Net Asset Value(s)

India Capital Growth Fund Limited
04 April 2007


India Capital Growth Fund Limited
4 April 2007

31 March 2007 NAV Statement

India Capital Growth Fund Limited (the 'Company')

4 April 2007

Net Asset Values

The Company announces its net asset values per share as at 31 March 2007:

Net asset value per share - undiluted              88.25 p

Net asset value per share - fully diluted           90.21 p

Progress Update

NAV was down 0.9% on the month, as against a 3.5% fall in BSE Small Cap Index
and a 1.6% appreciation of the Rupee  against Sterling. Share prices for the
Company's portfolio were very volatile, reflecting the wider uncertainty in the 
market.  A third of stocks moved over 10% during the month, and two thirds by
over 5%.

The Company continued to increase its investment in its core small cap
portfolio, increasing its stakes in IOL  Broadband, Logix Microsystems and Asian
Electronics. The Company also subscribed to a FCCB Offering of Grabal Alok and 
exercised part of the warrants in Viceroy Hotels.

The Company subscribed to a Mandatory Convertible FCCB offering of Grabal Alok
Impex (India) Limited and this now forms 5.00% of the portfolio as at 31 March
2007. The Company will own 10% of Grabal Alok's equity post conversion of this
FCCB. Grabal Alok manufactures a range of embroidery products used in apparels
and home textiles. Its embroidered products are mostly exported and sold in
Africa and the Middle East although Grabal Alok also sells products in the local
Indian market. Grabal Alok is also taking a controlling stake in a UK clothing
retailer over which it already has effective management control and which it is
restructuring and improving margins by greater and more efficient sourcing from
India and other low cost manufacturing centres.

In other activity the Company exited completely from two mid caps and reduced
exposure in other non core investments.  The Company expects to be able to take
advantage of market weakness to further add to its core small company 
shareholdings.


Summary of Holdings at 31 March 2007 by Size

Category                                                              No. of Companies                 % of portfolio
Small and Mid-cap and unlisted holdings                                       28                           85.8%
Large Cap holdings                                                             3                           10.5%
Total investments                                                             31                           96.3%
Cash                                                                                                                    
3.7%

Analysis of holdings by sector at 31 March 2007

Sector Summary                                                   % of Portfolio
Media                                                                     18.4%
Textiles                                                                  13.0%
Financial Services                                                        11.4%
Housing & Construction                                                    11.0%
Engineering / Manufacturing / Electricals                                  8.2%
Auto / Auto Components                                                     6.4%
Oil Drilling, Equipment & Services                                         5.8%
IT                                                                         5.3%
Banks                                                                      4.7%
Airlines                                                                   4.0%
Shipping                                                                   3.5%
Pharmaceuticals                                                            3.3%
Hotels                                                                     1.3%

                                                   Total                  96.3%

Top 5 Small and Mid-cap Holdings 31 March 2007

Holding                                                                Sector                 % of Portfolio
IOL Broadband                                                          Media                  12.5%
S Kumars Nationwide                                                    Textiles               7.6%
Asian Electronics                                                      Electricals            6.3%
Prime Focus                                                            Media                  5.8%
Grabal Alok                                                            Textiles               5.0%





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