Holding(s) in Company

India Capital Growth Fund Limited
08 February 2007



TR-1(i): notification of major interests in shares

+---------------------------------------------+--------------------------------+
|1. Identity of the issuer or the underlying  |INDIA CAPITAL GROWTH FUND LTD   |
|issuer of existing shares to which voting    |                                |
|rights are attached(ii):                     |                                |
|                                             |                                |
|                                             |                                |
+---------------------------------------------+----------------------+---------+
|2. Reason for the notification (please tick the appropriate box or  |         |
|boxes)                                                              |         |
+--------------------------------------------------------------------+---------+
|An acquisition or disposal of voting rights                         |         |
+--------------------------------------------------------------------+---------+
|An acquisition or disposal of financial instruments which may result|         |
|in the acquisition of shares already issued to which voting rights  |         |
|are attached                                                        |         |
|                                                                    |         |
|                                                                    |         |
+--------------------------------------------------------------------+---------+
|An event changing the breakdown of voting rights                    |         |
+--------------------------------------------------------------------+---------+
|Other (please specify): Initial notification of holdings on the     |    X    |
|implementation of the Disclosure and Transparency Rules.            |         |
|___________________________                                         |         |
+---------------------------------------------+----------------------+---------+
|3. Full name of person(s) subject to the     |   Caledonia Investments plc    |
|notification obligation(iii):                |                                |
+---------------------------------------------+--------------------------------+
|4. Full name of shareholder(s) (if different |                                |
|from 3.)(iv):                                |                                |
+---------------------------------------------+--------------------------------+
|5. Date of the transaction (and date on which|       5th February 2007        |
|the threshold is crossed or reached if       |                                |
|different)(v):                               |                                |
+---------------------------------------------+--------------------------------+
|6. Date on which issuer notified:            |       5th February 2007        |
+---------------------------------------------+--------------------------------+
|7. Threshold(s) that is/are crossed or       |              26%               |
|reached:                                     |                                |
+---------------------------------------------+--------------------------------+
|8. Notified details:                         |                                |
+---------------------------------------------+----------------------+---------+
+---------------------------------------------+----------------------+---------+
+-----------------------------------------------------------------------------------------+
|A: Voting rights attached to shares                                                      |
+---------------+---------------------+---------------------------------------------------+
|Class/type of  |Situation previous to|Resulting situation after the triggering           |
|shares         |the Triggering       |transaction(vii)                                   |
|               |transaction (vi)     |                                                   |
|if possible    +----------+----------+----------+---------------------+------------------+
|using the ISIN |Number of |Number of |Number of |Number of voting     |% of voting rights|
|CODE           |Shares    |Voting    |shares    |rights ix            |                  |
|               |          |Rights    +----------+----------+----------+--------+---------+
|               |          |viii      |Direct    |Direct x  |Indirect  |Direct  |Indirect |
|               |          |          |          |          |xi        |        |         |
+---------------+----------+----------+----------+----------+----------+--------+---------+
|GB00B0P8RJ60   |19,750,000|19,750,000|19,750,000|19,750,000|N/A       |26.33%  |N/A      |
|               |          |          |          |          |          |        |         |
|Ordinary 1p    |          |          |          |          |          |        |         |
+---------------+----------+----------+----------+----------+----------+--------+---------+

+------------------------------------------------------------------------------+
|B: Financial Instruments                                                      |
+------------------------------------------------------------------------------+
|Resulting situation after the triggering transaction xii                      |
+---------------+-----------+------------------+-------------------+-----------+
|Type of        |Expiration |Exercise/         |Number of voting   |% of voting|
|financial      |date xiii  |Conversion Period/|rights that may be |rights     |
|instrument     |           |Date xiv          |acquired if the    |           |
|               |           |                  |instrument is      |           |
|               |           |                  |exercised/         |           |
|               |           |                  |converted.         |           |
+---------------+-----------+------------------+-------------------+-----------+
|      N/A      |N/A        |       N/A        |N/A                |N/A        |
+---------------+-----------+------------------+-------------------+-----------+

