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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 June 30,                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**

|                                                                                                                                                                                                                                                             |   | **June                    30, 2007** |       |   | **December                    31, 2006** |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|------------|--------|------------------------------------------|--------|
|                                                                                                                                                                                                                                                             |   | (unaudited)                          |       |   | (Note                  2)                |   |
| **ASSETS**                                                                                                                                                                                                                                                       |   |                                 |       |   |                                     |   |
| Current                  Assets:                                                                                                                                                                                                                                 |   |                                 |       |   |                                     |   |
| Cash                  and cash equivalents                                                                                                                                                                                                                       |   | $                                    | 1,241,933  |   |                                     | $      | 443,516 |   |
| U.S.                  Government Securities held in Trust Fund                                                                                                                                                                                                   |   |                                 | 57,161,795 |   |                                     |   | 57,004,924 |   |
| Total                  current assets                                                                                                                                                                                                                            |   |                                 | 58,403,728 |   |                                     |   | 57,448,440 |   |
| Deferred                  acquisition costs                                                                                                                                                                                                                      |   |                                 | 153,166    |   |                                     |   | — |   |
| Other                  assets                                                                                                                                                                                                                                    |   |                                 | 13,110     |   |                                     |   | 14,314 |   |
| Total                  assets                                                                                                                                                                                                                                    |   | $                                    | 58,570,004 |   |                                     | $      | 57,462,754 |   |
|                                                                                                                                                                                                                                                             |   |                                 |       |   |                                     |   |   |   |
| **LIABILITIES                  AND STOCKHOLDERS’ EQUITY**                                                                                                                                                                                                  |   |                                 |       |   |                                     |   |   |   |
|                                                                                                                                                                                                                                                             |   |                                 |       |   |                                     |   |   |   |
| **Current                  Liabilities:**                                                                                                                                                                                                                        |   |                                 |       |   |                                     |   |   |   |
| Accounts                  payable and accrued expenses                                                                                                                                                                                                           |   | $                                    | 670,213    |   |                                     | $      | 101,364 |   |
| Accrued                  acquisition costs                                                                                                                                                                                                                       |   |                                 | 116,546    |   |                                     |   | — |   |
| Income                  taxes payable                                                                                                                                                                                                                            |   |                                 | 339,090    |   |                                     |   | 194,000 |   |
| Deferred                  underwriting fees                                                                                                                                                                                                                      |   |                                 | 1,557,500  |   |                                     |   | 1,557,500 |   |
| Total                  current liabilities                                                                                                                                                                                                                       |   |                                 | 2,683,349  |   |                                     |   | 1,852,864 |   |
| Common                  stock, subject to possible conversion to cash(1,449,275                  shares at conversion value) (Note 4)                                                                                                                            |   |                                 | 11,419,500 |   |                                     |   | 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 (excluding 1,449,275 shares subject                  to                  possible conversion) |   |                                 | 761        |   |                                     |   | 761 |   |
| Additional                  paid-in capital                                                                                                                                                                                                                      |   |                                 | 44,278,499 |   |                                     |   | 44,371,165 |   |
| Accumulated                  deficit                                                                                                                                                                                                                             |   |                                 | (2,062,105 | )      |                                     |   | (2,338,870 | ) |
| Total                  stockholders’ equity                                                                                                                                                                                                                |   |                                 | 42,217,155 |   |                                     |   | 42,033,056 |   |
| Total                  liabilities and stockholders’ equity                                                                                                                                                                                                |   | $                                    | 58,570,004 |   |                                     | $      | 57,462,754 |   |

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**Millennium        India Acquisition Company, Inc.**

