Net Asset Value(s)

India Capital Growth Fund Limited
08 May 2007



India Capital Growth Fund Limited
08 May 2007

30 April 2007 NAV Statement

India Capital Growth Fund Limited (the 'Company')

08 May 2007

Net Asset Values

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

Net asset value per share - undiluted              100.79 p

Net asset value per share - fully diluted          100.66 p

Progress Update

NAV was up 14.2% on the month, as against 8.1% increase in BSE Small Cap Index
and a 3.8% appreciation of the Rupee  against Sterling..

The Company continued to increase its investment into core portfolio stocks,
increasing its stakes in Arihant  Foundations and Housing Limited and SpiceJet
Limited. During the month, in line with the strategy of focusing the  portfolio,
the sale of five non-core holdings was completed.

An investment in Aban Offshore Limited (Aban) (a large cap company) formed 6.8%
of the portfolio as on 30th Apriul  2007.  Aban is India's largest offshore oil
rig and platform owner and operator providing oil field services in  offshore
deep water sites in India and overseas. Aban completed the100% acquisition of
Norway-based Sinvest ASA in  early 2007. This acquisition together with delivery
of new rigs will enable Aban to grow very strongly in the next  two years, both
internationally as well as servicing new oil fields on India's East Coast. The
Company has a strong  and experienced management team that is expected to take
full advantage of the sector opportunities they face.  Further upside over a one
to two year period is believed to still be available in this investment.

IOL Broadband, an IP TV provider that distributes TV content to customers using
the broadband and telecom  infrastructure of MTNL and BSNL (who have over 40
million telecom customers combined) has proved to be a very  successful
investment for the Company and following strong positive share price movement
now represents over 13%  of the portfolio.  Large exposures are monitored on a
regular basis and it is considered that the company's  prospects fully justify
the current share price.

Summary of Holdings at 30 April 2007 by Size

Category                                                     No. of Companies            % of portfolio
Small and Mid-cap and unlisted holdings                           24                           86.1%
Large Cap holdings                                                 2                            8.9%
Total investments                                                 26                           95.0%
Cash                                                                                                             
5.0%

Analysis of holdings by sector at 30 April 2007

Sector Summary                                                % of Portfolio
Media                                                              20.5%
Textiles                                                           12.0%
Financial Services                                                 11.0%
Housing & Construction                                             10.3%
Engineering / Manufacturing / Electricals                           8.6%
Oil Drilling, Equipment & Services                                  6.8%
Auto / Auto Components                                              6.1%
IT                                                                  4.7%
Airlines                                                            3.8%
Shipping                                                            3.7%
Pharmaceuticals                                                     2.8%
Hotels                                                              2.6%
Banks                                                               2.1%
Total                                                              95.0%

Top 5 Holdings 30 April 2007

Holding                              Sector                                      % of Portfolio
IOL Broadband                        Media                                                13.4%
S Kumars Nationwide                  Textiles                                              7.7%
Prime Focus                          Media                                                 7.1%
Asian Electronics                    Energy Saving Electricals and Renewables              6.9%
Aban Offshore                        Oil Drilling Platforms, Equipment & Services          6.8%



                      This information is provided by RNS
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