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**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

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**FORM 10-Q**

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**(Mark      One)**

| S | **Quarterly                report pursuant to Section 13 or 15(d) of the Securities Exchange Act                of 1934** |
|---|--------------------------------------------------------------------------------------------------------------------------------|

|  |   | For                the quarterly period ended March 31,                2007 |
|--|--------|-----------------------------------------------------------------------------|

**OR**

| * | **Transition                report pursuant to Section 13 or 15(d) of the Securities Exchange Act                of 1934** |
|---|---------------------------------------------------------------------------------------------------------------------------------|

|  |   | For                the transition period from ______________ to ______________ |
|--|--------|--------------------------------------------------------------------------------|

**Commission      file number:  001-32931**

**MILLENNIUM      INDIA ACQUISITION COMPANY INC.**

| **Delaware**                                                                                  | **20-4531310**                                                       |
|-----------------------------------------------------------------------------------------------|----------------------------------------------------------------------|
| (State                or other jurisdiction ofincorporation                or organization)   | (I.R.S.                EmployerIdentification                Number) |
|                                                                                          |
|                                                                                          |
|                                                                                          |
| **330                East 38th Street, Suite 46C****New                York, New York 10016** |
| (Address                of Principal Executive Offices, Including Zip Code)                   |
|                                                                                          |
|                                                                                          |
|                                                                                          |
| **(212)                681-6763**                                                             |
| (Registrant’s                Telephone Number, Including Area                Code)      |

| Large                accelerated filer  * | Accelerated                filer  * | Non-accelerated                filer  S |
|-----------------------------------------------------|-----------------------------------------------|---------------------------------------------------|

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**PART      I – FINANCIAL INFORMATION**

**Item      1.    **
**Financial      Statements**

**Millennium      India Acquisition Company, Inc.**

**Condensed      Balance Sheets**

|                                                                                                                                                    |   | **March                  31, 2007** |       |   | **December                  31, 2006** |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|------------|--------|----------------------------------------|--------|
| **ASSETS**                                                                                                                                              |   | (unaudited)                         |       |   | (Note 2)                          |   |
|                                                                                                                                                    |   |                                |       |   |                                   |   |
| **Current                Assets:**                                                                                                                      |   |                                |       |   |                                   |   |
| Cash                and cash equivalents                                                                                                                |   | $                                   | 893,279    |   |                                   | $      | 443,516 |   |
| U.S.                Government Securities held in Trust Fund                                                                                            |   |                                | 57,079,944 |   |                                   |   | 57,004,924 |   |
| Total                current assets                                                                                                                     |   |                                | 57,973,223 |   |                                   |   | 57,448,440 |   |
| Other                assets                                                                                                                             |   |                                | 17,874     |   |                                   |   | 14,314 |   |
| **Total                assets**                                                                                                                         |   | $                                   | 57,991,097 |   |                                   | $      | 57,462,754 |   |
|                                                                                                                                                    |   |                                |       |   |                                   |   |   |   |
|                                                                                                                                                    |   |                                |       |   |                                   |   |   |   |
|                                                                                                                                                    |   |                                |       |   |                                   |   |   |   |
| **LIABILITIES                AND STOCKHOLDERS’ EQUITY**                                                                                           |   |                                |       |   |                                   |   |   |   |
|                                                                                                                                                    |   |                                |       |   |                                   |   |   |   |
| **Current                Liabilities:**                                                                                                                 |   |                                |       |   |                                   |   |   |   |
| Accounts                payable and accrued expenses                                                                                                    |   | $                                   | 650,119    |   |                                   | $      | 101,364 |   |
| Income                taxes payable                                                                                                                     |   |                                | 194,000    |   |                                   |   | 194,000 |   |
| Deferred                underwriting fees                                                                                                               |   |                                | 1,557,500  |   |                                   |   | 1,557,500 |   |
| Total                liabilities                                                                                                                        |   |                                | 2,401,619  |   |                                   |   | 1,852,864 |   |
|                                                                                                                                                    |   |                                |       |   |                                   |   |   |   |
| Common                stock, subject to possible conversion to cash (1,449,275                shares at conversion value)                               |   |                                | 11,326,834 |   |                                   |   | 11,326,834 |   |
| Value                of private placement warrants, subject to possible                rescission                                                       |   |                                | 2,250,000  |   |                                   |   | 2,250,000 |   |
|                                                                                                                                                    |   |                                |       |   |                                   |   |   |   |
|                                                                                                                                                    |   |                                |       |   |                                   |   |   |   |
|                                                                                                                                                    |   |                                |       |   |                                   |   |   |   |
| **Commitments**                                                                                                                                         |   |                                |       |   |                                   |   |   |   |
|                                                                                                                                                    |   |                                |       |   |                                   |   |   |   |
| **Stockholders’                Equity:**                                                                                                          |   |                                |       |   |                                   |   |   |   |
| Preferred                stock, par value $.0001 per share, 5,000 shares authorized,                0 shares issued                           |   |                                | –    |   |                                   |   | – |   |
| Common                stock, par value $.0001 per share, 45,000,000 shares authorized,                7,613,225 shares issued and outstanding |   |                                | 761        |   |                                   |   | 761 |   |
| Additional                paid-in capital                                                                                                               |   |                                | 44,371,165 |   |                                   |   | 44,371,165 |   |
| Accumulated                deficit                                                                                                                      |   |                                | (2,359,282 | )      |                                   |   | (2,338,870 | ) |
| **Total                stockholders’ equity**                                                                                                     |   |                                | 42,012,644 |   |                                   |   | 42,033,056 |   |
| Total                liabilities and stockholders’ equity                                                                                         |   | $                                   | 57,991,097 |   |                                   | $      | 57,462,754 |   |

