Holding(s) in Company

India Capital Growth Fund Limited
11 January 2008


Form TR-1 with annex. FSA Version 2.1 updated April 2007

+----------------------------------------+
|For filings with the FSA include the    |
|annex                                   |
|                                        |
|For filings with issuer exclude the     |
|annex                                   |
+----------------------------------------+

+-----------------------------------------------------------------------------+
|TR-1: Notifications of Major Interests in Shares                             |
+-----------------------------------------------------------------------------+

+-----------------------------------------------+-------------------------------+
|                                               |                               |
|                                               |                               |
|1. Identity of the issuer or the underlying    |INDIA CAPITAL GROWTH FUND      |
|issuer of existing shares to which voting      |LIMITED                        |
|rights are attached:                           |                               |
+-----------------------------------------------+-------------------------------+
|                                                                               |
|                                                                               |
|2. Reason for notification (yes/no)                                            |
+--------------------------------------------------------------------+----------+
|                                                                    |          |
|                                                                    |          |
|An acquisition or disposal of voting rights                         |    X     |
|                                                                    |          |
|                                                                    |          |
+--------------------------------------------------------------------+----------+
|                                                                    |          |
|                                                                    |          |
|An acquisition or disposal of financial instruments which may result|          |
|in the acquisition of shares already issued to which voting rights  |          |
|are attached                                                        |          |
+--------------------------------------------------------------------+----------+
|                                                                    |          |
|                                                                    |          |
|An event changing the breakdown of voting rights                    |          |
+--------------------------------------------------------------------+----------+
|                                                                    |          |
|                                                                    |          |
|Other (please specify)                                              |          |
+---------------------------------------+----------------------------+----------+
|                                       |                                       |
|                                       |                                       |
|3. Full name of person(s) subject to   |CALEDONIA INVESTMENTS PLC              |
|notification obligation:               |                                       |
+---------------------------------------+---------------------------------------+
|                                       |                                       |
|                                       |                                       |
|4. Full name of shareholder(s) (if     |                                       |
|different from 3):                     |                                       |
+---------------------------------------+---------------------------------------+
|                                       |                                       |
|                                       |                                       |
|5. Date of transaction (and date on    |9 JANUARY 2008                         |
|which the threshold is crossed or      |                                       |
|reached if different):                 |                                       |
+---------------------------------------+---------------------------------------+
|                                       |                                       |
|                                       |                                       |
|6. Date on which issuer notified:      |10 JANUARY 2008                        |
+---------------------------------------+---------------------------------------+
|                                       |                                       |
|                                       |                                       |
|7. Threshold(s) that is/are crossed or |26%, 25%, 24%                          |
|reached:                               |                                       |
+---------------------------------------+-------+--------------------+----------+








+----------------------------------------------------------------------------------+
|8: Notified Details                                                               |
+----------------------------------------------------------------------------------+
|A: Voting rights attached to shares                                               |
|                                                                                  |
|                                                                                  |
+----------+-------------------+---------------------------------------------------+
|Class/type|Situation previous |Resulting situation after the triggering           |
|of shares |to the triggering  |transaction                                        |
|          |transaction        |                                                   |
|If        +---------+---------+---------+-------------------+---------------------+
|possible  |Number of|Number of|Number of|Number of voting   |Percentage of voting |
|use ISIN  |shares   |voting   |shares   |rights             |rights               |
|code      |         |rights   |         +---------+---------+----------+----------+
|          |         |         |         |         |         |          |          |
|          |         |         |         |         |         |          |          |
|          |         |         |         |Direct   |Indirect |Direct    |Indirect  |
+----------+---------+---------+---------+---------+---------+----------+----------+
|GB00 19,750,000 19,750,000 17,983,830 17,983,830 n/a 23.98% n/a                   |
|                                                                                  |
|B0P8RJ60                                                                          |
|                                                                                  |
|Ord 1p                                                                            |
+----------+---------+---------+---------+---------+---------+----------+----------+
+----------+---------+---------+---------+---------+---------+----------+----------+

+--------------------------------------------------------------------------------+
|B: Financial Instruments                                                        |
|                                                                                |
|                                                                                |
+--------------------------------------------------------------------------------+
|Resulting situation after the triggering transaction                            |
|                                                                                |
|                                                                                |
+---------------+---------------+---------------+----------------+---------------+
|Type of        |Expiration date|Exercise/      |No. of voting   |Percentage of  |
|financial      |               |conversion     |rights that may |voting rights  |
|instrument     |               |period/date    |be acquired (if |               |
|               |               |               |the instrument  |               |
|               |               |               |exercised/      |               |
|               |               |               |converted)      |               |
+---------------+---------------+---------------+----------------+---------------+
|               |               |               |                |               |
|               |               |               |                |               |
|               |               |               |                |               |
+---------------+---------------+---------------+----------------+---------------+



+-----------------------------------------------------------------------------+
|Total (A+B)                                                                  |
|                                                                             |
|                                                                             |
+--------------------------------------+--------------------------------------+
|Number of voting rights               |Percentage of voting rights           |
+--------------------------------------+--------------------------------------+
|17,983,830                            |23.98%                                |
+--------------------------------------+--------------------------------------+
























+-----------------------------------------------------------------------------+
|9. Chain of controlled undertakings through which the voting rights and /or  |
|the financial instruments are effectively held, if applicable:               |
+-----------------------------------------------------------------------------+
|                                                                             |
+-----------------------------------------------------------------------------+

+-----------------------------------------------------------------------------+
|Proxy Voting:                                                                |
|                                                                             |
|                                                                             |
+--------------------------------------+--------------------------------------+
|10. Name of proxy holder:             |                                      |
|                                      |                                      |
|                                      |                                      |
+--------------------------------------+--------------------------------------+
|11. Number of voting rights proxy     |                                      |
|holder will cease to hold:            |                                      |
|                                      |                                      |
|                                      |                                      |
+--------------------------------------+--------------------------------------+
|12. Date on which proxy holder will   |                                      |
|cease to hold voting rights:          |                                      |
|                                      |                                      |
|                                      |                                      |
+--------------------------------------+--------------------------------------+

+--------------------------------------+--------------------------------------+
|13. Additional information:           |Sale of shares to India Investment    |
|                                      |Partners Ltd, as announced by India   |
|                                      |Capital Growth Fund Ltd on 10 January |
|                                      |2008                                  |
+--------------------------------------+--------------------------------------+
|14 Contact name:                      |Graeme Denison                        |
|                                      |                                      |
|                                      |                                      |
+--------------------------------------+--------------------------------------+
|15. Contact telephone name:           |020 7802 8080                         |
|                                      |                                      |
|                                      |                                      |
+--------------------------------------+--------------------------------------+


For notes on how to complete form TR-1 please see the FSA website.



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