Net Asset Value(s)

India Capital Growth Fund Limited
05 July 2007


India Capital Growth Fund Limited
5 July 2007

30 June 2007 NAV Statement

India Capital Growth Fund Limited (the 'Company')

5 July 2007

Net Asset Values

The Company announces its net asset values per share as at 30 June 2007:

Net asset value per share - undiluted              116.48 p

Net asset value per share - fully diluted          113.74 p

Progress Update

NAV (net of performance fee) was up 9.6% on the month. Indian markets were
strong in June, in particular the small and  mid cap stocks compared to large
cap stocks. The BSE Sensex rose 0.7% while the BSE Small Cap Index rose 4.3%.
The  rupee depreciated 1.5% against sterling during the month. India's annual
inflation rate slowed to 4.03% in the week to  June 16, 2007, a 13 month low
having peaked this year at 6.69% on Jan 27, 2007.

During the month, the Company continued the strategy of investment in the core
companies and disposal of certain  non-core holdings. New investment
opportunities continue to be actively investigated. As at 30 June 2007, the
Company  was 94.2% invested with 5.8% in cash, mainly in sterling.

For the six months ending 30 June 2007, the NAV has risen 24.9%. In the same
period, the BSE Small Cap Index has risen  12%, and the BSE Sensex 6%, while the
rupee has appreciated 6% against sterling.
Analysis of holdings at 30 June 2007

Sector Summary                                No. of Companies       % of Portfolio
Media                                                    2                21.7%
Textiles                                                 2                12.8%
Financial Services                                       4                10.7%
Housing & Construction                                   5                 9.6%
Electricals & Lighting                                   1                 8.8%
Transport                                                2                 7.7%
Oil Drilling, Equipment & Services                       1                 6.8%
IT                                                       3                 6.4%
Engineering / Manufacturing                              4                 4.1%
Others                                                   2                 5.6%
Total investments                                       26                94.2%
Cash                                                                       5.8%
Total Portfolio                                                          100.0%


Top 10 holdings at 30 June 2007

Holding                              Sector                          % of Portfolio

IOL Broadband                        Media                                13.3%
S Kumars Nationwide                  Textiles                              9.2%
Asian Electronics                    Electricals and Lighting              8.8%
Prime Focus                          Media                                 8.4%
Aban Offshore                        Oil Drilling Equipment & Services     6.8%
SpiceJet Limited                     Transportation                        4.4%
Logix Microsystems                   IT                                    4.0%
Gruh Finance                         Financial Services                    3.8%
Grabal Alok Impex                    Textiles                              3.6%
Marwadi Shares & Finance (unlisted)  Financial Services                    3.5%






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