FORM 6-K
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                        Report of Foreign Private Issuer


                        Pursuant to Rule 13a-16 or 15d-16
                     of the Securities Exchange Act of 1934




For the month of October, 2003

Commission File Number 1-11080

                       THE ICA CORPORATION HOLDING COMPANY
                       -----------------------------------
                 (Translation of registrant's name into English)


                                Mineria No. #145
                                11800 Mexico D.F.
                                -----------------
                    (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.

                      Form 20-F....X.....Form 40-F.........

Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                               Yes ..... No..X...

If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- ________

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                        ICA CALLS SHAREHOLDERS' MEETING
                          TO CONSIDER CAPITAL INCREASE
                          ----------------------------


Mexico City, October 31, 2003 - Empresas ICA Sociedad Controladora, S.A. de C.V.
(BMV and NYSE: ICA), the largest engineering, construction, and procurement
company in Mexico, announced today that its Board of Directors has authorized
the calling of a Shareholders' Meeting to consider a capital increase as part of
ICA's on-going restructuring efforts and refinancing strategy.

ICA's Board of Directors and Audit Committee, which met yesterday, considered
the restructuring program and the refinancing strategy that has been undertaken.
Based on its analysis, the Board authorized the calling of a Shareholders'
Meeting as promptly as practicable, which we expect to be held on November 17,
2003.

The purpose of the Shareholders' Meeting will be to review ICA's financial plans
and to decide whether to approve a capital increase that would, by means of a
cash subscription, increase shareholders' equity, initially through a rights
offering to shareholders of two common shares for each outstanding common share
at a subscription price of Ps.2.00 per share. The rights offering, if approved
at the Shareholders' Meeting, would result in a capital increase of Ps.2.486
billion through the issuance of 1,243,122,866 shares, which would be in addition
to ICA's 621,561,433 outstanding shares.

In connection with the proposed rights offering, ICA has entered into a
Collaboration Agreement for the Subscription of Shares (the "Agreement") with
Inversora Bursatil, S.A. de C.V. Casa de Bolsa, Grupo Financiero Inbursa
("Inbursa"). The Agreement provides that if shareholders do not exercise their
preemptive rights for the total number of new shares, Inbursa will be obligated,
if requested by ICA, to subscribe for up to 250 million shares not otherwise
subscribed, equivalent to Ps.500 million, and to use its best efforts - but not
be obligated -- to subscribe for up to an additional 500 million shares,
equivalent to Ps.1 billion, at the same price of Ps.2.00 per new share that will
be proposed to the Shareholders' Meeting. Inbursa's obligations are subject to
certain conditions, including that ICA's Chairman and CEO, Bernardo Quintana,
subscribe for at least 75 million shares at the Ps.2.00 per share price.
Subscription for the new shares under the rights offering would not be
conditioned on the subscription by Inbursa of shares under the Agreement.

The rights offering, if approved by the Shareholders' Meeting, will be available
only to holders of common shares in Mexico, and subscription will require
certification of non-United States beneficial ownership of the shares.

The proceeds of the capital increase, if approved, would be used for general
corporate purposes.

This release may contain projections or other forward-looking statements related
to ICA that involve risks and uncertainties. Readers are cautioned that these
statements are only predictions and may differ materially from actual future
results or events. Factors that could cause actual results to differ materially
and adversely include, but are not limited to: changes in general economic,
business or political or other conditions in Mexico or changes in general
economic or business conditions in Latin America, changes in capital markets in
general that may affect policies or attitudes towards lending to Mexico or
Mexican companies, increased costs, unanticipated increases in financing and
other costs or the inability to obtain additional debt or equity financing on
attractive terms. Readers are referred to the documents filed by ICA with the
United States Securities and Exchange Commission, specifically the most recent
filing on Form 20-F which identifies important risk factors that could cause
actual results to differ from those contained in the forward-looking statements.
All forward-looking statements are based on information available to ICA on the
date hereof, and ICA assumes no obligation to update such statements.

Founded in 1947, ICA has completed construction and engineering projects in 21
countries. ICA's principal business units include Civil Construction and
Industrial Construction. Through its subsidiaries, ICA also develops housing,
manages airports and operates tunnels, highways, and municipal services under
government concession contracts and/or partial sale of long-term contract
rights. www.ica.com.mx

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                                    SIGNATURE


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

Date: October 31, 2003


                                          Empresas ICA Sociedad Controladora,
                                           S.A. de C.V.

                                           /s/ JOSE LUIS GUERRERO
                                           ----------------------------------
                                           Name: Dr. Jose Luis Guerrero
                                           Title: Vice President, Finance