The India Fund, Inc. Announces Earnings For The Six Months Ended June 30, 2011

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 six months ended June 30, 2011.

For the six months ended June 30, 2011, the Fund’s net realized gains were $55,780,587 and the net change in unrealized loss was $211,133,737. Net investment income for the six months ended June 30, 2011 was $735,557. For the same six month period ended June 30, 2010, the Fund's net realized gains and net change in unrealized loss were $87,970,592 and $38,519,662, respectively. Net investment loss was $514,144.

On June 30, 2011, total net assets of the Fund were $1,390,028,733, and the net asset value (“NAV”) per share was $32.33 based on 42,991,523 shares outstanding. The Fund's common stock closed on the New York Stock Exchange on June 30, 2011 at $30.30 per share, representing a discount of 6.28% to the Fund’s June 30, 2011 NAV. On June 30, 2010, total net assets of the Fund were $1,576,212,119, and the NAV per share was $33.81 based on 46,615,777 shares outstanding. The Fund's common stock closed on the New York Stock Exchange on June 30, 2010 at $30.25 per share, representing a discount of 10.53% to the Fund’s June 30, 2010 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 six months ended June 30, 2011 the Fund conducted one repurchase offer. The first repurchase offer commenced on February 18, 2011 and expired on March 11, 2011. In connection with the repurchase offer, the Fund purchased 1,293,465 shares of capital stock at a total cost of approximately $39,171,653, net of a 2% repurchase fee of $794,964.

On June 30, 2011, investments in equity securities of Indian companies totaled $1,352,822,186 (or 97.33% of the Fund's net assets), investments in warrants totaled $580,226 (or 0.04% of the Fund’s net assets), and investments in cash and cash equivalents including foreign currencies totaled $46,599,692 (or 3.35% of the Fund's net assets). Liabilities in excess of other assets totaled $9,973,371 (or 0.72% of the Fund's net assets), accounting for the remaining net assets.

            As of June 30, 2011, the Fund’s top ten holdings and sector allocations were:
 

Top Ten Equity Holdings

% of Net Assets
Reliance Industries, Ltd.

8.1

%
Infosys, Ltd. 7.7 %
ICICI Bank, Ltd. 5.4 %
HDFC Bank, Ltd. 4.9 %
ITC, Ltd. 4.6 %
Tata Consultancy Services, Ltd.

4.6

%

Housing Development Finance Corp., Ltd.

3.4

%
Oil & Natural Gas Corp., Ltd. 2.1 %
State Bank of India 2.0 %
Bajaj Auto, Ltd.

2.0

%
 

Top Ten Sector Allocations

% of Net Assets
Finance

24.9

%
Petroleum Related 15.2 %
Computer Software & Programming 15.0 %
Industrial 11.3 %
Vehicles & Transportation 7.6 %
Consumer Non-Durables 7.4 %
Pharmaceuticals 6.8 %
Telecommunications 3.8 %
Electronics & Electrical Equipment 2.0 %
Metal & Mining 1.4 %

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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