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**Millennium      India Acquisition Company, Inc.**

**Condensed      Statements of Operations**

|                                                              |   | **For                  the three****months                  ended****March 31,                  2007** |      |   | **From                  inception****(March 15,                  2006)****to****March 31,                  2006** |   |
|-------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------|-----------|--------|-----------------------------------------------------------------------------------------------------------------------------|--------|
| **Revenue:**                                                      |   | (unaudited)                                                                                                 |      |   | (Note                2)                                                                                                     |   |
| Interest                income                                    |   | $                                                                                                           | 6,437     |   |                                                                                                                        | $      | – |   |
| Interest                income on Trust Fund                      |   |                                                                                                        | 760,636   |   |                                                                                                                        |   | – |   |
| Total                revenue                                      |   |                                                                                                        | 767,073   |   |                                                                                                                        |   | – |   |
|                                                              |   |                                                                                                        |      |   |                                                                                                                        |   |   |   |
|                                                              |   |                                                                                                        |      |   |                                                                                                                        |   |   |   |
| **Operating                Expenses:**                            |   |                                                                                                        |      |   |                                                                                                                        |   |   |   |
| General                and administration expenses                |   |                                                                                                        | 787,485   |   |                                                                                                                        |   | – |   |
| Formation                and operating costs                      |   |                                                                                                        | –   |   |                                                                                                                        |   | 5,500 |   |
| Total                operating expenses                           |   |                                                                                                        | (787,485  | )      |                                                                                                                        |   | (5,500 | ) |
|                                                              |   |                                                                                                        |      |   |                                                                                                                        |   |   |   |
|                                                              |   |                                                                                                        |      |   |                                                                                                                        |   |   |   |
| **Loss                before provision for income taxes**         |   |                                                                                                        | (20,412   | )      |                                                                                                                        |   | (5,500 | ) |
|                                                              |   |                                                                                                        |      |   |                                                                                                                        |   |   |   |
|                                                              |   |                                                                                                        |      |   |                                                                                                                        |   |   |   |
| **Provision                for income taxes**                     |   |                                                                                                        | –   |   |                                                                                                                        |   | – |   |
|                                                              |   |                                                                                                        |      |   |                                                                                                                        |   |   |   |
|                                                              |   |                                                                                                        |      |   |                                                                                                                        |   |   |   |
| **Net                loss**                                       |   | $                                                                                                           | (20,412   | )      |                                                                                                                        | $      | (5,500 | ) |
|                                                              |   |                                                                                                        |      |   |                                                                                                                        |   |   |   |
|                                                              |   |                                                                                                        |      |   |                                                                                                                        |   |   |   |
| **Weighted                average number of shares outstanding:** |   |                                                                                                        |      |   |                                                                                                                        |   |   |   |
| Basic                                                             |   |                                                                                                        | 9,062,500 |   |                                                                                                                        |   | 1,812,500 |   |
| Diluted                                                           |   |                                                                                                        | 9,062,500 |   |                                                                                                                        |   | 1,812,500 |   |
|                                                              |   |                                                                                                        |      |   |                                                                                                                        |   |   |   |
|                                                              |   |                                                                                                        |      |   |                                                                                                                        |   |   |   |
| **Net                Loss per share:**                            |   |                                                                                                        |      |   |                                                                                                                        |   |   |   |
| Basic                                                             |   | $                                                                                                           | –   |   |                                                                                                                        | $      | – |   |
| Diluted                                                           |   | $                                                                                                           | –   |   |                                                                                                                        | $      | – |   |

