Asset Allocation

New India Investment Trust PLC
                                 Company Update

On  29  December  2004 the Company announced that its Mauritian  subsidiary  had
obtained  its  licence under the Mauritian Companies Act 2001 and the  Mauritian
Financial Services Development Act 2001.

Following the receipt of this licence the Mauritian subsidiary has issued  share
capital  and warrants to the New India Investment Trust PLC as set  out  in  the
circular to shareholders dated 16 November 2004, and has been fully capitalised.
Consequently it has commenced investing into the Indian Market.

As  at 19 January 2005, 50.57 per cent of the Company's net assets were invested
in  a  portfolio  of  companies incorporated in India  or  deriving  significant
revenue or profit from India.


Enquiries:

William Salomon
Chairman
020 7647 5750

Stephen Folland
Company Secretary
01534 705040