Net Asset Value(s)

India Capital Growth Fund Limited
07 March 2006



                           India Capital Growth Fund


February, 2006 NAV Statement


India Capital Growth Fund Limited (the 'Company')


7 March 2006


Net Asset Values


The Company announces its net asset values per share as at 28 February 2006:


Net asset value per share - undiluted              97.52p

Net asset value per share - fully diluted          97.93p


Progress Update


The Company has now invested approximately 25 per cent. of net assets in
accordance with the investment objective and policy set out in its Admission
Document.


While long term growth prospects for various sectors are extremely good, the
strength of the market has made it difficult to find value in the short term.


We continue to focus on investing in growth companies with strong businesses and
managements. We are building positions in companies in the auto component, sugar
and construction sectors and have also invested in a number of Public Sector
Banks.



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