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**Millennium      India Acquisition Company, Inc.**

**Condensed      Statements of Cash Flows**

|                                                                          |   | **For                  the three****months                  ended****March 31,                  2007** |    |   | **From                  inception****(March 15,                  2006)****to****March 31,                  2006** |   |
|-------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------|--------|
| **OPERATING                ACTIVITIES**                                       |   | (unaudited)                                                                                                 |    |   | (Note                2)                                                                                                     |   |
| Net                loss                                                       |   | $                                                                                                           | (20,412 | )      |                                                                                                                        | $      | (5,500 | ) |
| Changes                in operating assets and liabilities:                   |   |                                                                                                        |    |   |                                                                                                                        |   |   |   |
| Interest                income on Trust Fund                                  |   |                                                                                                        | (75,020 | )      |                                                                                                                        |   | – |   |
| Other                assets                                                   |   |                                                                                                        | (3,560  | )      |                                                                                                                        |   | – |   |
| Accounts                payable and accrued expenses                          |   |                                                                                                        | 548,755 |   |                                                                                                                        |   | 2,504 |   |
| **Net                cash provided by (used in) operating activities**        |   |                                                                                                        | 449,763 |   |                                                                                                                        |   | (2,996 | ) |
|                                                                          |   |                                                                                                        |    |   |                                                                                                                        |   |   |   |
|                                                                          |   |                                                                                                        |    |   |                                                                                                                        |   |   |   |
| **FINANCING                ACTIVITIES**                                       |   |                                                                                                        |    |   |                                                                                                                        |   |   |   |
| Proceeds                from issuance of common stock to initial stockholders |   |                                                                                                        | – |   |                                                                                                                        |   | 25,000 |   |
| Proceeds                from note payable to initial stockholders             |   |                                                                                                        | – |   |                                                                                                                        |   | 62,500 |   |
| Deferred                registration costs                                    |   |                                                                                                        | – |   |                                                                                                                        |   | (59,502 | ) |
| **Net                cash provided by financing activities**                  |   |                                                                                                        | – |   |                                                                                                                        |   | 27,998 |   |
|                                                                          |   |                                                                                                        |    |   |                                                                                                                        |   |   |   |
| **Net                increase in cash and cash equivalents**                  |   |                                                                                                        | 449,763 |   |                                                                                                                        |   | 25,002 |   |
|                                                                          |   |                                                                                                        |    |   |                                                                                                                        |   |   |   |
| **Cash                and Cash Equivalents**                                  |   |                                                                                                        |    |   |                                                                                                                        |   |   |   |
| Beginning                of period                                            |   |                                                                                                        | 443,516 |   |                                                                                                                        |   | – |   |
| End                of period                                                  |   | $                                                                                                           | 893,279 |   |                                                                                                                        | $      | 25,002 |   |
|                                                                          |   |                                                                                                        |    |   |                                                                                                                        |   |   |   |
| **Supplemental                disclosure of non-cash activity:**              |   |                                                                                                        |    |   |                                                                                                                        |   |   |   |
| Accrued                registration costs                                     |   | $                                                                                                           | – |   |                                                                                                                        | $      | 161,462 |   |

