Net Asset Value(s)

India Capital Growth Fund Limited
10 May 2006



India Capital Growth Fund

30 April, 2006 NAV Statement

India Capital Growth Fund Limited (the 'Company')

10 May 2006

Net Asset Values

The Company announces its net asset values per share as at 30 April 2006:

Net asset value per share - undiluted              103.1p

Net asset value per share - fully diluted           102.6p

Progress Update

During April the company has continued to build positions in existing
investments and has added investments in small and mid cap companies. As at 30th
April, 2006 the Company was 48.6 per cent. invested.


A key feature this month has been the strength of Sterling against other major
currencies. The Company's policy is not to hedge the exposure to the Rupee, and
against Sterling the Rupee depreciated by around 5 % during the
period. Substantially the whole of the uninvested cash is, however, held in
Sterling.




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