**Condensed        Statements of Operations**

|                                                                                                                                                     |   | **For                    the three****months                    ended****June                    30, 2007** |      |   | **For                    the three****months                    ended****June                    30, 2006** |    |       | **For                    the six****months                    ended ****June                    30, 2007** |   |    | **From                    inception (March 15, 2006) to June 30, 2006** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------|-----------|--------|-------------------------------------------------------------------------------------------------------------|---------|------------|-----------------------------------------------------------------------------------------------------------------|--------|---------|-------------------------------------------------------------------------|--------|
|                                                                                                                                                     |   | (unaudited)                                                                                                 |      |   | (unaudited)                                                                                                 |    |       | (unaudited)                                                                                                     |   |    | (unaudited)                                                             |   |
| **Revenue:**                                                                                                                                             |   |                                                                                                        |      |   |                                                                                                        |    |       |                                                                                                            |   |    |                                                                    |   |
| Interest                  income                                                                                                                         |   | $                                                                                                           | 10,683    |   |                                                                                                        | $       | —    |                                                                                                            |   | $       | 17,119                                                                  |   |   | $ | — |   |
| Interest                  income on Trust Fund                                                                                                           |   |                                                                                                        | 737,628   |   |                                                                                                        |    | —    |                                                                                                            |   |    | 1,498,264                                                               |   |   |   | — |   |
| Total                  revenue                                                                                                                           |   |                                                                                                        | 748,311   |   |                                                                                                        |    | —    |                                                                                                            |   |    | 1,515,383                                                               |   |   |   | — |   |
|                                                                                                                                                     |   |                                                                                                        |      |   |                                                                                                        |    |       |                                                                                                            |   |    |                                                                    |   |   |   |   |   |
| **Operating                  expenses:**                                                                                                                 |   |                                                                                                        |      |   |                                                                                                        |    |       |                                                                                                            |   |    |                                                                    |   |   |   |   |   |
| General                  and administrative expenses                                                                                                     |   |                                                                                                        | 314,461   |   |                                                                                                        |    | —    |                                                                                                            |   |    | 1,093,528                                                               |   |   |   | — |   |
| Formation                  and operating costs                                                                                                           |   |                                                                                                        | —   |   |                                                                                                        |    | 32,212     |                                                                                                            |   |    | —                                                                 |   |   |   | 37,712 |   |
| Charge                  related to sale of common stock                                                                                                  |   |                                                                                                        | —   |   |                                                                                                        |    | 2,700,549  |                                                                                                            |   |    | —                                                                 |   |   |   | 2,700,549 |   |
| Total                  operating expenses                                                                                                                |   |                                                                                                        | (314,461  | )      |                                                                                                        |    | (2,732,761 | )                                                                                                               |   |    | (1,093,528                                                              | )      |   |   | (2,738,261 | ) |
|                                                                                                                                                     |   |                                                                                                        |      |   |                                                                                                        |    |       |                                                                                                            |   |    |                                                                    |   |   |   |   |   |
| **Income                  (Loss) before provision for income taxes**                                                                                     |   |                                                                                                        | 433,850   |   |                                                                                                        |    | (2,732,761 | )                                                                                                               |   |    | 421,855                                                                 |   |   |   | (2,738,261 | ) |
|                                                                                                                                                     |   |                                                                                                        |      |   |                                                                                                        |    |       |                                                                                                            |   |    |                                                                    |   |   |   |   |   |
| **Provision                  for income taxes**                                                                                                          |   |                                                                                                        | 145,090   |   |                                                                                                        |    | —    |                                                                                                            |   |    | 145,090                                                                 |   |   |   | — |   |
|                                                                                                                                                     |   |                                                                                                        |      |   |                                                                                                        |    |       |                                                                                                            |   |    |                                                                    |   |   |   |   |   |
