MQC Bank of America Corp. Market Linked Step UP Notes Linked TO The S&P 500 Index

NEW YORK, Jan. 22 /PRNewswire-FirstCall/ -- Millennium India Acquisition Company Inc. (AMEX:MQC) today announced that it had completed its acquisition of a 14.75% equity interest in each of SMC Global Securities Limited and SAM Global Securities Limited, collectively comprising the SMC Group of Companies, for an aggregate of US $41,155,412. About the SMC Group Based in New Delhi, the SMC Group is a full service financial services firm. Its products and services include equities and commodities brokerage, online equities, commodities and derivatives trading, equity research, mutual fund and IPO distribution, depository and clearing services, merchant banking and corporate finance and insurance brokerage. The SMC Group also takes proprietary positions through trading and investing in equity products. Companies of the SMC Group are members of the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE), among other exchanges. The SMC Group currently has approximately 1,100 employees and, in addition to its headquarters in New Delhi, has regional offices in Mumbai (Bombay), Kolkata (Calcutta), Chennai, Cochin, Amhedabad, Hyderabad, Silguri and Jaipur. The Group also has a rapidly expanding retail distribution network of more than 6,000 independent financial advisors in 925 offices and more than 225 cities across India. This retail network is currently serving the financial needs of more than 250,000 investors throughout India. About Millennium Millennium is a closed-end mutual fund registered under the Investment Company Act of 1940, as amended. DATASOURCE: Millennium India Acquisition Company Inc. CONTACT: F. Jacob Cherian, President and Chief Executive Officer of Millennium India Acquisition Company Inc., +1-212-681-6763

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