Holding(s) in Company

India Capital Growth Fund Limited
17 August 2006



                              COMPANY ANNOUNCEMENT


For Immediate Release                                           17th August 2006



                       India Capital Growth Fund Limited

                           Shareholder Notifications


The Company has been notified by Utilico Emerging Markets Limited that they have
a current interest of 6.73% in the Company.

Enquiries:

Northern Trust                  Cormac O'Keeffe
                                Phone: [phone]






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