MWD Morgan Stanley

Morgan Stanley India Investment Fund, Inc. (NYSE: IIF) (the "Fund") announced today the filing of a Registration Statement with the Securities and Exchange Commission regarding a proposed rights offering to holders of the Fund's common stock. As indicated in the Registration Statement, the Fund proposes issuing to the stockholders non-transferable rights entitling the holders to subscribe for additional shares of the Fund's common stock at the rate of one share of common stock for each three rights held. Record date stockholders who fully exercise their rights may participate in an over-subscription privilege subject to certain limitations and allotment. Final terms of the proposed offering, including the record date, subscription price and subscription period, will be determined at a later date and announced at that time. The rights offering will be made only by means of a prospectus. The Fund is a closed-end management investment company seeking to achieve long-term capital appreciation through investments primarily in equity securities of Indian issuers. The Fund's investment adviser is Morgan Stanley Investment Management Inc., ("MSIM") a wholly-owned subsidiary of Morgan Stanley. MSIM, with over 400 investment professionals around the world, has more than $416 billion in assets under management or supervision as of May 31, 2005. MSIM offers investment management services to a diverse client base, which includes governments, institutions, corporations and individuals. Morgan Stanley is a global financial services firm and a market leader in securities, investment management and credit services. With more than 600 offices in 28 countries, Morgan Stanley connects people, ideas, and capital to help clients achieve their financial aspirations. A Registration Statement relating to the securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State. Please read the prospectus and consider the investment objectives, risks, charges and expenses of the Fund carefully before investing.