Holding(s) in Company

India Capital Growth Fund Limited
10 January 2008


               India Capital Growth Fund Limited (the 'Company')

                                10 January 2008

                                 Share Purchase

The Company was notified on 10 January 2008 that the Manager, India Investment
Partners Limited ('IIP'), and related parties acquired on 9 January 2008 an
aggregate of 1,916,170 shares representing 2.55% of the issued share capital of
the Company. Of these, 150,000 were purchased in the market at 135.5 pence per
share, and the remaining 1,766,170 shares were purchased from Caledonia
Investments plc at the same price per share. These purchases have been made in
accordance with the requirements of the Investment Management Agreement with IIP
whereby 50% of any performance fee, after allowance for all taxes, is to be
invested in shares in the Company.

Following this transaction, Caledonia Investments plc remains interested in
17,983,830 shares representing 23.98% of the issued share capital of the
Company.


Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited
(Company Secretary)
Andrew Maiden                                              01481 745368

Arbuthnot Securities Limited
Alastair Moreton                                           020 7012 2000

India Investment Partners Limited
James Winterbotham                                         020 7802 8902

Caledonia Investments plc
Tony Hambro                                                020 7802 8454






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