/ Georgiy Nikitin
                                       -----------------------------------
                                       Georgiy Nikitin, Chief Compliance Officer



                                    By:  /s/ Georgiy Nikitin
                                       -----------------------------------
                                       Attorney-in-Fact for Andrew Weiss