Net Asset Value(s)

India Capital Growth Fund Limited
05 September 2007


India Capital Growth Fund Limited
05 September 2007

31 August 2007 NAV Statement


India Capital Growth Fund Limited (the 'Company')

31 August 2007

Net Asset Values


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

Net asset value per share - undiluted         119.80p

Net asset value per share - fully diluted     116.50p



Progress Update

Undiluted NAV fell 3.9% during the month, but remained 2.9% above that at 30
June 2007. Markets were extremely volatile  during August, affected by global
concerns about the US sub prime mortgage market and by domestic political
uncertainty  in India, where the Central Government's survival was threatened by
withdrawal of support by the Communists, unhappy  with Congress's nuclear deal
with the US. This threat has receded, and the pundits expect the current
Government to  remain in power until at least the end of 2008. The markets were
nevertheless unsettled and the BSE Sensex fell by a  net 1.5% and BSE Small Cap
by 0.1% during the month. The Rupee also depreciated marginally (0.6%) against
Sterling.

The Indian economy continued to grow at a healthy rate, with GDP up by 9.3% in
the first quarter (31 March 2007 to 30  June 2007,) sustaining the growth shown
last year.

Inflation, based on the wholesale price index (WPI), declined to 3.94% for the 
week ended 19 August 2007, its lowest since 29 April 2006.

The Company has continued to add to its positions in its core portfolio and has
exited from non core holdings. There  were sharp declines in the share prices of
some of the larger holdings, reversing much of the gain enjoyed in July, but 
individual companies' performances remains sound and overall the portfolio has
recovered well.

As at 31 August 2007, the Company was 95.7% invested, with 4.3% in cash.



Analysis of holdings at 31 August 2007

Sector Summary                            No. of Companies       % of Portfolio
Media                                                    2                21.6%
Textiles                                                 2                13.4%
Financial Services                                       4                10.6%
Housing & Construction                                   4                10.0%
Electrical & Lighting                                    1                 8.0%
Transport                                                2                 7.7%
IT                                                       3                 7.3%
Oil Drilling, Equipment & Services                       1                 6.4%
Engineering / Manufacturing                              4                 3.5%
Others                                                   3                 7.2%
Total investments                                       26                95.7%
Cash                                                                       4.3%
Total Portfolio                                                          100.0%


Top 10 holdings at 31 August 2007

Holding                              Sector                      % of Portfolio

IOL Broadband                        Media                                12.2%
S Kumars Nationwide                  Textiles                              9.9%
Prime Focus                          Media                                 9.4%
Asian Electronics                    Electricals and Lighting              8.0%
Aban Offshore                        Oil Drilling Equipment & Services     6.4%
Logix Microsystems                   IT                                    4.9%
SpiceJet                             Transportation                        4.4%
Arihant Foundations and Housing      Housing and Construction              3.9%
Gruh Finance                         Financial Services                    3.8%
Grabal Alok Impex                    Textiles                              3.5%




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