| **Net                  income (loss)**                                                                                                                   |   |                                                                                                        | 288,760   |   |                                                                                                        |    | (2,732,761 | )                                                                                                               |   |    | 276,765                                                                 |   |   |   | (2,738,261 | ) |
|                                                                                                                                                     |   |                                                                                                        |      |   |                                                                                                        |    |       |                                                                                                            |   |    |                                                                    |   |   |   |   |   |
| **Accretion                  of Trust Fund relating to common stock, subject to possible conversion                  to                  cash (Note 4)** |   |                                                                                                        | (92,666   | )      |                                                                                                        |    | —    |                                                                                                            |   |    | (92,666                                                                 | )      |   |   | — |   |
|                                                                                                                                                     |   |                                                                                                        |      |   |                                                                                                        |    |       |                                                                                                            |   |    |                                                                    |   |   |   |   |   |
| **Net                  income (loss) accorded to common stockholders**                                                                                   |   | $                                                                                                      | 196,094   |   |                                                                                                        | $  | (2,732,761 | )                                                                                                               |   | $  | 184,099                                                                 |   |   | $  | (2,738,261 | ) |
|                                                                                                                                                     |   |                                                                                                        |      |   |                                                                                                        |    |       |                                                                                                            |   |    |                                                                    |   |   |   |   |   |
| **Weighted                  average number of****shares                  outstanding**                                                                   |   |                                                                                                        |      |   |                                                                                                        |    |       |                                                                                                            |   |    |                                                                    |   |   |   |   |   |
| Basic                                                                                                                                                    |   |                                                                                                        | 7,613,225 |   |                                                                                                        |    | 1,812,500  |                                                                                                            |   |    | 7,613,225                                                               |   |   |   | 1,812,500 |   |
| Diluted                                                                                                                                                  |   |                                                                                                        | 9,498,117 |   |                                                                                                        |    | 1,812,500  |                                                                                                            |   |    | 9,498,117                                                               |   |   |   | 1,812,500 |   |
|                                                                                                                                                     |   |                                                                                                        |      |   |                                                                                                        |    |       |                                                                                                            |   |    |                                                                    |   |   |   |   |   |
| **Net                  income (loss) per share:**                                                                                                        |   |                                                                                                        |      |   |                                                                                                        |    |       |                                                                                                            |   |    |                                                                    |   |   |   |   |   |
| Basic                                                                                                                                                    |   | $                                                                                                           | 0.03      |   |                                                                                                        | $       | (1.51      | )                                                                                                               |   | $       | 0.02                                                                    |   |   | $ | (1.51 | ) |
| Diluted                                                                                                                                                  |   | $                                                                                                           | 0.02      |   |                                                                                                        | $       | (1.51      | )                                                                                                               |   | $       | 0.02                                                                    |   |   | $ | (1.51 | ) |
|                                                                                                                                                     |   |                                                                                                        |      |   |                                                                                                        |    |       |                                                                                                            |   |    |                                                                    |   |   |   |   |   |
| **Number                  of shares outstanding subject to possible conversion,** basic and                  diluted                                     |   |                                                                                                        | 1,449,275 |   |                                                                                                        |    | —    |                                                                                                            |   |    | 1,449,275                                                               |   |   |   | — |   |
|                                                                                                                                                     |   |                                                                                                        |      |   |                                                                                                        |    |       |                                                                                                            |   |    |                                                                    |   |   |   |   |   |
| **Net                  income per share subject to possible conversion,** basic and                  diluted                                             |   | $                                                                                                           | 0.06      |   |                                                                                                        |    | —    |                                                                                                            |   | $       | 0.06                                                                    |   |   |   | — |   |

