UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-08266

The India Fund, Inc.

(Exact name of registrant as specified in charter)

345 Park Avenue
New York, NY 10154

(Address of principal executive offices) (Zip code)

Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, NY 10017

(Name and address of agent for service)

Registrant’s telephone number, including area code: 212-583-5000

Date of fiscal year end: December 31, 2010

Date of reporting period: March 31, 2010

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

The India Fund, Inc.

March 31, 2010 (Unaudited)

Schedule of Investments

INDIA (99.91% of holdings)

COMMON STOCKS (100.00% of holdings)

NUMBER						PERCENT OF
OF SHARES				SECURITY		HOLDINGS				COST				VALUE
				India			99.91	%
				Beverages — Alcoholic			0.54	%
	288,393			United Spirits, Ltd.						$	6,537,891			$	8,491,518
											6,537,891				8,491,518
				Beverages-Non Alcoholic			0.16	%
	117,877			Tata Tea, Ltd.							1,557,279				2,572,053
											1,557,279				2,572,053
				Building & Construction			4.27	%
	288,891			B.L. Kashyap and Sons, Ltd.							2,685,792				2,218,724
	4,855,033			Hindustan Construction Co., Ltd.							13,937,208				14,491,022
	1,400,069			IRB Infrastructure Developers, Ltd.							7,711,148				7,997,498
	1,231,774			IVRCL Infrastructures and Projects, Ltd.							1,994,732				4,538,043
	6,081,849			Jaiprakash Associates, Ltd.							11,433,866				20,272,830
	560,916			KEC International, Ltd.							4,084,278				7,215,258
	1,677,609			Nagarjuna Construction Co., Ltd.							1,957,527				6,075,938
	386,894			Orbit Corporation, Ltd.							1,502,322				2,372,467
	75,346			Sadbhav Engineering, Ltd.							2,097,237				2,151,544
											47,404,110				67,333,324
				Building — Residential / Commercial			0.16	%
	412,363			Sobha Developers, Ltd.							2,210,507				2,507,520
											2,210,507				2,507,520
				Cement			0.54	%
	88,687			Grasim Industries, Ltd.							3,696,536				5,558,370
	114,670			UltraTech Cement, Ltd.							2,005,438				2,953,401
											5,701,974				8,511,771
				Computer Hardware			0.29	%
	1,491,200			HCL Infosystems, Ltd.							4,961,792				4,497,349
											4,961,792				4,497,349
				Computer Software & Programming			15.62	%
	632,750			Everonn Education, Ltd.+							6,844,133				5,219,712
	761,953			HCL Technologies, Ltd.							4,858,404				6,072,542
	2,358,756			Infosys Technologies, Ltd.							37,033,733				137,395,764
	2,030,873			KPIT Cummins Infosystems, Ltd.							1,787,620				5,202,147
	453,502			Redington (India), Ltd.							3,080,705				3,749,637
	1,116,225			Satyam Computer Services, Ltd.+							2,211,718				2,302,315
	2,846,925			Tata Consultancy Services, Ltd.							31,153,498				49,512,842
	2,252,961			Wipro, Ltd.							20,873,179				35,469,269
	52,900			Wipro, Ltd. ADR							1,002,889				1,233,099
											108,845,879				246,157,327

The India Fund, Inc.

March 31, 2010 (Unaudited)

Schedule of Investments (continued)

COMMON STOCKS (continued)

