Holding(s) in Company

India Capital Growth Fund Limited
16 November 2006



                              COMPANY ANNOUNCEMENT


For Immediate Release                                       16th November 2006



                       India Capital Growth Fund Limited


                           Shareholder Notifications


The Company has been notified by Utilico Emerging Markets Limited that they no
longer have an interest in the Company.


The Company has been notified that Caledonia Investments plc has an interest in 
26.33% of the Company's total issued share capital and Cazyer Trust has an
interest in the  issued share capital of 29%.

Enquiries:
Northern Trust                  Cormac O'Keeffe
                                Phone: [phone]






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