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**Millennium        India Acquisition Company, Inc.**

**Condensed        Statements of Cash Flows**

|                                                                            |   | **For                    the six months ended****June                    30, 2007** |      |   | **From                    inception (March 15, 2006) to June 30, 2006** |   |
|---------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------|-----------|--------|-------------------------------------------------------------------------|--------|
|                                                                            |   | (unaudited)                                                                         |      |   | (unaudited)                                                             |   |
| **OPERATING                  ACTIVITIES**                                       |   |                                                                                |      |   |                                                                    |   |
| Net                  income (loss)                                              |   | $                                                                                   | 276,765   |   |                                                                    | $      | (2,738,261 | ) |
| Adjustments                  to reconcile net loss to net cash                  |   |                                                                                |      |   |                                                                    |   |   |   |
| provided                  by operating activities:                              |   |                                                                                |      |   |                                                                    |   |   |   |
| Charge                  related to sale of common stock                         |   |                                                                                | —   |   |                                                                    |   | 2,700,549 |   |
| Changes                  in operating assets and liabilities:                   |   |                                                                                |      |   |                                                                    |   |   |   |
| Accrued                  interest income on Trust Fund                          |   |                                                                                | (156,871  | )      |                                                                    |   | — |   |
| Other                  assets                                                   |   |                                                                                | 1,204     |   |                                                                    |   | — |   |
| Deferred                  acquisition costs                                     |   |                                                                                | (36,620   | )      |                                                                    |   | — |   |
| Accounts                  payable and accrued expenses                          |   |                                                                                | 568,849   |   |                                                                    |   | 40,514 |   |
| Income                  taxes payable                                           |   |                                                                                | 145,090   |   |                                                                    |   | — |   |
| **Net                  cash provided by operating activities**                  |   |                                                                                | 798,417   |   |                                                                    |   | 2,802 |   |
|                                                                            |   |                                                                                |      |   |                                                                    |   |   |   |
| **FINANCING                  ACTIVITIES**                                       |   |                                                                                |      |   |                                                                    |   |   |   |
| Proceeds                  from issuance of common stock to initial stockholders |   |                                                                                | —   |   |                                                                    |   | 29,000 |   |
| Proceeds                  from notes payable to initial stockholders            |   |                                                                                | —   |   |                                                                    |   | 144,000 |   |
| Proceeds                  from sale of warrants                                 |   |                                                                                | —   |   |                                                                    |   | 2,250,000 |   |
| Payment                  of registration costs                                  |   |                                                                                |      |   |                                                                    |   | (142,403 | ) |
| Net                  cash provided by financing activities                      |   |                                                                                | —   |   |                                                                    |   | 2,280,597 |   |
|                                                                            |   |                                                                                |      |   |                                                                    |   |   |   |
| **Net                  increase in cash and cash equivalents**                  |   |                                                                                | 798,417   |   |                                                                    |   | 2,283,399 |   |
|                                                                            |   |                                                                                |      |   |                                                                    |   |   |   |
| **Cash                  and Cash Equivalents**                                  |   |                                                                                |      |   |                                                                    |   |   |   |
| Beginning                  of period                                            |   |                                                                                | 443,516   |   |                                                                    |   | — |   |
| End                  of period                                                  |   | $                                                                                   | 1,241,933 |   |                                                                    | $      | 2,283,399 |   |
|                                                                            |   |                                                                                |      |   |                                                                    |   |   |   |
| **Supplemental                  disclosure of non-cash activity:**              |   |                                                                                |      |   |                                                                    |   |   |   |
| Accrued                  acquisition costs                                      |   | $                                                                                   | 116,546   |   |                                                                    | $      | — |   |
| Accrued                  registration costs                                     |   | $                                                                                   | —   |   |                                                                    | $      | 356,462 |   |

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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**

**Deferred        Acquisition Costs**

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**Millennium            India Acquisition Company            Inc.**

**Notes            to Condensed Financial            Statements**

**Net            Income (Loss) Per Share**

**Income        Taxes**

**Reclassifications**

**Use        of Estimates**

**New        Accounting Pronouncements**

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**Millennium            India Acquisition Company            Inc.**

**Notes            to Condensed Financial            Statements**

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

**NOTE        4 —  **
**STOCKHOLDERS’        EQUITY**

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

**Cautionary        Statement Regarding Forward-Looking Information**

**Overview**

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**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** |
|------------------------------|--------------|

| (a)   | 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)                                                          |   |

| Date: | August                  13, 2007 |
|-------|----------------------------------|

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