Holding(s) in Company

India Capital Growth Fund Limited
30 January 2008


Form TR-1 with annex. FSA Version 2.1 updated April 2007
--------------------------
For filings with the FSA include the annex
For filings with issuer exclude the annex
--------------------------
TR-1: Notifications of Major Interests in Shares
------------------------------------------------
1. Identity of the issuer or the underlying issuer INDIA CAPITAL GROWTH FUND
of existing shares to which voting rights are      LIMITED
attached:                                          ---------------------
------------------------------
2. Reason for notification (yes/no)
------------------------------------------------
                                                                        ---------
An acquisition or disposal of voting rights                             YES
-----------------------------------------                               Acquisition
                                                                        ---------
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):______________
------------------------------------------                                ---------
3. Full name of person(s) subject to      AVI Value Fund 2,012,000
notification obligation:
                                          Carnegie 480,000
                                          CF AVI Global Fund 722,000
                                          Columbia (non voting) 554,000
                                          LNS01 357,000
                                          Yale University 1,502,000
               -------------------------- -------------------------
4. Full name of shareholder(s)            StateStreet Nominees
(Registered Holders)
                                          StateStreet Nominees
                                          BoNY Nominees
                                          Mellon Nominees
                                          Pictet Nominees
                                          NorTrust Nominees
               -------------------------- -------------------------
5. Date of transaction (and date on which 29 January 2008
the threshold is crossed or reached if    -------------------------
different):
--------------------------
6. Date on which issuer notified:         30 January 2008
--------------------------                -------------------------
7. Threshold(s) that
is/are crossed or
reached:                                  5%, 6%
--------------------------                -------------------------

8: Notified Details
A: Voting rights attached to shares
Class/type of Situation previous   Resulting situation after the triggering
shares        to the triggering    transaction
              transaction
If possible
use ISIN code Number of Number of  Number of Number of voting    Percentage of
              shares    voting     shares    rights              voting rights
                        rights               Direct    Indirect  Direct    Indirect
GB00B0P8RJ60 3,500,000 2,990,000 5,627,000 5,073,000 0 6.76% 0%
Ordinary Shares








B: Financial Instruments
Resulting situation after the triggering transaction
Type of     Expiration Exercise/     No. of voting rights that may   Percentage
financial   date       conversion    be acquired (if the instrument  of voting
instrument             period/date   exercised/converted)            rights
N / A



Total (A+B)
Number of voting rights              Percentage of voting rights
                         5,073,000                                        6.76%

9. Chain of controlled undertakings through which the voting rights and /or the
financial instruments are effectively held, if applicable:
StateStreet Nominees acts as custodian for the AVI Value Fund LLC
State Street Nominees acts as custodian for Carnegie Corporation
Bank of New York Nominees acts as custodian for the CF AVI Global Fund
Mellon Nominees acts as custodian for The Trustees of Columbia University
(non-voting)
Pictet Nominees acts as custodian for LNS01
Northern Trust Nominees acts as custodian for Yale University

Proxy Voting:
10. Name of 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       Asset Value Investors acts as discretionary manager for all
information:         funds mentioned in 3.
14 Contact name:     Asset Value Investors Limited
                     Daniel Sadler
15. Contact
telephone
name:                0207 647 2919


For notes on how to complete form TR-1 please see the FSA website.



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