Istithmar & Temasek to invest USD20m in SpiceJet

This investment will be made as per the pricing formula laid down by the Securities and Exchange Board of India (SEBI).

In addition, Istithmar and MacRitchie Investments, a unit of Temasek, have expressed an interest in subscribing to the ongoing Foreign Currency Convertible Bond (FCCB) issue of SpiceJet.

Istithmar is a major investment house based in the UAE focusing on private equity, real estate, and alternative investments. Istithmar's "I" investment philosophy, based around three core principles -- Ideas, Inquiry & Integrity - sets the foundation for the firm which has a broad portfolio of highly successful companies in markets from North America to Asia to the Middle East. Istithmar's investment in SpiceJet, its first investment in India, is in line with the Company's strategy of identifying projects with a strong potential for growth and success. Istithmar's affiliate companies include the Dubai Ports, Customs and Free Zone Corporation, Nakheel (a leading real-estate development company), Dubai Metals and Commodities Centre and Tejari (an online procurement company).

MacRitchie Investments is a wholly owned subsidiary of Temasek Holdings of Singapore. Temasek has a long history of investing in the aviation sector including in full service airlines like Singapore International Airlines and low cost carriers such as Tiger Airways and JetStar Asia. Temasek is also the major shareholder in Singapore Technologies Engineering, a leading aviation infrastructure company. Temasek has invested in leading Indian companies such as ICICI Bank, Mahindra & Mahindra, Apollo Hospitals and Welspun India and views this investment in SpiceJet as a long-term strategic investment in the preferred low cost carrier of India.

SpiceJet shall be seeking the required permissions for accepting these investments, including shareholders' approval for allotment of Equity Shares on a preferential basis.