NUMBER						PERCENT OF
OF SHARES				SECURITY		HOLDINGS				COST				VALUE
				India (continued)
				Consumer Non-Durables			2.06	%
	5,540,703			ITC, Ltd.						$	17,880,357			$	32,476,579
											17,880,357				32,476,579
				Consumer Products			0.75	%
	3,766,248			Marico, Ltd.							5,666,070				9,106,275
	66,027			Titan Industries, Ltd.							1,161,330				2,707,409
											6,827,400				11,813,684
				Consumer Staples			0.28	%
	795,632			Dabur India, Ltd.							2,139,594				2,810,719
	310,179			Hindustan Unilever, Ltd.							1,150,415				1,649,175
											3,290,009				4,459,894
				Diversified Financial Services			2.14	%
	3,921,734			Infrastructure Development Finance Co., Ltd.							8,830,343				14,072,644
	1,828,431			Power Finance Corp.							5,560,821				10,517,704
	155,831			Reliance Capital, Ltd.							1,607,994				2,619,398
	411,285			Shriram Transport Finance Co., Ltd.							4,439,704				4,802,218
	1,040,000			SREI Infrastructure Finance, Ltd.							1,671,435				1,768,660
											22,110,297				33,780,624
				Diversified Industries			0.94	%
	1,414,547			Sesa Goa, Ltd.							12,822,802				14,843,370
											12,822,802				14,843,370
				Electric — Integrated			0.81	%
	581,830			CESC, Ltd.							3,580,123				4,955,826
	4,444,059			National Hydroelectric Power Corp., Ltd.+							3,248,625				3,019,129
	1,925,757			PTC India, Ltd.							2,966,885				4,804,205
											9,795,633				12,779,160
				Electric — Transmission			1.03	%
	2,778,271			Crompton Greaves, Ltd.							12,825,470				16,157,847
											12,825,470				16,157,847
				Electronics & Electrical Equipment			7.46	%
	89,943			Bharat Electronics, Ltd.							2,242,883				4,437,348
	673,249			Bharat Heavy Electricals, Ltd.							8,774,690				35,772,398
	1,057,385			Exide Industries, Ltd.							1,242,653				2,922,853
	3,611,448			JSW Energy, Ltd.+							7,720,241				8,993,427
	3,363,562			Jyoti Structures, Ltd.							5,517,148				12,170,857
	1,894,589			Lanco Infratech, Ltd.+							812,628				2,207,083
	3,813,566			NTPC, Ltd.							16,180,243				17,583,432
	2,032,659			Punj Lloyd, Ltd.							10,260,905				8,031,935
	496,913			Reliance Infrastructure, Ltd.							6,842,641				11,050,074
	247,177			Siemens India, Ltd.							1,526,113				4,077,223
	337,287			Tata Power Co., Ltd.							5,143,308				10,312,065
											66,263,453				117,558,695

The India Fund, Inc.

March 31, 2010 (Unaudited)

Schedule of Investments (continued)

COMMON STOCKS (continued)

NUMBER						PERCENT OF
OF SHARES				SECURITY		HOLDINGS				COST				VALUE
				India (continued)
				Energy — Alternate Sources			0.14	%
	781,946			Websol Energy Systems, Ltd.						$	3,247,755			$	2,151,026
											3,247,755				2,151,026
				Engineering			1.27	%
	423,113			Larsen & Toubro, Ltd.							7,856,960				15,327,538
	312,159			Thermax, Ltd.							184,068				4,735,750
											8,041,028				20,063,288
				Finance			17.26	%
	776,212			Axis Bank, Ltd.							13,440,624				20,213,152
	1,497,866			Bank of Baroda							12,948,005				21,327,783
	1,067,899			HDFC Bank, Ltd.							22,063,562				45,967,587
	909,100			Housing Development Finance Corp., Ltd.							17,091,824				54,933,777
	2,341,790			ICICI Bank, Ltd.							24,693,380				49,694,250
	118,300			ICICI Bank, Ltd. ADR							3,589,689				5,051,410
	1,114,051			Indian Bank							4,026,582				4,362,405
	730,807			Punjab National Bank, Ltd.							7,659,233				16,497,079
	1,314,285			Rural Electrification Corp., Ltd.							4,752,626				7,315,733
	2,844,939			South Indian Bank, Ltd.							3,501,177				11,298,644
	715,830			State Bank of India							6,122,384				33,148,693
	22,550			State Bank of India GDR							257,070				2,121,729
											120,146,156				271,932,242
				Food			0.79	%
	441,943			Bajaj Hindusthan, Ltd.							673,176				1,335,328
	1,428,149			Balrampur Chini Mills, Ltd.							1,402,358				2,934,553
	1,219,005			Lakshmi Energy and Foods, Ltd.							3,674,986				3,394,044
	3,063,644			Shree Renuka Sugars, Ltd.							6,532,611				4,865,527
											12,283,131				12,529,452
				Hotels & Leisure			0.12	%
	819,393			Indian Hotels Co., Ltd.							1,360,788				1,871,673
											1,360,788				1,871,673
				Information Technology			0.13	%
	550,576			NIIT Technologies, Ltd.							2,074,784				2,087,884
											2,074,784				2,087,884
				Metal — Diversified			2.27	%
	477,675			Hindustan Zinc, Ltd.							4,930,369				12,801,307
	1,214,969			Sterlite Industries (India), Ltd.							13,203,622				22,935,432
											18,133,991				35,736,739
				Motorcycle/Motor Scooter			0.95	%
	335,846			Bajaj Auto, Ltd.							9,634,771				15,044,435
											9,634,771				15,044,435

The India Fund, Inc.

