Net Asset Value(s)

India Capital Growth Fund Limited
09 February 2006


                       INDIA CAPITAL GROWTH FUND LIMITED

 (a closed-ended investment company incorporated in Guernsey with registration
                                 number 43916)





The company announces its net asset values per share as at 31 January 2006

FUND NAME                       NAV       SEDOL        NAV DATE
India Capital Growth Fund         97.66p  B0P8RJ6      31 January 2006

 N.B. The Diluted NAV per Share is 98.05p


Progress update; The Company is making good progress with making investments and
has now invested approximately 16.5 per cent of net assets in accordance with
the investment objective and policy set out in its Admission Document


Valuation as at date: 31 January 2006

Date: 09 February 2006


Enquiries:


Northern Trust International Fund Administration Services (Guernsey) Limited


Sean Murray 44 (0)1481 745311






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