Director Declaration

India Capital Growth Fund Limited
11 September 2007



                                                               11 September 2007



                       India Capital Growth Fund Limited


                                (the 'Company')



                           Re: Dealings by Directors





Pursuant to the AIM Rules (17) the Company is obliged to notify the RNS of
Directors' holdings or interests of the Directors' or their connected persons in
shares of the Company.


The Company was notified on 11 September 2007 that the following holding of
Ordinary Shares was acquired on 11 September 2007 and are beneficially held by
Micky Ingall, the Chairman of the Company:


100,000 ordinary shares at 104.00 pence per share.


Following this purchase of Ordinary Shares the total holding of Micky Ingall in
the Company is now:


150,000 ordinary shares

50,000 warrants



All Enquiries:


Andrew Maiden

Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL


Tel: [phone]






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