+-----------------------------------------------------------------------------+
|Total (A+B)                                                                  |
+-------------------------------------+---------------------------------------+
|Number of voting rights              |% of voting rights                     |
+-------------------------------------+---------------------------------------+
|19,750,000                           |26.33%                                 |
+-------------------------------------+---------------------------------------+







+-----------------------------------------------------------------------------+
|9. Chain of controlled undertakings through which the voting rights and/or   |
|the financial instruments are effectively held, if applicable xv:            |
+-----------------------------------------------------------------------------+
|                                                                             |
+-----------------------------------------------------------------------------+

+-----------------------------------------------------------------------------+
|Proxy Voting:                                                                |
+------------------------------------------------+----------------------------+
|10. Name of the proxy holder:                   |                            |
+------------------------------------------------+----------------------------+
|11. Number of voting rights proxy holder will   |                            |
|cease to hold:                                  |                            |
+------------------------------------------------+----------------------------+
|12. Date on which proxy holder will cease to    |                            |
|hold voting rights:                             |                            |
+------------------------------------------------+----------------------------+

+--------------------------------+--------------------------------------------+
|13. Additional information:     |                                            |
|                                |                                            |
|                                |                                            |
+--------------------------------+--------------------------------------------+
|14. Contact name:               |Jay Munian                                  |
+--------------------------------+--------------------------------------------+
|15. Contact telephone number:   |0207 802 8080                               |
+--------------------------------+--------------------------------------------+
|                                |                                            |
+--------------------------------+--------------------------------------------+
|                                |                                            |
+--------------------------------+--------------------------------------------+

Annex Notification Of Major Interests In Shares xvi
+-------------------------------------------------------------------------------+
|A: Identity of the person or legal entity subject to the notification          |
|obligation                                                                     |
+------------------------------------------+------------------------------------+
|Full name (including legal form for legal |Caledonia Investments plc           |
|entities)                                 |                                    |
+------------------------------------------+------------------------------------+
|Contact address (registered office for    |Cayzer House                        |
|legal entities)                           |                                    |
|                                          |30 Buckingham Gate                  |
|                                          |                                    |
|                                          |London SWIE 6NN                     |
+------------------------------------------+------------------------------------+
|Phone number                              |0207 802 8080                       |
+------------------------------------------+------------------------------------+
|Other useful information (at least legal  |                                    |
|representative for legal persons)         |                                    |
+------------------------------------------+------------------------------------+

+-------------------------------------------------------------------------------+
|B: Identity of the notifier, if applicable xvii                                |
+------------------------------------------+------------------------------------+
|Full name                                 |Ms Jay Munian                       |
+------------------------------------------+------------------------------------+
|Contact address                           |Cayzer House                        |
|                                          |                                    |
|                                          |30 Buckingham Gate                  |
|                                          |                                    |
|                                          |London SWIE 6NN                     |
|                                          |                                    |
|                                          |                                    |
+------------------------------------------+------------------------------------+
|Phone number                              |020 7802 8080                       |
+------------------------------------------+------------------------------------+
|Other useful information (e.g. functional |Company Secretarial Assistant       |
|relationship with the person or legal     |                                    |
|entity subject to the notification        |                                    |
|obligation)                               |                                    |
+------------------------------------------+------------------------------------+




+------------------------------------------------------------------------------+
|C: Additional information                                                     |
+------------------------------------------------------------------------------+
|                                                                              |
+------------------------------------------------------------------------------+


Notes
--------------------------



(i) This form is to be sent to the issuer or underlying issuer and to be filed
with the competent authority.

(ii) Either the full name of the legal entity or another method for identifying
the issuer or underlying issuer, provided it is reliable and accurate.

(iii) This should be the full name of (a) the shareholder; (b) the person
acquiring, disposing of or exercising voting rights in the cases provided for in
DTR5.2.1 (b) to (h); (c) all the parties to the agreement referred to in
DTR5.2.1 (a), or (d) the direct or indirect holder of financial instruments
entitled to acquire shares already issued to which voting rights are attached,
as appropriate.

