Net Asset Value(s)

India Capital Growth Fund Limited
07 February 2007


India Capital Growth Fund Limited
7 February 2007

31 January 2007 NAV Statement

India Capital Growth Fund Limited (the 'Company')

7 February 2007

Net Asset Values

The Company announces its net asset values per share as at 31 January 2007:

Net asset value per share - undiluted              97.34 p

Net asset value per share - fully diluted          97.79 p

Progress Update

NAV was up 4.4% on the month, buoyed by a strong small cap sector performance
and generally good December quarterly  results.  The Rupee appreciated
marginally against Sterling during January.

The Company continued to increase its investment in the companies in its small
and mid-cap portfolio, increasing its  stakes in Arihant Foundation, Dabur
Pharma, Gruh Finance, Mahindra Ugine, S Kumars Nationwide, and Viceroy Hotels.

The initial investment in IOL Broadband was noted last month.  In January we
subscribed to the company's QIP  ('Qualified Investor Placement') at an
attractive price, and following strong share price performance IOL Broadband is 
now the single largest holding in the Company's portfolio.

IOL Broadband is a listed Internet Protocol Television (IPTV) Company, providing
last-mile triple play access (which  includes voice, data and wireless) to homes
and enterprises across India. IOL has a non exclusive agreement with BSNL  and
MTNL, two state-owned, fixed line telecom operators, to use their
infrastructure, broadband and last mile linkage,  to reach customers throughout
India. IOL thus does not have to incur capital expenditure on infrastructure and
has  access to India's largest fixed line customer base, which represents a
unique and exciting business opportunity.

As investments have been made in the small cap portfolio and also in certain
more liquid stocks where we see value,  cash in hand has substantially reduced.
We have also reclassified one mid-cap investment as large cap, as its share 
price performance has taken it into the latter category.

Summary of Holdings at 31 January 2007 by Size

Category                               No. of Companies    % of Portfolio
Small and Midcap and unlisted holdings        33               83.1%
Large Cap holdings                             6               12.0%
Total investments                             39               95.1%
Cash                                                            4.9%

Analysis of holdings by sector at 31 January 2007
Sector Summary                                                  % of Portfolio
Media                                                                     13.0%
Housing & Construction                                                    12.1%
Financial Services                                                        10.5%
Textiles                                                                   9.4%
Engineering / Manufacturing                                                9.4%
Auto / Auto Components                                                     7.6%
Banks                                                                      5.5%
Steel / Iron Ore                                                           4.9%
Airlines                                                                   4.7%
IT                                                                         4.5%
Shipping                                                                   3.9%
Pharmaceuticals                                                            3.1%
Hotels                                                                     2.1%
Oil drilling equipment and services                                        2.1%
Other                                                                      2.3%
Total                                                                     95.1%

Top 5 small and mid-cap Holdings 31 January 2007

Holding              Sector                                % of Portfolio
IOL Broadband        Media                                                 7.8%
SKumars Nationwide   Textiles                                              6.6%
Asian Electronics    Engineering / Manufacturing                           5.6%
Spice Jet            Airlines                                              4.7%
Prime Focus          Media                                                 4.5%


7 February 2007



                      This information is provided by RNS
            The company news service from the London Stock Exchange