March 31, 2010 (Unaudited)

Schedule of Investments (continued)

COMMON STOCKS (continued)

NUMBER						PERCENT OF
OF SHARES				SECURITY		HOLDINGS				COST				VALUE
				India (continued)
				Oil & Gas			0.58	%
	360,161			Oil India, Ltd.						$	8,572,392			$	9,192,348
											8,572,392				9,192,348
				Petroleum Related			13.42	%
	1,871,248			Cairn India, Ltd.+							6,204,120				12,725,070
	2,491,610			GAIL India, Ltd.							18,873,661				22,743,329
	1,034,623			Oil and Natural Gas Corp., Ltd.							13,409,802				25,315,366
	861,718			Petronet LNG, Ltd.							1,512,876				1,458,750
	6,234,296			Reliance Industries, Ltd.							45,730,922				149,230,119
											85,731,381				211,472,634
				Pharmaceuticals			5.80	%
	583,286			Aurobindo Pharma, Ltd.							11,426,384				12,456,947
	361,406			Cadila Healthcare, Ltd.							5,044,084				6,641,273
	623,344			Dr. Reddy’s Laboratories, Ltd.							14,733,487				17,727,712
	57,200			Dr. Reddy’s Laboratories, Ltd. ADR							945,350				1,614,756
	523,155			Glenmark Pharmaceuticals, Ltd.							2,869,802				3,102,573
	933,972			Lupin, Ltd.							16,763,495				33,649,620
	506,037			Piramal Healthcare, Ltd.							4,039,467				4,777,454
	286,276			Sun Pharmaceutical Industries, Ltd.							3,585,617				11,411,505
											59,407,686				91,381,840
				Power & Energy			0.23	%
	3,600,000			GVK Power & Infrastructure, Ltd.+							3,225,467				3,592,382
											3,225,467				3,592,382
				Publishing			1.12	%
	600,000			Business India Publications (Preferential Shares)+							1,003,792				111,861
	1,828,262			HT Media, Ltd.							6,061,386				5,678,832
	4,574,709			Jagran Prakashan, Ltd.							9,161,371				11,840,543
											16,226,549				17,631,236
				Real Estate Operation / Development			1.66	%
	1,491,576			Anant Raj Industries, Ltd.							4,590,619				4,418,746
	1,075,091			DB Realty, Ltd. +							10,742,876				10,979,602
	452,076			DLF, Ltd.							3,307,550				3,110,509
	1,193,997			Housing Development & Infrastructure, Ltd.+							5,473,998				7,611,581
											24,115,043				26,120,438
				Retail — Major Department Stores			0.14	%
	250,000			Pantaloon Retail India, Ltd.							2,010,220				2,216,282
											2,010,220				2,216,282
				Shipbuilding			0.44	%
	4,700,000			Pipavav Shipyard, Ltd.+							9,488,959				6,867,580
											9,488,959				6,867,580

The India Fund, Inc.

March 31, 2010 (Unaudited)

Schedule of Investments (continued)

COMMON STOCKS (concluded)

