Net Asset Value(s)

India Capital Growth Fund Limited
10 April 2006



India Capital Growth Fund

March, 2006 NAV Statement

India Capital Growth Fund Limited (the 'Company')

10 April 2006

Net Asset Values

The Company announces its unaudited net asset values per share as at 31 March
2006:

Net asset value per share - undiluted              99.20p

Net asset value per share - fully diluted          99.33p

Progress Update

As at 31st March the Company had invested approximately 44.5 per cent. of net
assets as compared to 16.5 per cent. on 31 January 2006 and 25 per cent on 28
February 2006. Including significant commitments to two further investments that
we expect to complete in April, in a hotel/restaurant company (which would
represent 3.9 per cent. of the Fund's net assets) and a construction company
(2.3 per cent), over 50% of assets have been invested. We are well placed in the
local deal flow and we believe that this trend of investing more of the
Company's net assets will continue, although this is dependent on our continued
focus, as laid out in the Admission Document, of examining each opportunity on a
case by case basis.

We are still building out positions in selected companies and hence are not yet
in a position to disclose names. Among these are two companies in the auto
component sector (representing 4.0 per cent. of the Fund's net assets), a sugar
company (4.3 per cent.), a shipping company (3.4 per cent), a construction
company involved in BOT projects (2.8 per cent.), a low cost airline (1.4 per
cent.), a cement company (1.4 per cent.), a steel company (0.9 per cent.), a
housing construction company (0.8 per cent.), a mid sized software company (0.7
per cent.), and a specialty fabrics company (0.5 per cent.). Liquidity is an
issue in these companies and it takes time to build up to our target level of
stakes without moving share prices against us, but we are showing that with
patience this can be achieved.


We have added to our positions in three public sector banks (11.7 per cent.),
which have, we believe unreasonably, been ignored in the current stock market
rally. We also have investments in three larger cap companies (12.6 per cent.)
that we believe are presently undervalued.


We believe the current portfolio represents an attractive balance of investments
across a range of industries and with long term potential.




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