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**Millennium        India Acquisition Company Inc.**

**Notes        to Condensed Financial Statements**

**NOTE      1 —  **
**DISCUSSION      OF THE COMPANY’S ACTIVITIES**

**Organization      and activities**

**NOTE      2 —  **
**SUMMARY      OF SIGNIFICANT ACCOUNTING POLICIES**

**Interim      Financial Statements**

**Cash      and Cash Equivalents**

**Net      Loss Per Share**

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**Millennium        India Acquisition Company Inc.**

**Notes        to Condensed Financial Statements**

**Income      Taxes**
*Accounting for Income Taxes*

**Use      of Estimates**

**New      Accounting Pronouncements**

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**Millennium        India Acquisition Company Inc.**

**Notes        to Condensed Financial Statements**

**NOTE      3 —  **
**INCOME      TAXES**

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**Millennium        India Acquisition Company Inc.**

**Notes        to Condensed Financial Statements**

| **Item                2.** | **Management’s                Discussion and Analysis of Financial Condition and Results of                Operations** |
|----------------------------|-------------------------------------------------------------------------------------------------------------------------------|

**Results      of Operations**

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| **Item                3.** | **Quantitative                and Qualitative Disclosures About Market                Risk** |
|----------------------------|----------------------------------------------------------------------------------------------|

| **Item                4.** | **Controls                and Procedures** |
|----------------------------|--------------------------------------------|

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**PART      II – OTHER INFORMATION**

| **Item                1.** | **Legal                Proceedings** |
|----------------------------|--------------------------------------|

| **Item                1A.** | **Risk                Factors** |
|-----------------------------|---------------------------------|

| **Item                2.** | **Unregistered                Sales of Equity Securities and Use of                Proceeds.** |
|----------------------------|------------------------------------------------------------------------------------------------|

| **Item                3.** | **Defaults                upon Senior Securities** |
|----------------------------|----------------------------------------------------|

| **Item                4.** | **Submission                of Matters to a Vote of the Security                Holders** |
|----------------------------|-------------------------------------------------------------------------------------------|

| **Item                5.** | **Other                Information** |
|----------------------------|--------------------------------------|

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| **Item                6.** | **Exhibits** |
|----------------------------|--------------|

|   | **Exhibit                Number** |   | **Exhibit                Description**                                                                                                                                                                                                                      |
|--------|-----------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 31.1                              |   | Certification                by Principal Executive Officer pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                                                                                                                   |
|   | 31.2                              |   | Certification                by Principal Financial Officer pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                                                                                                                   |
|   | 32.1                              |   | Certification                by Principal Executive Officer and Principal Financial Officer pursuant                to                18 U.S.C. Section 1350, as adopted pursuant to Section 906 of                the Sarbanes-Oxley Act of 2002 |

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**SIGNATURES**

|   | **MILLENNIUM              INDIA              ACQUISITION COMPANY INC.** |                                                 |
|--------|-------------------------------------------------------------------------|------------------------------------------------------|
|   |                                                                    |                                                 |   |
|   |                                                                    |                                                 |   |
|   |                                                                    |                                                 |   |
|   | By:                                                                     | /s/ F. Jacob              Cherian          |   |
|   |                                                                    | F. Jacob                Cherian                 |   |
|   |                                                                    | President                and Chief Executive Officer |   |
|   |                                                                    | (Principal                Executive Officer)         |   |

|   |        |                                                                                                     |
|--------|--------|----------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                     |   |
|        | By:    | /s/ Suhel              Kanuga                                                                       |   |
|   |   | Suhel                Kanuga                                                                              |   |
|   |   | Executive                Vice President, Chief Financial Officer, Treasurer and                Secretary |   |
|   |   | (Principal                Financial Officer)                                                             |   |

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