In relation to the transactions referred to in points DTR5.2.1 (b) to (h), the
following list is provided as indication of the persons who should be mentioned:

- in the circumstances foreseen in DTR5.2.1 (b), the person that acquires the
voting rights and is entitled to exercise them under the agreement and the
natural person or legal entity who is transferring temporarily for consideration
the voting rights;

- in the circumstances foreseen in DTR 5.2.1 (c), the person holding the
collateral, provided the person or entity controls the voting rights and
declares its intention of exercising them, and person lodging the collateral
under these conditions;

- in the circumstances foreseen in DTR5.2.1(d), the person who has a life
interest in shares if that person is entitled to exercise the voting rights
attached to the shares and the person who is disposing of the voting rights when
the life interest is created;

- in the circumstances foreseen in DTR5.2.1 (e), the parent undertaking and,
provided it has a notification duty at an individual level under DTR 5.1, under
DTR5.2.1 (a) to (d) or under a combination of any of those situations, the
controlled undertaking;

- in the circumstances foreseen in DTR5.2.1 (f), the deposit taker of the
shares, if he can exercise the voting rights attached to the shares deposited
with him at his discretion, and the depositor of the shares allowing the deposit
taker to exercise the voting rights at his discretion;

- in the circumstances foreseen in DTR5.2.1 (g), the person that controls the
voting rights;

- in the circumstances foreseen in DTR5.2.1 (h), the proxy holder, if he can
exercise the voting rights at his discretion, and the shareholder who has given
his proxy to the proxy holder allowing the latter to exercise the voting rights
at his discretion.

(iv) Applicable in the cases provided for in DTR 5.2.1 (b) to (h). This should
be the full name of the shareholder or holder of financial instruments who is
the counterparty to the natural person or legal entity referred to in DTR5.2.

(v) The date of the transaction should normally be, in the case of an on
exchange transaction, the date on which the matching of orders occurs; in the
case of an off exchange transaction, date of the entering into an agreement.

The date on which threshold is crossed should normally be the date on which the
acquisition, disposal or possibility to exercise voting rights takes effect (see
DTR 5.1.1R (3)). For passive crossings, the date when the corporate event took
effect.(DEL: :DEL)

These dates will usually be the same unless the transaction is subject to a
condition beyond the control of the parties.

(vi) Please refer to the situation disclosed in the previous notification, In
case the situation previous to the triggering transaction was below 3%, please
state 'below 3%'.

vii If the holding has fallen below the minimum threshold , the notifying party
should not be obliged to disclose the extent of the holding, only that the new
holding is less than 3%.

 For the case provided for in DTR5.2.1(a), there should be no disclosure of
individual holdings per party to the agreement unless a party individually
crosses or reaches an Article 9 threshold. This applies upon entering into,
introducing changes to or terminating an agreement.

viii Direct and indirect

ix In case of combined holdings of shares with voting rights attached 'direct
holding' and voting rights 'indirect holdings', please split the voting rights
number and percentage into the direct and indirect columns-if there is no
combined holdings, please leave the relevant box blank.

X Voting rights attached to shares in respect of which the notifying party is a
direct shareholder (DTR 5.1)

xi Voting rights held by the notifying party as an indirect shareholder (DTR
5.2.1)

xii If the holding has fallen below the minimum threshold, the notifying party
should not be obliged to disclose the extent of the holding, only that the new
holding is below 3%.

xiii date of maturity / expiration of the finical instrument i.e. the date when
the right to acquire shares ends.

xiv If the financial instrument has such a period-please specify the period- for
example once every three months starting from the (date)

xv The notification should include the name(s) of the controlled undertakings
through which the voting rights are held. The notification should also include
the amount of voting rights and the percentage held by each controlled
undertaking, insofar as individually the controlled undertaking holds 3% or
more, and insofar as the notification by the parent undertaking is intended to
cover the notification obligations of the controlled undertaking.

xvi This annex is only to be filed with the competent authority.

xvii Whenever another person makes the notification on behalf of the shareholder
or the natural person/legal entity referred to in DTR5.2 and DTR5.3.








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