Net Asset Value(s)

India Capital Growth Fund Limited
07 January 2008


India Capital Growth Fund Limited
07 January 2008

31 December 2007 NAV Statement

India Capital Growth Fund Limited (the 'Company')

31 December 2007

Net Asset Values


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

Net asset value per share - undiluted         164.05 p

Net asset value per share - fully diluted     153.38 p


Progress Update

Undiluted NAV (net of performance fee) increased by 17.8% during the month, and
by 76% for the year as a whole.

The BSE mid and small cap indices continued their sharp movement in December and
gained 14.4% and 26.8% respectively in  comparison to 4.8% for the large cap BSE
Sensex. FIIs bought US$1.0 Bn worth of Indian equities in December and US$17.2 
Bn during the year (Jan to Dec) 2007.

The Indian Rupee appreciated against Sterling by 3.7% during December and 9.4%
during 2007, bringing the rate back  close to the level when the Company was
launched in December 2005. Inflation, based on the wholesale price index (WPI), 
was at 3.45% for the week ended 15 December 2007, well within the RBI's stated
objectives.

In the unlisted portfolio the Infinity India Advisors Private Limited debenture
has been redeemed, while a revaluation of the two other unlisted investments has
resulted in a small net increase in carrying value of 7.6%.

The net cash position increased to 4.1% of the portfolio as at 31 December 2007 
due to continued selective top slicing.

Analysis of holdings by size at 31 December 2007

                                           No. of Companies       % of Portfolio
Small Cap                                               12                36.9%
Mid Cap                                                  9                51.4%
Large Cap                                                2                 4.2%
Unlisted                                                 2                 3.4%
Cash                                                                       4.1%
Total                                                   25               100.0%

Analysis of holdings by sector at 31 December 2007

Sector Summary                            No. of Companies       % of Portfolio
Media                                                    2                19.5%
Financial Services                                       4                16.0%
Housing & Construction                                   5                13.9%
Textiles                                                 2                13.7%
Transportation                                           2                 8.0%
IT                                                       3                 7.7%
Electrical & Lighting                                    1                 6.4%
Engineering / Manufacturing                              3                 4.0%
Others                                                   3                 6.7%
Total investments                                       25                95.9%
Cash                                                                       4.1%
Total Portfolio                                                          100.0%

Top 10 holdings at 31 December 2007

Holding                              Sector                      % of Portfolio

S Kumars Nationwide                  Textiles                             10.8%
Prime Focus                          Media                                 9.8%
IOL Broadband                        Media                                 9.7%
Prime Securities                     Financial Services                    7.3%
Asian Electronics                    Electricals and Lighting              6.4%
Logix Microsystems                   IT                                    5.1%
Arihant Foundations and Housing      Housing and Construction              4.4%
Varun Shipping                       Transportation                        4.1%
SpiceJet                             Transportation                        3.9%
Gruh Finance                         Financial Services                    3.7%






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