Change to Board

India Capital Growth Fund Limited
19 September 2007



                                                               19 September 2007



                       India Capital Growth Fund Limited

                                (the 'Company')

           Re: Appointment and Resignation of Non Executive Director


India Capital Growth Fund Limited is pleased to announce the appointment of
Andrew Maiden to the Board with effect from 19 September 2007. Andrew is a
client relationship manager at Northern Trust International Fund Administration
Services (Guernsey) Limited, the Administrators to the Company.

Julian Carey has tendered his resignation from the Board with effect from 20
September 2007, following his resignation from Northern Trust International Fund
Administration Services (Guernsey) Limited in order to pursue other business
interests.


All Enquiries:

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]

Alastair Moreton
Arbuthnot Securities Limited
Arbuthnot House
20 Ropemaker Street
London EC2Y 9AR

Tel: [phone]






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