Net Asset Value(s)

India Capital Growth Fund Limited
04 April 2008




India Capital Growth Fund Limited (the 'Company' or 'ICGF')
4 April 2008

31 March 2008 NAV Statement

Net Asset Values

The Company announces its net asset values per share as at 31 March 2008:

Net asset value per share - undiluted      85.75 p

Net asset value per share - fully diluted  85.75 p


Progress Update

Undiluted NAV fell by 29.3% in the month, giving a cumulative fall since 31
December 2007 of 47.7%. While the small and mid cap indices fell somewhat
further than the BSE Sensex, the fall in NAV was even greater than these
indices, reflecting very sharp falls in the market price of a number of the
larger holdings in the Company's portfolio. The market has been influenced by
continued withdrawal of liquidity from the market by foreign and domestic
investors (foreign institutional investors have so far withdrawn a total of USD
2.8 billion in 2008); and as large institutions withdrew from the market, high
net worth individuals and retail investors faced margin calls that forced the
unwinding of positions. The problems were exacerbated for small- and mid-sized
companies where there is inherently less liquidity even in normal markets. In
these markets, unfounded rumours in connection with particular stocks can have a
rapid effect on prices.

During the month the large cap BSE Sensex was down by 11.0%, while BSE mid and
small cap indices fell 16.3% and 18.6% respectively. The Indian Rupee also fell
by 0.3% against Sterling.

Throughout the turbulence of the last three months close contact has been
maintained with the respective management of each investee company. With few
exceptions the underlying performance of these companies continues to be strong
and their financial position sound. We anticipate good results for the quarter
ending March 2008 which are expected to be announced during April, continuing
the trends for the first nine months (to 31 December 2007) of the current
financial year, which showed healthy EPS growth rates over the corresponding
period in the previous year.

Further detailed comments on a number of the principal holdings by the Company,
based on public information, are contained in the March 2008 Presentation that
can be found on the Company's website at www.indiacapitalgrowth.com . This
presentation will be updated from time to time on the website.

ICGF was established as a closed ended fund with the aim of providing exposure
principally to the mid and small cap sectors of the Indian economy by way of
long term investment. India Investment Partners Limited, the Company's
investment manager (the 'Manager'), considers that the recent downturn in share
prices reflects short term international capital market movements which the
Manager believes have little to do with the underlying longer term positive and
strong earning power of the companies in which ICGF is invested. In 2007 India's
GDP grew by 9.6% while the US, UK, Japan and the Eurozone all grew by less than
3%. The Managers' view remains that the Indian economy, though not immune to
international economic conditions, is continuing on a secular growth path and,
over time, will rise faster that of most developed economies. A cautious
approach continues to be adopted, and at 31 March 2008 the Company had a net
cash of £7.7 million.



Enquiries:

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

India Investment Partners Limited
James Winterbotham
020 7802 8902


Arbuthnot Securities Limited
Alastair Moreton
020 7012 2000


Analysis of holdings at 31 March 2008

Sector Summary                        No. of Companies        % of Portfolio
Textiles                              2                        14.9%
Financial Services                    4                        14.7%
Media                                 2                        13.4%
Housing & Construction                5                        12.7%
Transportation                        2                         9.0%
IT                                    3                         5.5%
Electrical & Lighting                 1                         4.9%
Engineering / Manufacturing           3                         3.8%
Oil & Gas                             1                         3.6%
Others                                2                         5.7%
Total investments                     25                       88.3%
Cash                                                           11.7%
Total Portfolio                                               100.0%



Top 10 holdings at 31 March 2008

Holding                               Sector                      % of Portfolio
S Kumars Nationwide                   Textiles                    11.0%
Prime Focus                           Media                        9.9%
Marwadi Shares and Finance            Financial Services           5.8%
Varun Shipping                        Transportation               5.6%
Asian Electronics                     Electricals and Lighting     4.9%
Prime Securities                      Financial Services           4.1%
Arihant Foundations and Housing       Housing and Construction     4.1%
Grabal Alok Impex                     Textiles                     3.9%
Akruti City                           Housing and Construction     3.6%
Hindustan Oil Exploratio              Oil and Gas                  3.6%



Portfolio Break down by Size at 31 March 2008

Size                                  No. of Companies           % of Portfolio
Small Cap                             16                          53.0%
Mid Cap                               6                           25.9%
Large Cap                             1                            3.6%
Unlisted                              2                            5.8%
Cash                                                              11.7%
Total                                                            100.0%




                      This information is provided by RNS
            The company news service from the London Stock Exchange