The India Fund, Inc. (NYSE: IFN; the “Fund”), a closed-end management investment company that seeks long-term capital appreciation by investing primarily in equity securities of Indian companies, today announced unaudited results for the nine months ended September 30, 2010.

For the nine months ended September 30, 2010, the Fund’s net realized gains were $149,882,706 and the net change in unrealized gains was $144,643,749. Net investment income for the nine months ended September 30, 2010 was $873,281. For the same nine month period ended September 30, 2009, the Fund's net realized losses and net change in unrealized gains were $18,615,494 and $554,396,536, respectively. Net investment income was $850,424.

On September 30, 2010, total net assets of the Fund were $1,731,597,202, and the net asset value (“NAV”) per share was $39.10 based on 44,284,988 shares outstanding. The Fund's common stock closed on the New York Stock Exchange on September 30, 2010 at $36.37 per share, representing a discount of 6.98% to the Fund’s September 30, 2010 NAV. On September 30, 2009, total net assets of the Fund were $1,481,749,848, and the NAV per share was $30.20 based on 49,069,114 shares outstanding. The Fund's common stock closed on the New York Stock Exchange on September 30, 2009, at $29.05 per share, representing a discount of 3.81% to the Fund’s September 30, 2009 NAV.

In April 2003, stockholders of the fund voted to adopt an interval fund structure, pursuant to which the Fund conducts semi-annual repurchase offers for between 5% and 25% of the Fund’s outstanding common stock.

During the nine months ended September 30, 2010 the Fund conducted two repurchase offers. The first repurchase offer commenced on February 19, 2010 and expired on March 12, 2010. In connection with the repurchase offer, the Fund purchased 2,453,462 shares of capital stock at a total cost of approximately $81,341,808, net of a 2% repurchase fee of $1,655,596. The second repurchase offer commenced on August 20, 2010 and expired on September 10, 2010. In connection with the repurchase offer, the Fund purchased 2,330,789 shares of capital stock at a total cost of approximately $87,092,218, net of a 2% repurchase fee of $1,772,798.

On September 30, 2010, investments in equity securities of Indian companies totaled $1,720,389,968 (or 99.35% of the Fund's net assets), investments in warrants totaled $238,922 (or 0.01% of the Fund’s net assets), and investments in cash and cash equivalents including foreign currencies totaled $12,335,799 (or 0.71% of the Fund's net assets). Liabilities in excess of other assets totaled $1,367,487 (or 0.07% of the Fund's net assets), accounting for the remaining net assets.

As of September 30, 2010, the Fund’s top ten holdings and sector allocations were:
 

Top Ten Equity Holdings
 

% of Net Assets
Infosys Technologies, Ltd. 8.0 %
Reliance Industries, Ltd. 6.9 %
ICICI Bank, Ltd. 4.9 %
Housing Development Finance Corp., Ltd. 3.5 %
Tata Motors, Ltd. 3.4 %
State Bank of India 3.4 %
HDFC Bank, Ltd. 3.3 %
Oil and Natural Gas Corp., Ltd. 3.0 %
ITC, Ltd. 2.9 %
Gail India, Ltd. 2.3 %
 

Top Ten Sector Allocations

% of Net Assets
Finance 27.8 %
Computer Software & Programming 12.8 %
Petroleum Related 12.7 %
Vehicles & Transportation 11.8 %
Industrial 11.6 %
Pharmaceuticals 5.3 %
Electronics & Electrical Equipment 4.6 %
Consumer Non-Durables 4.0 %
Telecommunications 3.5 %
Engineering 2.3 %

The India Fund, Inc. is a closed-end management investment company that seeks long-term capital appreciation by investing primarily in Indian equity securities. The Fund conducts semi-annual repurchase offers and is traded on the New York Stock Exchange under the trading symbol “IFN”.

Blackstone Asia Advisors L.L.C. serves as the Investment Manager to the Fund. The Investment Manager is an affiliate of The Blackstone Group L.P.

Information on the Fund can be obtained on the Blackstone website ( www.blackstone.com) or by calling the Fund’s toll-free phone number at 1-866-800-8933.

This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can be identified by the use of words such as “may,” “will,” “expect,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Such forward-looking statements are based on the Fund’s current plans and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties are contained in the Fund’s filings with the Securities and Exchange Commission.

Copyright Business Wire 2010

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