NUMBER						PERCENT OF
OF SHARES				SECURITY		HOLDINGS				COST				VALUE
				India (concluded)
				Steel			4.53	%
	2,397,808			Jindal Saw, Ltd.						$	5,538,442			$	11,338,782
	1,925,500			Jindal Steel & Power, Ltd.							1,766,067				30,118,774
	348,300			JSW Steel, Ltd.							4,194,444				9,588,239
	567,224			Steel Authority of India, Ltd.							957,651				3,181,357
	2,824,362			Welspun Gujarat Stahl Rohren, Ltd.							13,333,720				17,190,264
											25,790,324				71,417,416
				Telecommunications			1.66	%
	3,752,010			Bharti Airtel, Ltd.							12,219,603				26,066,420
	8,569			Reliance Communications, Ltd.							0				32,581
											12,219,603				26,099,001
				Televisions			1.58	%
	253,189			Sun TV Network, Ltd.							1,324,911				2,415,714
	3,752,238			Zee Entertainment Enterprises, Ltd.							17,658,113				22,449,073
											18,983,024				24,864,787
				Textiles			0.29	%
	938,258			Bombay Rayon Fashions, Ltd.							4,442,661				4,522,531
											4,442,661				4,522,531
				Vehicle Components			2.87	%
	9,798,797			Apollo Tyres, Ltd.							10,300,603				15,485,570
	1,735,833			Cummins India, Ltd.							11,335,798				19,857,976
	2,277,083			JK Tyre & Industries, Ltd.							7,794,160				9,885,365
											29,430,561				45,228,911
				Vehicles			5.61	%
	6,667,633			Ashok Leyland, Ltd.							3,885,305				8,294,628
	335,877			Hero Honda Motors, Ltd.							6,051,950				14,532,974
	2,223,418			Mahindra & Mahindra, Ltd.							12,779,923				27,000,946
	749,267			Maruti Suzuki India, Ltd.							19,969,286				23,634,580
	474,809			Tata Motors, Ltd.							7,993,841				7,992,274
	484,000			Tata Motors, Ltd. — A							4,423,278				4,894,443
	109,200			Tata Motors, Ltd. ADR							1,995,897				2,015,832
											57,099,480				88,365,677
				TOTAL INDIA							860,700,607				1,574,330,517
				United States			0.09	%
				Computer Software & Programming			0.09	%
	28,000			Cognizant Technology Solutions, Corp.+							462,745				1,427,440
											462,745				1,427,440
				TOTAL UNITED STATES							462,745				1,427,440
				TOTAL COMMON STOCKS							861,163,352				1,575,757,957
				TOTAL INVESTMENTS			100.00	%		$	861,163,352			$	1,575,757,957

The India Fund, Inc.

March 31, 2010 (Unaudited)

Schedule of Investments (continued)

Footnotes and Abbreviations

As of December 31, 2009, the aggregate cost for federal income tax purposes was $887,126,716.

Excess of value over tax cost		$	701,127,714
Excess of tax cost over value			(20,890,042	)
		$	680,237,672

Supplemental Information to the Schedule of Investments

Fair Value Measurements:

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 — price quotations in active markets/exchanges for identical securities

Level 2 — other significant observable inputs (including, but not limited to quoted prices for similar securities, interest rates, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Fund’s own assumptions used in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Investment Manager. The Investment Manager considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Fund’s net assets as of March 31, 2010, is as follows:

		Investments in
		Securities*
Valuation Inputs
Level 1 — Quoted Prices		$	1,568,778,516
Level 2 — Other Significant Observable Inputs			6,867,580
Level 3 — Significant Unobservable Inputs			111,861
Total		$	1,575,757,957

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

India Fund

						Electronics & Electrical
		Publishing				Equipment
Balance, as of December 31, 2009		$	1,268,837			$	6,728,735
Realized gain (loss)			0				0
Change in unrealized appreciation (depreciation)			42,847				85,610
Net purchases (sales)			0				0
Net transfers in/out of Level 3			(1,199,823	)			(6,814,345	)
Balance, as of March 31, 2010		$	111,861			$	0

Effective January 1, 2009, the Fund adopted the authoritative guidance under GAAP on determining fair value when the volume and level of activity for the asset or liability have significantly decreased and identifying transactions that are not orderly. Accordingly, if the Fund determines that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value. Valuation techniques such as an income approach might be appropriate to supplement or replace a market approach in those circumstances. The guidance also provides a list of factors to determine whether there has been a significant decrease in relation to normal market activity. Regardless, however, of the valuation technique and inputs used, the objective for the fair value measurement in those circumstances is unchanged from what it would be if markets were operating at normal activity levels and/or transactions were orderly; that is, to determine the current exit price.

Financial Derivative Instruments:

Effective January 1, 2009, the Fund adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that the Fund disclose a) how and why an entity uses derivative instruments, b) how derivative instruments and related hedged items are accounted for, and c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance and cash flows. The adoption of the additional disclosure requirements did not materially impact the Fund’s financial statements. At March 31, 2010, the Fund held no derivative instruments.

Item 2. Controls and Procedures.

	(a)		The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
	(b)		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date May 7, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date May 7, 2010

Date May 7, 2010