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THE INDIA GROWTH FUND REPORTS EARNINGS

 THE INDIA GROWTH FUND REPORTS EARNINGS
 NEW YORK, March 2 /PRNewswire/ -- The India Growth Fund Inc.


(NYSE: IGF), a closed-end diversified management investment company seeking long-term capital appreciation through investment primarily in equity securities of Indian companies, today announced its performance for the quarter ended Dec. 31, 1991, and for the six months ended Dec. 31, 1991.
 During the quarter ended Dec. 31, 1991, the fund had a net investment loss of approximately $221,000, equal to $0.04 per share. Such amount reflects $829,579, equal to $0.17 per share in net foreign exchange losses. Net realized and unrealized capital gains for the quarter were approximately $7,465,000, equal to $1.49 per share for the same period. This compares with net investment loss of approximately $182,000 equal to $0.04 per share (including $25,624, equal to $0.01 per share in net foreign exchange losses) and net realized and unrealized capital losses of approximately $24,006,000, equal to $4.79 per share for the quarter ended Dec. 31, 1990.
 For the six months ended Dec. 31, 1991, the fund's total net investment loss were approximately $510,000, equal to $0.10 per share. Such amount reflects $1,184,384, equal to $0.24 in net foreign exchange losses. Total net realized and unrealized capital gains for the same period were approximately $17,617,000, equal to $3.51 per share. This compares to total net investment loss of approximately $106,000, equal to $0.02 per share, (including $46,946, equal to $0.01 per share in net foreign exchange losses) and total net realized and unrealized gains of approximately $6,456,000 equal to $1.28 per share, for the same period ended Dec. 31, 1990.
 On Dec. 31, 1991, total net assets of the fund were $83,264,706. The net asset value per share was $16.60 based on 5,016,362 shares outstanding. After adjusting for dividends totaling $0.93 which was ex- dividend during the quarter ended Dec. 31, 1991, the net asset value per share increased 9.02 percent from the net asset value per share of $16.08 based on 5,016,362 for the quarter ended Sept. 30, 1991. Total net assets of the fund were $80,685,604 for the first quarter ended Sept. 30, 1991. After adjusting for dividends totaling $0.93 which was ex-dividend during the six months ended Dec. 31, 1991, the net asset value per share increased 25.57 percent from the net asset value per share of $13.96 based on 5,014,348 at Dec. 31, 1990. Total net assets of the fund were $70,024,580 at Dec. 31, 1990.
 The India Growth Fund Inc. is traded on the New York Stock Exchange with the ticker symbol IGF. The fund's investment adviser is Unit Trust of India Investment Advisory Services Ltd. wholly owned subsidiary of Unit Trust of India (India's largest mutual fund manager).
 -0- 3/2/92
 /CONTACT: Bruce Katz, assistant treasurer of the India Growth Fund, 212-713-2928, or Vincent L. Pereira of Mitchell Hutchins Asset Management, 212-713-3041/
 (IGF) CO: India Growth Fund Inc. ST: New York IN: FIN SU: ERN PS -- NY094 -- 4225 03/02/92 18:05 EST
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Publication:PR Newswire
Date:Mar 2, 1992
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